Hematologic Malignancies Market

Global Hematologic Malignancies Market Size (2023 to 2028)

The size of the global hematologic malignancies market is forecasted to be worth USD 102.9 billion by 2028 from USD 60.53 billion in 2023, growing at a CAGR of 11.20% during the forecast period.

Cancers of the blood-producing cells, such as lymphoma, leukemia, and multiple myeloma, are referred to as hematologic malignancies. Platelets, red blood cells (RBCs), and white blood cells (WBCs), all of which arise from hematopoietic stem and progenitor cells in the bone marrow, are responsible for wound clotting, oxygen transport, and immune protection. Microscopy, cytogenetics, immunophenotyping, flow cytometry, fluorescence in situ hybridization (FISH), polymerase chain reaction (PCR), and gene expression profiling are all used to diagnose hematologic malignancies.

COVID-19 impact on the global hematologic malignancies market:

In collaboration with governments around the world, the pharmaceutical and biotech industry is working to combat the COVID-19 outbreak, from vaccine development to pharmaceutical supply chain planning. In the R&D pipeline, there are currently 117 vaccine candidates and 158 chemicals in development. In addition, commonly used drugs such as hydroxychloroquine have seen a significant surge in demand for COVID-19 treatment. Due to the enormous demand for these treatments, manufacturers of COVID-19 management drugs have a lot of opportunities, as many developed countries are running out of them. As a result of the demand for COVID-19 vaccines and treatment drugs, the pharmaceutical and biotechnology industries are expected to grow significantly in the future. This, in turn, is likely to have a significant impact on the global market for the treatment of hematologic malignancies, and it will regain its growth during the forecast period.

MARKET DRIVERS:

The incidence of acute myeloid leukemia (AML) is increased in the elderly. This, combined with rising life expectancy, is one of the primary factors accelerating the global demand for hematologic malignancy medications.

Furthermore, developments in immunohistochemistry (IHC) have made it possible to correctly diagnose hematologic malignancies by exposing tissue samples to diverse antibodies directed against cell molecules and antigens. As a result, the market's expansion is strengthened. Furthermore, increased awareness of early diagnosis and improved diagnostic techniques are driving market expansion. Over the forecast period, other key factors expected to drive the market growth include the rising global prevalence of cancer, the development of a robust product pipeline, and rising healthcare investment and expenditure.

Over the forecast period, the rising prevalence of hematological malignancies, increased investment to develop biologically effective treatments, and favorable reimbursement scenarios are expected to drive market growth. In addition, increased focus on discovering new medicines and regulatory approvals for new pharmaceuticals for the treatment of blood cancer are all projected to drive the growth of global hematological malignancies during the forecast period. Furthermore, the easy availability of many drugs for the treatment of hematologic malignancies and increased leading industry players and government organizations throughout the world are expected to boost the market forward.

MARKET RESTRAINTS:

Lack of awareness regarding hematological malignancies, a scarcity of experienced specialists, high drug and treatment costs, and strict product approval processes are projected to slow the growth of the global hematologic malignancies market during the forecast period. In addition, the increasing rigor of government regulation constitutes a significant threat, functioning as a substantial challenge to market growth.

REPORT COVERAGE:

This research report on the global hematologic malignancies market has been segmented and sub-segmented based on type, therapy, end-user, and region.

Hematologic Malignancies Market – By Type:

• Leukemia
  • Acute Lymphocytic Leukemia
  • Chronic Lymphocytic Leukemia
  • Acute Myeloid Leukemia
  • Chronic Myeloid Leukemia
• Lymphoma
• Multiple Myeloma

Based on the type, due to the rising prevalence of leukemia worldwide, the availability of improved cancer medications, and the development of a strong product pipeline, the leukemia segment is predicted to grow at an aggressive rate over the projection period. Furthermore, rising market collaborations and partnerships to develop innovative treatments for leukemia and other blood malignancies are likely to contribute to market growth during the forecast period.

Hematologic Malignancies Market – By Therapy:

• Chemotherapy
• Radiotherapy
• Immunotherapy
• Stem Cell Transplantation

In 2020, the chemotherapy segment represented the most significant share of the global market, and this trend is likely to continue during the forecast period. Chemotherapy is the initial line of defense against a wide range of blood malignancies. Chemotherapeutic drugs are frequently used in combination to attack cancer cells in the body by preventing them from growing and replicating. In addition, chemotherapy reduces tumors or slows their progression, extending life and reducing discomfort. These factors are expected to drive this segment's revenue growth over the forecast period.

Hematologic Malignancies Market – By End-User:

• Hospital Pharmacies
• Medical Stores
• E-commerce Platform

The hospital pharmacies segment had the most significant market share in treating hematologic malignancies. This is primarily due to an increase in the number of patients with conditions that require treatment in hospitals with modern infrastructure and convenient amenities. Furthermore, the expanding number of hospitals and sufficient reimbursement rules are both contributing to the segment's growth.

Hematologic Malignancies Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Over the forecast period, North America is expected to account for the most significant share of the global hematologic malignancies market during the forecast period. Increased availability of pharmaceuticals and expanding funding and investment to expedite cancer research in the region contribute to the region's robust growth. Furthermore, the strong presence of essential competitors, the fast-rising prevalence of blood cancer, a strong product pipeline for leukemia, and a good reimbursement scenario are projected to contribute to the market's revenue growth in the region. Hematological cancer is the world's fifth most common type of cancer and the United States' second top cause of mortality. In addition, increased age is frequently linked to a higher prevalence of lymphoma and other cancers.

Due to favorable reimbursement policies and regulatory framework, growing product approvals, increased focus on patient safety and improved results, and availability of advanced chemotherapeutic medications, Europe will likely see significant revenue growth over the forecast period.

Due to rising healthcare expenditure and infrastructure that promotes early detection, the Asia Pacific region is expected to see demand ripening in the Hematologic Malignancies Market. In addition, authorities in developing nations are taking initiatives to promote awareness of hematologic malignancies and their diagnosis and treatment options, which is expected to fuel the market throughout the forecast period.

KEY MARKET PARTICIPANTS:

Glenmark Pharmaceuticals Inc., GlaxoSmithKline, Boehringer Ingelheim International GmbH, Pfizer, Inc., F. Hoffmann-LA Roche, Sanofi-Aventis, Bristol-Myers Squibb Company, AbbVie, Inc., Novartis AG, Celgene Corporation, Johnson & Johnson Services, Inc., Takeda Pharmaceutical Company Limited, Sanofi, AstraZeneca, and Amgen Inc. are a few of the promising companies operating in the global hematologic malignancies market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• CA-4948, a small-molecular inhibitor that targets an oncogenic isoform of a gene preferentially expressed in patients with acute myeloid leukemia and myelodysplastic syndrome, received orphan drug designation from the FDA in April 2021.
• The FDA authorized GlaxoSmithKline Pharmaceutical Ltd's BLENREP to treat patients with multiple myeloma in August 2020.
• Arch Oncology, Inc., a clinical-stage immune-oncology business focused on discovering and developing anti-CD47 therapies, announced the closure of its Series C fundraising round in April 2021.