As a result of the rising incidence of blood cancer, increased funding for cancer treatment and the development of highly sensitive tests, the global blood cancer therapeutics market is progressing at a rapid rate. The global market for blood cancer therapeutics was valued at USD 38.5 billion in 2018 and is expected to reach USD 64.8 billion by 2023 at a compound annual growth rate (CAGR) of 11.0 percent. Major players in the market include: Roche Holding AG (RHHBY), Novartis (NVS), Celgene Corp. (CELG), Pfizer Inc. (PFE), Bristol-Meyers Squibb Co. (BMY), Johnson and Johnson (JNJ), Merck & Co., Inc. (MRK), AstraZeneca plc (AZNCF), Eli Lilly and Company (LLY), Takeda Pharmaceutical Co. Ltd (TKPHF), Astellas Pharma Inc. (ALPMF), AbbVie (ABBV) and Sanofi.
- North America holds 39.5 percent of the global market, driven by the increase in incidence of blood cancers in developed countries and higher socioeconomic groups due to genetic factors.
- Lymphoma is the fastest growing segment in the overall market growing at a CAGR of 12.2 percent.
- The multiple myeloma pipeline is dominated by several investigational therapies which includes both small-molecules and immunotherapeutic approaches.
Governments and non-government organizations (NGOs) have launched several screening and testing programs to diagnose blood cancer. Early blood cancer diagnosis and prompt, effective treatment can reduce risk of leukemia, lymphoma and myeloma transmission, and deliver clinical benefits.
Expansion within the global market
The global leukemia therapeutic market is expected to reach USD 23.2 billion by 2023. The market holds tremendous growth opportunities due to an increase in public and private initiatives to diagnose the disease, a rise in the number of biopsies conducted annually and the availability of novel drugs. – BCC Research