The global Global Hematologic Malignancies Testing Market size is expected to reach USD 120.56 Billion by 2028 at a CAGR of 10.7%, according to the latest report by Reports and Data. Rising prevalence of blood cancer, presence of strong pipeline therapeutics, and increasing expenditure in healthcare sector are key factors expected to drive market revenue growth over the forecast period. In addition, the rapidly increasing geriatric population, awareness about early diagnosis and treatment, rising growing focus on developing advanced therapeutics, and increasing product approvals are expected to support market growth going ahead.
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Hematologic malignancies are cancers that affect bone narrow, blood, and lymph nodes, and include different types of leukemia, myeloma, and lymphoma. Hematological malignancies account for nearly 9% of total newly diagnosed cancers in the United States. Blood cancer generally occur when there is rapid and uncontrollable growth of abnormal cells which interfere with development and functioning of normal cells. Hematologic malignancies are subdivided according to the type of blood cells that are affected. Lymphoblastic or lymphocytic malignancies occur in the lymphoid lineage, while myelogenous or myeloid malignancies occur in myeloid lineages. Treatment of hematologic malignancies is largely based on treating and alleviating symptoms. Aggressive hematologic malignancies require treatment with chemotherapy, immunotherapy, radiotherapy, and bone marrow transplant. An increased number of recent patients requiring chemotherapy and bone marrow transplant has increased over the past and this is expected to drive demand for these therapeutic approaches going ahead.
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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with the tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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Some Key Highlights From the Report:
- The Leukemia segment is expected to record robust revenue growth over the forecast period owing to increasing prevalence of leukemia across the globe, availability of advanced oncology drugs and therapeutics, and increasing collaborations in the market to boost development of advanced therapeutics for leukemia.
- Chemotherapy segment is expected to account for largest revenue share during the forecast period, attributable to increasing application of chemotherapy in treatment of blood cancer. Chemotherapy is generally the first line of treatment for blood cancer and often uses a combination of drugs depending on the type of cancer.
- North America is expected to account for largest revenue share between 2021 and 2028, attributable to rising prevalence of hematologic malignancies, establishment of robust healthcare facilities, availability of advanced cancer therapies, and robust presence of key market players in the region.
- Key players include Pfizer, Inc., F. Hoffmann-LA Roche ltd., Sanofi-Aventis, Bristol-Myers Squibb Company, AbbVie, Inc., Novartis AG, GlaxoSmithKline PLC, Celgene Corporation, Johnson Johnson Services, Inc., and Takeda Pharmaceutical Company Limited.
- In April 2021, Arch Oncology, Inc., which is a clinical-stage oncology firm engaged in discovery and development of anti-CD47 therapeutics, closed a Series C round of financing at USD 105 Million. The funding will be used to accelerate clinical progress of differentiated anti-CD47 candidate for treating patients with solid tumors and hematologic malignancies.
For the purpose of this report, Reports and Data has segmented the Global Hematologic Malignancies Testing Market based on type, therapy, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Leukemia
- Acute Lymphocytic Leukemia
- Chronic Lymphocytic Leukemia
- Acute Myeloid Leukemia
- Chronic Myeloid Leukemia
- Lymphoma
- Multiple myeloma
- Others
Therapy Outlook (Revenue, USD Billion; 2018-2028)
- Chemotherapy
- Radiotherapy
- Immunotherapy
- Stem Cell Transplantation
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and less affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and regarding advanced treatment approaches and lower awareness of advanced technologies might further hamper market growth over the forecast period.
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