The hematologic malignancies treatment market is expected to register a CAGR of 10.5% over the forecast period.
As most of the elective treatments were deferred in the outbreak of the COVID-19 pandemic, the hematologic malignancies treatment market is also expected to have impacted significantly. However, delayed treatment is not recommended for severe disease, especially those with acute leukemia and thus, necessary guidelines and measures have been put forth recently to allow hematologic malignancies treatment during the pandemic with all protective measures. According to the research article published in Acta Haematologica, 2020, employing less intensive therapy options, minimizing the exposure between patient and staff, reducing the number of clinical visits, and encouraging telemedicine for follow-up consultations can aid in the effective outcome of treatment of patients with hematologic malignancies. Additionally, as per the research study carried by United Kingdom Coronavirus Cancer Monitoring Project (UKCCMP), 2020, the risk of experiencing severe cases of COVID-19 infection was found to be higher, at about 57 percent among patients with blood cancers. Thus, given the aforementioned factors, the COVID-19 pandemic is expected to impact the growth of the studied market.
The major factors attributing to the growth of the hematologic malignancies treatment market are the growing incidence of blood cancer, and an increasing emphasis on the development of new treatments, which push the growth of the hematologic malignancies treatment market.
According to Globocan 2020, the estimated incidence of Leukemia was highest in Asia with 230,650 cases diagnosed in 2020, followed by 100,020 cases in Europe, and 67,784 cases in Northen America. Thus, the high incidence of Leukemia worldwide is expected to drive market growth. Furthermore, the increasing awareness about the possibility of early diagnosis of these cancers and the rising approvals of new drugs for 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 and is Expected to Witness a Healthy Growth Over the Forecast Period
As chemotherapy is the first line of treatment, it's the largest segment in the studied 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 cancers are the major drivers for the growth of the studied segment. Also, the growing understanding of the possibility of the disease at the early stage and its subsequent treatment is expected to drive the segment growth.
Furthermore, according to the American Cancer Society, Cytarabine (cytosine arabinoside or ara-C) and an anthracycline drug, such as daunorubicin (daunomycin) or idarubicin are the most common chemo drugs used in the treatment of acute myeloid leukemia. Additionally, Cladribine (2-CdA), Fludarabine, Mitoxantrone, Etoposide (VP-16), 6-thioguanine (6-TG), Hydroxyurea, Corticosteroid drugs, such as prednisone or dexamethasone, Methotrexate (MTX), 6-mercaptopurine (6-MP), Azacitidine, and Decitabine used in chemotherapy of acute myeloid leukemia. Also, the growing product approvals are expected to aid in the growth of the studied market. For instance, in September 2020, US FDA approved Bristol Myers Squibb's azacytidine (Onureg) 300 mg tablets, CC-486 for the continued treatment of adult patients with acute myeloid leukemia. Thus, owing to the aforementioned factors, the studied segment is expected to witness significant growth over the forecast period.
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 presence of key players, high prevalence of blood cancer patients, established healthcare infrastructure, and availability of branded drugs are some of the key factors accountable for the large share of the studied market in North America.
According to Global Cancer Observatory, in 2020, nearly 67,784 cases of Leukemia and an estimated 35,318 cases of multiple myeloma were reported in the North American region. Thus, the increasing blood cancer cases in the region are 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. For instance, in December 2020, The Leukemia and Lymphoma Society (LLS), initiated a collaboration to form alliances with leading cancer institutions and foundations to co-fund nearly USD 17 million research grants, to progress the research in finding effective treatment options for patients with leukemia, lymphoma, myeloma, and other blood cancers. Furthermore, in December 2020, Jazz Pharmaceuticals submitted Biologics License Application (BLA) for its JZP-458, for use as a component of a multiagent chemotherapy regimen in the treatment of patients with acute lymphoblastic leukemia (ALL) or lymphoblastic lymphoma (LBL).
The hematologic malignancies market is moderately consolidated and consists of several major players. 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; Amgen Inc; Johnson & Johnson; and Takeda Pharmaceutical Co., Ltd. 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. For instance, in August 2020, GlaxoSmithKline plc received US FDA approval for its BLENREP (belantamab mafodotin-blmf), which is a first-in-class anti-BCMA (B-cell maturation antigen) therapy for the treatment of patients with relapsed or refractory multiple myeloma.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Growing Incidence of Blood Cancer
- 4.2.2 Increasing Awareness about Possibility of Early Diagnosis
- 4.2.3 Increasing Emphasis on Development of New Treatments
- 4.3 Market Restraints
- 4.3.1 High Cost of the Medication
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Disease Condition
- 5.1.1 Leukemia
- 5.1.2 Lymphoma
- 5.1.3 Myeloma
- 5.2 By Therapy
- 5.2.1 Chemotherapy
- 5.2.2 Immunotherapy
- 5.2.3 Targeted Therapy
- 5.2.4 Others
- 5.3 By End-User
- 5.3.1 Hospital Pharmacies
- 5.3.2 Medical Stores
- 5.3.3 E-commerce Platform
- 5.4 Geography
- 5.4.1 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.4.2 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 France
- 188.8.131.52 Italy
- 184.108.40.206 Spain
- 220.127.116.11 Rest of Europe
- 5.4.3 Asia-Pacific
- 18.104.22.168 China
- 22.214.171.124 Japan
- 126.96.36.199 India
- 188.8.131.52 Australia
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 18.104.22.168 GCC
- 22.214.171.124 South Africa
- 126.96.36.199 Rest of Middle East and Africa
- 5.4.5 South America
- 188.8.131.52 Brazil
- 184.108.40.206 Argentina
- 220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Pfizer, Inc.
- 6.1.2 F. Hoffmann-LA Roche ltd
- 6.1.3 Sanofi S.A.
- 6.1.4 Bristol-Myers Squibb Company
- 6.1.5 AbbVie, Inc.
- 6.1.6 Novartis AG
- 6.1.7 GlaxoSmithKline PLC
- 6.1.8 Amgen Inc.
- 6.1.9 Takeda Pharmaceutical Co., Ltd
- 6.1.10 Johnson & Johnson
- 6.1.11 Incyte Corporation
- 6.1.12 AstraZeneca plc
- 6.1.13 Celldex Therapeutics, Inc.
- 6.1.14 Kite Pharma (Gilead Sciences)
- 6.1.15 Atara Biotherapeutics
7 MARKET OPPORTUNITIES AND FUTURE TRENDS