Hematological malignancies or blood cancers are a form of cancer that begins in the blood-forming tissue, such as cells of the immune system or the bone marrow. Hematological cancers mostly affects the body’s blood, bone marrow or lymphatic system. National Cancer Institute revealed that hematological cancers is the fifth most commonly occurring cancers and the second leading cause of cancer death in the U.S. Most common types of hematological cancer includes leukemia, lymphoma and myeloma. Leukemia and lymphoma are the most common causes of cancer death among the U.S. population. A number of blockbuster drugs such as Rituxan, Tasigna, Imbruvica etc. are available for the treatment of leukemia. Likewise, Revlimid, Pomalyst, Opdivo are widely used for the treatment of lymphoma. Rapid increase in hematological cancers, rich product pipeline, and rise in reimbursement programs boost the demand for hematological cancer treatment worldwide. Moreover, factors such as patent protection and high demand are likely to fuel the growth of the hematological cancers therapeutics market especially in developed regions.
The global Hematological Malignancies Market was valued at US$ 27.4 Bn in 2015 and is estimated to reach US$ 51.9 Bn in 2024 at a CAGR of 7.5% from 2016 to 2024.
Geographically the market for hematological malignancies has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest market for hematological malignancies in terms of revenue (US$ Mn) in 2015 owing to increase in health care infrastructure and growing geriatric population supports market growth. The U.S. is the base for majority of the companies operating in this market and favorable government support for the treatment of hematologic conditions are attributed to the growth of the market in the country. The U.S. is the largest pharmaceutical market, accounting for a share of 90% of the market in North America. This substantiates the dominance of the region in the global market. The hematological malignancies market in Asia Pacific is projected to witness strong growth due to launch of targeted therapies and rich pipeline during the forecast period. Major markets in Asia Pacific are China, Japan, Australia, and India. China and Japan held the largest share of the market in the region in 2015. Increase in incidence of blood cancers and expected launch of targeted antibodies and other immunotherapy agents are anticipated to fuel the growth of the market during the forecast period. Increasing incidence of hematological malignancies, growing geriatric population, launch of premium priced targeted therapies, and rising number of people covered under private health insurance are likely to be the major drivers of the market. However, high penetration of generic drugs in developing countries such as India, lengthy and complex regulatory pathway in China, regular price cuts in Japan, and poor reimbursement policies in the overall region restrain the market. South Africa and GCC dominated the hematological malignancies market in Middle East & Africa region. Majority of the GDP and economic indicators for countries in the Middle East depend on the GCC countries. The above mentioned factor significantly contributes to the growth of the market in GCC countries.
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Major players operating in the global hematological malignancies market include AbbVie, Inc., Bristol-Myers Squibb, Celgene Corporation, F. Hoffmann-La Roche Ltd., GlaxoSmithKline, and Novartis AG.
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