Global Hematologic Malignancies Therapeutics Market to Grow at a CAGR of ~12% during 2022-2031; Market to Expand Owing to the Increasing Number of Patients with Leukemia, and Other Blood Cancers - Kenneth Research
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Hematologic Malignancies Therapeutics Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
Global Hematologic Malignancies Therapeutics Market Size:
The global hematologic malignancies therapeutics market garnered significant revenue in the year 2021 and is expected to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can primarily be attributed to the growing number of patients with leukemia, multiple myeloma, and other blood cancers, as well as rising need for early detection and treatment of hematologic cancers. Moreover, the rising focus of healthcare providers on improving therapeutic care for blood cancer patients is expected to drive the market growth. As sourced from recent statistics, an approximate total of 1900,000 people were expected to be diagnosed with leukemia, lymphoma, or myeloma in 2021, in the United States. In addition to this, an increase in product approvals by The U.S. Food and Drug Administration makes the market lucrative for investments by the key players. In the projected years, government support programs to raise public awareness of disease related treatments across the globe are also estimated to accelerate the market growth.
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Global Hematologic Malignancies Therapeutics Market: Key Takeaways
Enormous Upsurge in Cancer Cases across the Globe to Boost Market Growth
Hematologic malignancies, also called blood cancer, begins in blood-forming tissue, such as the bone marrow, or in the cells of the immune system. Haematological cancer is the fifth-most prevalent type of cancer in the world and second-most leading cause of deaths. Globally increasing cases of cancer, awareness amongst cancer patients about early disease diagnosis, increasing health expenditure worldwide, and advancement in biotechnology & pharmaceuticals are estimated to be responsible towards the growth of the global hematologic malignancies therapeutics therapy market. It was observed that in 2018 there were over 17.5 million new cancer cases and 10 million cancer deaths worldwide. It is expected to grow to 28 million new cancer cases and 16 million cancer deaths simply because of the growth and aging of the population across the world.
In addition to this, growing economical spending towards cancer treatment, and development of treatment procedures across various health sectors around the globe has been increasing throughout the years. It was noticed that in 2021, global oncology spending accounted to approximately USD 185 billion. To compare, the oncology spending stood at approximately USD 85 billion six years earlier. Hence, this is expected to significantly drive the global hematologic malignancies therapeutics market growth. Increasing health spending by nations across the globe are also estimated to accelerate the market growth.
Global Hematologic Malignancies Therapeutics Market: Regional Overview
The global hematologic malignancies therapeutics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Prevalence of Hematologic Malignancies throughout the Region Drove Market in the North America Region
The hematologic malignancies therapeutics market in North America region witnessed a moest growth in the year 2021. The growth is majorly associated with the availability of branded drugs, increasing cancer patient population, and established healthcare organizations in the region. As sourced from National Cancer Institute (NCI), an estimate of 472,714 people were diagnosed with leukemia in the year 2019, in the United States. The rate of new cases of leukemia was 14.1 per 100,000 men and women per year. According to the Centers for Disease Control and Prevention (CDCP) the mortality rate of cancer in the U.S. is 182.8 per 100,000 population. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to elevate the market growth.
Increasing Percentage of Health Expenditure in GDP to Favor Market Growth in Asia Pacific Region
Hematologic malignancies therapeutics market in the Asia Pacific region is anticipated to grow with a notable CAGR during the forecast period. The growth of the market can primarily be associated with the increasing awareness about early diagnosis of blood-related cancer, availability of effective treatment for growing number of chronic diseases, and increasing government support such as insurance, checkup camps, and others in the region. The increasing health expenditure in the region, and support initiatives taken by government to spread awareness among people are estimated to boost the growth of the hematologic malignancies therapeutics market in the region. As per The World Bank, in the year 2019, share of global health expenditure in East Asia & Pacific region accounted to 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Hematologic Malignancies Therapeutics Market, Segmentation by Therapy
The chemotherapy segment is estimated to grow with the highest CAGR during the forecast period. The growth can be attributed to the growing number of cancer patients and the increasing incidence of blood cancer. For most types of cancers, chemotherapy is used as the common treatment, with a particular drug or combination of drugs depending on the type of cancer. The International Agency for Research on Cancer (IARC) predicts that by the year 2040, global burden of cancer cases would increase by 27.5 million cancer diagnoses worldwide, and cancer death rates would experience a rise by 16.3 million.
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Global Hematologic Malignancies Therapeutics Market, Segmentation by End Users
The hospitals segment is estimated to hold a substantial market share in the global hematologic malignancies therapeutics market during the forecast period. The growth of the segment can be accredited to the existence of a huge patient pool in a hospital facility. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Hematologic Malignancies Therapeutics Market, Segmentation by Disease Condition
Few of the well-known market leaders in the global hematologic malignancies therapeutics market that are profiled by Kenneth Research are, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Novartis AG, AbbVie Inc, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Sanofi, Takeda Pharmaceutical Company Limited, Bio-Rad Laboratories, Inc., and others.
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Recent Developments in the Global Hematologic Malignancies Therapeutics Market
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