The global hematological malignancies market is highly competitive in nature and is characterized by a consolidated nature, owing to the presence of a few players holding a large share of the overall market, states a research study by Transparency Market Research. The leading players operating in the global market, including Roche, Celgene, Novartis, and AbbVie are anticipated to remain dominant throughout the forecast period. In order to maintain their position and sustain in the competitive environment, the global market for hematological malignancies, these players are projected to focus on the expansion of the distributing on channels and network across the globe. In addition, the rising number of mergers and acquisitions are projected to benefit the market players in enhancing their presence across the globe. Furthermore, the emergence of new drugs and therapeutics for hematological malignancies is another major factor expected to accelerate the growth of the market in the near future.
According to the research study by Transparency Market Research, in 2015, the global market for hematological malignancies was worth US$27.4 bn. The market is estimated to register a healthy 7.50% CAGR between 2016 and 2024, reaching a value of US$51.9 bn by the end of 2024.
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Availability of Advanced Therapeutics to Bolster North America Market
In the last few years, North America is anticipated to witness a strong growth throughout the forecast period. This region is likely to account for a lion’s share of the global market, owing to the increasing prevalence of hematological cancer. In addition, the easy availability of advanced therapeutics and the increasing awareness among consumers regarding hematological malignancies are anticipated to supplement the growth of the market in the next few years. Furthermore, Asia Pacific is likely to grow at a substantial pace throughout the forecast period. The Middle East and Africa and Latin America are projected to offer lucrative opportunities for key players operating in the hematological malignancies market across the globe.
On the basis of therapy, the global market for hematological malignancies has been categorized into targeted therapy, chemotherapy, and immunotherapy. In 2015, the immunotherapy segment led the global market, accounting for a major share. As per the research study, this segment is expected to remain in the leading position throughout the forecast period and register a healthy growth. The high preference of patients towards immunotherapy, due to its efficiency and low risks of side effects are predicted to supplement the growth of this segment in the next few years. Chemotherapy and targeted therapy segments are anticipated to witness a steady growth in the near future.
Increasing Lifestyle Disorders to Augment Global Hematological Malignancies Market
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A tremendous rise in the number of lifestyle-related disorders owing to the unhealthy and sedentary lifestyle of people across the globe is considered as the major factor anticipated to encourage the growth of the market of the market in the next few years. The rising number of cases of hematological malignances and the availability of effective therapeutics are anticipated to accelerate the growth of the global market in the forecast period. The development of the healthcare sector in several developing economies and the introduction of new drugs and treatments available in the global market are likely to contribute towards the market’s growth in the next few years.
However, the lack of favorable reimbursement policies and the high costs of drugs and therapeutics are anticipated to restrict the growth of the global hematological malignancies market over the forecast period. Nonetheless, the rising focus on research and development activities is predicted to generate promising and lucrative growth opportunities for the players operating in the global hematological malignancies market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Hematological Malignancies Market (Disease Condition – Leukemia, Lymphoma, and Myeloma; Therapy – Chemotherapy, Immunotherapy, and Targeted Therapy; Distribution Channel – Hospital Pharmacies, Medical Stores, and E-commerce Platform) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”