Hematological Malignancies Market is likely to increase to US$51.9 bn by 2024
With the presence of a few but prominent players, such as Celgene, Roche, Novartis, and AbbVie, the global hematological malignancies market demonstrates an intensely competitive landscape. These four players collectively accounted for more than 58% of the overall market in 2015. Currently, they are focusing aggressively on expanding their distribution networks and geographical operations across Asia Pacific, Latin America, and the Middle East and Africa. Researchers expect the leading companies in this market to engage in mergers and acquisitions over the forthcoming years in a bid to bring about product differentiation to combat the competition.
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As per the report, the global market for hematological malignancies offered an opportunity worth US$27.4 bn in 2015. Rising at a 7.50% CAGR between 2016 and 2024, this market is likely to increase to US$51.9 bn by the end of the forecast period. The prevalence of leukemia has been higher than lymphoma and myeloma. The trend is expected to remain so with the leukemia segment occupying nearly 50% of the overall market for hematological malignancies by 2024.
North America to Continue to Lead Global Hematological Malignancies Market
A regional analysis of the worldwide market for hematological malignancies has also been offered in this research report. According to the study, North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific are the main regional markets for hematological malignancies across the world. In 2015, North America acquired the leading position in this market and was closely followed by Europe. The high prevalence of hematological cancers, together with state-of-art diagnostic technologies and increased awareness level of people, propelled the hematological malignancies significantly in both the regions.
Progressing at a CAGR of 6.80%, North America is likely to retain its leadership over the forecast period. The presence of an advanced healthcare infrastructure is likely to support this regional market to register a steady rise in the near future. Apart from this, the Asia Pacific market for hematological malignancies is also projected to witness strong growth over the next few years, owing to the existing rich pipeline and the imminent launch of targeted therapies during the forecast period, states the research report.
Technological Advancements in Diagnostic Procedures to Positively Impact Demand
The sedentary and unhealthy lifestyle of people across the world has exposed them to a number of lifestyle-related diseases, hematological malignancies being a prominent one of them. The National Cancer Institute has stated that hematological cancer is the fifth most common cancer among people, globally, and is likely to record increased prevalence over the next few years. “With the upswing in the cases of hematological malignancies, the demand for their treatment is registering a tremendous rise, leading to a remarkable surge in the global market for hematological malignancies,” says an analyst at TMR.
In addition to this, the technological advancements in diagnostic procedures and the growing awareness level are projected to encourage people to go for diagnostic tests, which is likely to influence this market substantially in the near future. However, high costs of branded drugs and the absence of favorable reimbursement policies in emerging nations may hamper this market from growing steadily in the years to come, notes the study.
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