The hematologic malignancies treatment market is predicted to grow with a CAGR of nearly 10.5% during the forecast period. The major factors attributing to the growth of the hematologic malignancies treatment market are the growing incidence of blood cancer, increasing emphasis on the development of new treatments push the growth of hematologic malignancies treatment market.

According to the National Foundation for Cancer Research(NFCR), in 2017, an estimated 58,300 people are likely to die as a result of blood cancer. Furthermore, the increasing awareness about the possibility of early diagnosis of these cancers and the rising approvals for the new drugs of the treatment are other major factors for the market growth. However, the high cost of the medication involved in the treatment is the major restraint to the growth of the market.

Key Market Trends

Chemotherapy is the leading segment of the Hematologic Malignancies Market

The therapy for hematological malignancies is further classified into Chemotherapy, Immunotherapy and Targeted therapy. As chemotherapy is the first line of treatment, it’s the largest segment in the market. Generally, for most types of blood cancers, chemotherapy is the common treatment and a particular drug or combination of drugs is used, depending on the type of cancer. The large patient pool and the increasing incidence of blood cancer are the major drivers for the growth of the segment.

The factors that drive the segment of the market are the growing incidence of blood cancer and the growing understanding of the possibility of the disease at the early stage. According to the Leukemia & Lymphoma Society (LLS), nearly one person is diagnosed with blood cancer every three minutes in the United States.

An expected combined total of 176,200 people in the United States is estimated to be diagnosed with leukemia, lymphoma or myeloma in 2019. Therefore, statistics show that the incidence of blood cancer is increasing, which leads to an increase in the market growth of the segment.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall hematologic malignancies market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of blood cancer patients in the region, established healthcare infrastructure, and availability of branded drugs are some of the key factors accountable for its large share in the market.

According to Global Cancer Observatory, in 2018, 18.4% of the world’s multiple myeloma cases were of the North American population. The increasing blood cancer cases in the region is a major driving factor for the growth of the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.

Competitive Landscape

The hematologic malignancies market is moderately consolidated and consists of several major players. Most of the major players are focusing on growing their businesses in developing regions to boost their market share. Furthermore, they are implementing strategies like mergers & acquisitions and new product development. Some of the companies which are currently dominating the market are Pfizer, Inc.; F. Hoffmann-LA Roche ltd; Sanofi S.A.; Bristol-Myers Squibb Company; AbbVie, Inc.; Novartis AG; GlaxoSmithKline PLC; Celgene Corporation; Johnson & Johnson Services, Inc.; and Takeda Pharmaceutical Co., Ltd.

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