The global lymphoma treatment market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). Rising research initiatives for the discovery of new treatments and an increased product line extension are expected to accelerate the lymphoma treatment market growth. Moreover, increased commercialization of innovative medications is also likely to fuel the global market growth.
Moreover, the availability of a wide range of products is anticipated to propel the global lymphoma treatment market during the forecast period. For example, BeiGene got a breakthrough therapy designation from the US Food and Drug Administration in January 2019 for their medication Zanubrutinib, which is used to treat mantle cell lymphoma in adults. This medication is currently in late-stage clinical trials and is set to release during the forecast period.
Furthermore, increasing awareness regarding early detection of lymphoma among healthcare professionals and patients and increased government funding for R&D is likely to drive the lymphoma treatment market. For example, the National Cancer Institute is funded by the United States Congress to support cancer research and related operations.
The rivalry environment in the lymphoma treatment market displays reasonably severe competition due to the existence of significant oncology market competitors with their extended product range of oncology medications. Numerous significant industry players, such as Takeda Pharmaceutical Company Limited and Gilead Sciences, Inc., with its subsidiary Kite Pharma, Inc., have a strong presence in the global market. Other firms, including Novartis AG and Bristol Myers Squibb Company, have potential treatments in the market spanning from immunotherapy to targeted therapy.
Nevertheless, numerous significant biopharmaceutical companies, such as Spectrum Pharmaceuticals, Inc., are establishing their market presence with their lymphoma therapy product portfolio, which is specifically geared at the various forms of lymphoma therapies. This is expected to have a positive influence on the global lymphoma treatment market.
The rising incidence of all sorts of cancers, including blood cancers, is one of the primary factors projected to boost the lymphoma treatment market. Lymphomas account for a sizable proportion of all blood cancer cases, and there is an increasing demand for sophisticated treatment products. It is crucial since a major proportion of these malignancies frequently show no clinical indications until the disease has progressed. At this phase of the disease, a more severe kind of treatment is needed for better treatment outcomes. Such factors are expected to fuel the lymphoma treatment market growth during the projected period.
Another critical factor is the need to enhance patient outcomes in areas where the disease has progressed and is more difficult to treat. In these circumstances, a more sophisticated and varied treatment course is frequently required, increasing the demand for cutting-edge and advanced therapies.
Moreover, the global lymphoma treatment market is expected to witness strong R&d initiatives to develop new medicines for the treatment of a broad variety of lymphomas, including non-Hodgkin lymphomas. As per the American Cancer Society, an average of 77,240 people were diagnosed with non-Hodgkin lymphoma in 2020. This estimate takes into account people of all ages, including adults and children. Despite this, a wide spectrum of lymphomas, including Burkitt's lymphoma, are deemed to be fairly treatable if diagnosed early. Positive treatment rates are likely to fuel worldwide market expansion further. Furthermore, better disease diagnosis is expected to lead to higher use of treatments, which is anticipated to propel the global lymphoma treatment market.
The North America lymphoma treatment market is projected to grow due to the existence of large corporations and industries, key pharmaceutical developments, the suitable establishment of healthcare infrastructure, and an increase in R&D investment.
The Asia Pacific lymphoma treatment market is expected to expand owing to increased healthcare expenditure, a greater number of unfulfilled clinical needs, and expanding awareness about the availability of effective treatment alternatives in emerging nations such as South Korea and China.