Blood Cancer Drugs Market

SKU: DMPH3416 | Last Updated On: Sep 26 2022 | Available Formats

>Blood Cancer Drugs Market Expected to reach a high CAGR of 7.00% By 2029:

Blood Cancer Drugs Market is segmented By Type (Leukemia, Non-Hodgkin lymphoma, Hodgkin lymphoma, Myeloma), By Drugs Type (Rituaxan/Mabthera (Rituximab), Gleevac/Glivec (Imatinib), Revlimid (Lenalidomide), Velcade (Bortezomib), Tasigna (Nilotinib), Pomalyst (Pomalidomide), Vidaza (Azacitidine), Kyprolis (Carfilzomib), Adcetris (Brentuximab Vedotin), Others), By Route of Administration (Oral, Parenteral, Others), By End User (Hospitals, Clinics, Ambulatory Surgical Centers), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Blood Cancer Drugs Market size was valued at USD 40,056.90 million in 2021 and is estimated to reach at a compound annual growth rate (CAGR) of 7.00% over the forecast period 2022 to 2029.

Blood cancer is a serious and life-threatening cancer that affects either production or function of blood cells such as bone marrow and tissues which results in dysfunction of the lymphatic system. Blood cancers occur when abnormal blood cells start growing out of control, interrupting the function of normal blood cells, which fight off infection and produce new blood cells.

North America region holds the largest market share global blood cancer drugs market

North American region is dominating the global blood cancer drugs market and accounted for the largest market share in 2020, owing to the presence of key players in the region, availability of sophisticated healthcare infrastructure, and increasing awareness of blood cancer. Besides, favorable government initiatives and an increase in the number of research collaborations are some of the drivers expected to accelerate market growth. In 2019, Eli Lilly, a US-based Pharmaceutical company, acquired Loxo Oncology, a cancer-focused biotechnology company for $8 billion. This acquisition of Loxo Oncology provides Lilly with a promising pipeline of investigational medicines such as oral RET inhibitor, an oral BTK inhibitor, and others. The deal would enable Lilly to attain a strong patent on Loxo's genetically based approach to treating cancer. Loxo Oncology, is a biopharmaceutical company, developing and selling medicines for patients with genetically defined cancers.

Blood Cancer Drugs Market Dynamics

The Blood Cancer Drugs Market growth is driven by increased awareness amongst healthcare professionals and patients about the possibility of early diagnosis of cancer, increase in government funding for research is anticipated to accelerate the market growth during the forecast period. Institutes like National Cancer Institute (NCI) receive funds from the U.S. Congress to support cancer-related activities, which are expected to drive market growth in the forecast period.

The growing death incidences and increasing prevalence of blood cancer cases across the globe

Blood Cancer Drugs Market is being driven by the growing death incidences and increasing prevalence of blood cancer cases across the globe. Different types of blood cancers such as lymphoma, leukemia, myeloma, and others have different risk factors where some can be controlled or prevented through drug therapies and others may lead to death.

According to the Bristol-Myers Squibb Company report, over 1.85 million new blood cancer cases are expected to be diagnosed across the globe in 2040, out of which 918,872 cases are from lymphoma, 656,345 from leukaemia, and 275,047 cases of myeloma.

Furthermore, the report estimated, in 2040, the approximate number of deaths worldwide due to blood cancer will be 1,100,000. In 2019, more than 387,000 people are living with leukaemia in the United States and an estimated 68,000 deaths will result from blood cancer.

According to the national cancer institute, the estimated deaths due to blood cancer are expected to be around 22,840 in 2019. The increasing deaths and increasing incidence of blood cancer cases globally drive the blood cancer drugs market.

Formulations of regulatory approvals for new drugs for blood cancer are expected to boost the growth

The formulations of new regulatory approvals for new drugs for blood cancer are expected to drive the growth of the market. For instance, in 2015, Pfizer announced that inotuzumab (antibody-drug conjugate) received a breakthrough therapy designation from U.S. FDA for acute lymphoblastic leukemia.

Increasing awareness amongst healthcare professionals and patients about the possibility of early diagnosis of cancer and an increase in government funding for research is anticipated to accelerate the market growth during the forecast period. Institutes like National Cancer Institute (NCI) receive funds from the U.S. Congress to support cancer-related activities.  

