The global hematological malignancies market is intensely competitive and dominated by the four players accounting for a combined share of 58.0% in 2015. These top companies are: Celgene Corp., Novartis AG, AbbVie Inc., and F. Hoffmann-La Roche Ltd. Transparency Market Research (TMR) notes that the leading players are actively consolidating their distribution networks and expanding their operations across Latin America, Asia Pacific, and the Middle East and Africa. The analysts find that the leading companies in this market are aggressively making mergers and acquisitions to offer differentiated products in order to gain a competitive edge over others in the coming years.
According to findings by TMR, the global hematological malignancies market was worth US$27.4 bn in 2015. The global market is estimated to attain US$51.9 bn by the end of the forecast period, expanding at a CAGR of 7.50% during 2016 – 2024.
Accelerated Approval of Immunotherapy Cancer Drugs by FDA Expands Market Potential
Based on geography, the global market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Of these, North America dominated the market for hematological malignancies in 2015. This regional market is anticipated to maintain its lead along the forecast period, rising at a CAGR of 6.80% from 2016 to 2024. The increasing prevalence of hematological cancer and the availability of adoption of diagnostic technologies, coupled with favorable reimbursement scenario, are expected to propel the regional market in the coming years. In addition, extensive research and development activities, along with a robust healthcare infrastructure related to oncology drugs, have fuelled the market growth.
Immunotherapy, chemotherapy, and targeted therapy are the most prominent treatment methods for hematological malignancies. Of these, immunotherapy dominated the market in 2015 and accounted for a share of 41.3% in the global market. The efficiency of immunotherapy, coupled with a lower risk of side effects, has influenced its demand considerably over the last few years. The accelerated approval process of immunotherapy cancer drugs by the U.S. FDA for the treatment of various types of hematological cancers has significantly expanded the market potential. For instance, Merck & Co Inc. recently got an FDA approval for immunotherapy drug Keytruda for treating refractory classical Hodgkin lymphoma, a type of cancer. In another positive development, the top players Celgene Corporation and Agios Pharmaceuticals recently announced that the U.S. FDA has accepted their application for enasidenib used for the treatment of patients with relapsed or refractory acute myeloid leukemia (AML) with an IDH2 mutation. This bodes well for the global market by meeting large unmet medical needs in the U.S.
Technological Advancements in Diagnostic Procedures Open Up Promising Market Avenues
The hematological malignancies market is primarily propelled by the increasing prevalence of different types of hematologic malignancies, the increasing awareness of efficacious oncology therapies, and the presence of advanced diagnostic procedures. Considerable investments in hematology diagnostic systems and reagents for various types of blood cancer have positively impacted the market. In addition, a promising drug pipeline, coupled with a rise in the number of clinical trials, has led to the development of novel therapies, which creates promising market avenues.
However, the high costs of targeted therapies for blood cancer—typically to the tune of US$100,000 or more a year—and the absence of favorable reimbursement policies in various emerging regions may hinder the market to an extent. To counter this challenge, pharmaceutical companies are focusing on expanding their portfolio of biosimilar oncology medicines for blood cancers. To this end, they are submitting numerous Biologics License Applications (BLAs) to the U.S. FDA. This will positively impact the global market in the coming years.
The study presented here is based on a report 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
The global hematological malignancies market is segmented into:
- Targeted Therapy
- Hospital Pharmacies
- Medical Stores
- E-commerce Platform
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America (LATAM)
- Rest of LATAM
- The Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of the MEA
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