Newark, NJ, Feb. 11, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global haematological cancer therapeutics market is expected to grow from USD 37.88 billion in 2020 and to reach USD 82.40 billion by 2028, growing at a CAGR of 10.2% during the forecast period 2021-2028.
The global hematological cancers therapeutics market is witnessing significant growth in recent years. This growth is attributed to the increased government spending and infrastructure development rate across the globe, increasing blood cancer incidences, and increasing investment in research and development. Other factors propelling the market growth include inventions of novel drugs and growing investment in research and development.
The haematological cancer is a class of cancer that affects one marrow, blood, and lymph nodes. It is mostly caused due to a long exposure of toxic substances like genetic predisposition, ionized radiation and chemical agents, improper assessment, viral infections, and other risks associated with other diseases with decreased immunity. Further, the bone marrow’s stem cells develop into red blood cells, white blood cells, or platelets.
The global haematological cancer therapeutics market is expected to witness significant growth, owing to the increasing awareness about the possibility of early diagnosis, rising diagnostics rate, and advancements in biotechnology and pharmaceutical industries. The factors restraining the market growth are lack of awareness among people, high cost of medications, and haematological therapeutics’ side effects.
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The key players operating in the global haematological cancer therapeutics market are Johnson & Johnson, Roche, Mindray Medical, Karyopharm Therapeutics, AbbVie, Abbott Laboratories, Celgene, Novartis, Bio-Rad Laboratories, HemoCue AB, Sysmex, and Siemens AG. To gain a significant market share in the global haematological cancer therapeutics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, In August 2020, GlaxoSmithKline received approval from the FDA for their BLENREP (belantamab mafodotin-blmf) that is used to treat the patients with multiple myeloma.
Pharmacological therapies segment dominated the market growth and held the largest share of 23.76% in the year 2020
On the basis of type, the global haematological cancers therapeutics market is segmented into anaemia treatment, pharmacological therapies, steam cell transplantation, thrombosis treatment, surgery and radiation therapy, neutropenia treatment, and others. Pharmacological therapies segment dominated the market growth and held the largest share of 23.76% in the year 2020. This growth is attributed to the growing pharmaceutical sector, increasing research and developments, and rising cancer prevalence.
Hospitals segment dominated the market and held the largest share of 36.65% in the year 2020
On the basis of end-user, the global hematological cancer therapeutics market is segmented into clinical laboratories, hospitals, academic and research institutes, and others. The hospitals segment dominated the market and held the largest share of 36.65% in the year 2020. This growth is attributed to the government and private bodies’ reimbursement and increased government spending on the hospital infrastructures.
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Regional Segment of Hematological Cancer Therapeutics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global haematological cancer therapeutics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific region held the largest share of 39.68% in the year 2020. This growth is attributed to the increased government hospital expenditure, growing investment in research and development, and increasing awareness about cancer treatments. China holds the largest market share in the region due to investments by key pharmaceutical players to develop new drugs. North America is expected to witness significant growth, owing to the high prevalence of blood cancer patients and rising healthcare infrastructure.
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About the report:
The global haematological cancer therapeutics market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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