High drug approval costs hinder the growth of the blood cancer drugs market

However, drug approval involves a series of research stages and regulatory approvals that are often expensive. The drug approval process includes about four phases of clinical trials and various stages of the screening process with the regulatory body such as the FDA. The costs of failed clinical trials are also high as clinical trial phases involve huge investments. According to Tufts Centre for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves is about $2.7 billion. Thus indicating that the high drug approval costs hinder the growth of the blood cancer drugs market.  

COVID-19 Impact Analysis

Due to the outbreak of COVID-19, the market observed a significant setback in terms of growth. As the COVID-19 cases were rising, the healthcare system shifted its focus to curbing the disease thereby resulting in the delay of diagnosis and treatment of other chronic conditions like blood cancer.

Thus, a negative impact is expected on the blood cancer drugs market due to the pandemic scenario. However, in the coming years, a significant rise is expected in the diagnostic procedures related to cancer.

Blood Cancer Drugs Market Scope

Metrics

Details

Market CAGR

7.00%

Segments Covered

By Type, By Drug Type, By Route of Administration, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Blood Cancer Drugs Market Segment Analysis

Leukemia segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)    

Leukemia is a blood cancer that originates in the blood and bone marrow. It occurs when the body creates too many abnormal white blood cells and interferes with the bone marrow’s ability to make red blood cells and platelets.

It causes the body to make white blood cells that grow out of control and live longer than they’re supposed to. And unlike normal white blood cells, they don’t help the body fight infection. Over time, the leukemia cells crowd out or suppress the development of normal cells. The rate at which leukemia progresses and how the cells replace the normal blood and marrow cells are different with each type of leukemia. After diagnosis and treatment, many people with leukemia live many good, quality years. The presence of best-selling brands like Rituxan, Imbruvica, and Glivec, which are reported to be some of the highest revenue-generating leukemia drugs are driving the market growth.

Non-Hodgkin lymphoma has the second-largest share in the segment. Non-Hodgkin lymphoma (also known as non-Hodgkin’s lymphoma, NHL, or sometimes just lymphoma) is cancer that starts in white blood cells called lymphocytes, which are part of the body’s immune system.

Advances in the diagnosis and treatment of non-Hodgkin's lymphoma have helped improve the prognosis for people with this disease. In most cases, people diagnosed with non-Hodgkin's lymphoma don't have any obvious risk factors. And many people who have risk factors for the disease never develop it.

The Rituaxan/Mabthera (Rituximab) drugs segment is expected to dominate the blood cancer drugs market during the forecast period  

The Mabthera was the first therapeutic monoclonal antibody to target cells that have the CD20 marker on their surface. These cells are central to many blood cancers, including common forms of lymphoma and leukaemia. Mabthera attacks these cells both directly and together with the body’s immune system.

In the United States, Europe, and other countries, Mabthera is approved for the treatment of adults with the following blood cancers, previously untreated and relapsed/refractory follicular lymphoma, previously untreated diffuse large B-cell lymphoma, and previously untreated and relapsed/refractory chronic lymphocytic leukaemia. Mabthera is also approved for the treatment of adults in auto-immune diseases, severe active rheumatoid arthritis, pemphigus Vulgaris, and severe active granulomatosis with polyangiitis and microscopic polyangiitis (GPA/MPA).

Gleevac/Glivec (Imatinib) has also the second-largest share in the market. NCI-supported research led to a series of discoveries that resulted in the development of imatinib (Gleevec), a landmark drug that has vastly improved the outcomes of patients with a type of blood cancer called chronic myelogenous leukemia. These discoveries also helped establish a new group of drugs (known as targeted therapy) that has changed the field of cancer research.

Blood Cancer Drugs Market Competitive Landscape

The blood cancer drugs market is moderately competitive with the presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Amgen Inc., AstraZeneca PLC, Bayer AG, Celgene Corporation, Eli Lilly. Bristol-Myers Squibb Company, Gilead Sciences, Inc., Takeda Pharmaceutical Company Limited, Daiichi Sankyo Company, Limited, UCB SA among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the blood cancer drugs market globally.    

Blood Cancer Drugs Market Key Companies to Watch

Amgen Inc

Overview: Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures, and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Product Portfolio: The Company’s portfolio is comprised of inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas.

Frequently Asked Questions

What is the Projected CAGR value of the Blood Cancer Drugs Market?

Blood Cancer Drugs Market is expected to grow at a CAGR of 7% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Blood Cancer Drugs Market during 2022-2029

Which is the fastest growing region in the Blood Cancer Drugs Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period

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