Blood and Bone Marrow Cancer Treatment Market By Indication (Multiple Myeloma, Leukemia, Lymphoma and Others), By Therapy (Chemotherapy, Immunotherapy, Stem Cell Transplant and Radiotherapy) - Growth, Future Prospects & Competitive Analysis, 2019 – 2027
The blood and bone marrow cancer treatment market is set to grow from US$ 38.8 billion in 2018 to US$ 74.9 billion by 2027 at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2019 to 2027. As per the research findings brought forward by Janssen Pharmaceutica N.V., approximately 900,000 people throughout the globe are diagnosed with blood cancer annually, which holds a share of 7% of all types of known cancer.
Market Synopsis
Increasing prescription of immunosuppressive drugs for treating chronic infections and genetic mutations together are responsible for the growing incidence of lymphoma worldwide.
Lymphoma is leading the indications segment in the blood and bone marrow cancer treatment market. Hodgkin lymphoma and non-Hodgkin lymphoma are the two types prevalent worldwide. The important parameters responsible for its growing incidence throughout the globe are the increasing prescription of immunosuppressant drugs for treating chronic infections and genetic mutations. Leukemia occurs when the DNA of immature white blood cells gets damaged due to exposure to ionizing radiation, hazardous chemicals, smoking, etc. The prevalence rate varies according to ethnicity, with a higher occurrence in men in comparison to the female population worldwide.
A strong product pipeline will ensure rampant market growth for immunotherapy during the forecast period.
Chemotherapy is dominating the therapy segment of the blood and bone marrow cancer treatment market. The primary factor responsible for its increasing prescription worldwide is the availability of its generic version at an affordable cost, drastically reducing the healthcare burden on ailing patients. Oncologists frequently use them in combination therapy, either with radiotherapy or immunotherapy, to treat patients showing resistance to first-line drug therapy. Immunotherapy is set to register impressive growth in the near future on account of its promising product pipeline, which will be commercially available during the forecast period.
Rising prevalence of blood cancer and an affordable reimbursement scenario for the medicines employed in its treatment together drive the market's growth in North America.
North America, with a market share of 34.6%, currently reigns over the regional segment for the blood and bone marrow cancer treatment market. The chief contributing factor to its market dominance is the rising prevalence of blood cancer. According to Leukemia and Lymphoma Society (CDC) facts and figures, approximately every 3 minutes, one person in the U.S. is diagnosed with blood cancer. In 2019, in the United States, approximately 176,200 people were diagnosed with either leukemia, myeloma, or lymphoma. Affordable reimbursement scenarios for the medicines employed in its treatment are another important factor that contributes to its regional market growth. Europe holds a share of 30.8%, primarily due to the supportive regulatory framework provided by the European Medical Agency for the development and sale of medication for the treatment of blood cancer. Asia Pacific represents 18.4% of the market share on account of rising public health awareness related to blood cancer and its treatment and developing healthcare infrastructure.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The market is segmented by indication, therapy, and geography.
Pharmaceutical companies spearheading the blood and bone marrow cancer treatment market are Bristol-Myers Squibb & Company, AstraZeneca, Plc., Eli Lilly & Company, Johnson & Johnson Company, F.Hoffman La-Roche Ltd., Celgene, Inc., Merck & Co., Inc., Novartis AG, Varian Medical Systems, Inc., and Pfizer, Inc.
Key questions are answered in this report.
Which pharmaceutical companies are providing medications for the treatment of blood and bone marrow cancer?
What are the drivers, opportunities, and restraints studied in the blood and bone marrow cancer treatment market?
What is the prevalence rate of different types of blood cancer?
What are the factors responsible for the large market share of chemotherapy?
What will be the market performance of Asia Pacific, the Middle East, Africa, and Latin America during the forecast period?
FrequentlyAsked Questions:
The market for Blood and Bone Marrow Cancer Treatment Market is expected to reach US$ 74.9 Bn in 2027.
The Blood and Bone Marrow Cancer Treatment Market is expected to see significant CAGR growth over the coming years, at 7.7% .
The report is forecasted to 2019-2027.
The base year of this report is 2018.
AstraZeneca, Plc.,Celgene, Inc.,Bristol Myers Squibb & Company,Eli Lilly & Company,Johnson & Johnson Company are some of the major players in the global market.
