The blood cancer treatment market size is projected to be valued at USD 5,935.9 million in 2023 and is expected to rise to USD 15,735.3 million by 2033. The sales of blood cancer treatment are projected to thrive at a significant CAGR of 10.2% during the forecast period.
Growth is attributed to the increasing involvement of key and prominent companies in the research and development of blood cancer (leukemia, non-Hodgkin lymphoma, Hodgkin lymphoma, multiple myeloma) treatment across the globe.
Blood cancer (leukemia, non-Hodgkin lymphoma, Hodgkin lymphoma, multiple myeloma) is a general term used for the cancers that affect the blood, bone marrow, or lymphatic system. Most of these cancers start in the bone marrow where blood cells (RBC, WBC, and platelets) are produced from bone marrow stem cells.
In cancerous conditions, the differentiation of bone marrow stem cells is interrupted to produce abnormal blood cells which hamper the normal functioning of the blood. There are 4 types of blood cancer such as leukemia, Hodgkin lymphoma (HL), non-Hodgkin lymphoma (NHL), and multiple myeloma. Factors that are expected to augment the blood cancer treatment market growth in the forthcoming years are:
Strong costs attributed to certain therapeutics in the blood cancer treatment market are one of the key factors that are expected to hamper the market growth in certain emerging regions over the analysis period.
| Attributes | Details |
|---|---|
| Blood Cancer Treatment Market Estimated Size (2023) | USD 5,935.9 million |
| Blood Cancer Treatment Market CAGR (2023 to 2033) | 10.2% |
| Blood Cancer Treatment Market Forecasted Size (2033) | USD 15,735.3 million |
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The high incidence rate of blood cancers in the United States of America (leukemia-13.0, NHL-19.8, HL-2.7, myeloma-6.7 cases per 100,000 population in 2014) is one of the leading factors for the growth of the blood cancer treatment market in the United States. In addition, advancements in technology, personalized medicine, and cost-effective treatment procedures are a few other factors that are expected to fuel the growth of the global blood cancer treatment market during the forecast period.
The increasing involvement of key and prominent companies in research and development is leading to strong pipeline candidates, which is another factor that is anticipated to boost the growth of the blood cancer treatment market over the analysis period.
Many biopharmaceutical market players like Spectrum Pharmaceuticals and Amgen, are showing an increasing interest in the development of new products. Also, this increasing interest in treatment products is due to the increasing number of individuals suffering from blood cancer. For instance,
Kura Oncology is conducting a clinical trial for a pipeline candidate called tipifarnib for the disease indication of peripheral T-cell lymphoma. Currently, the clinical trial is in Phase II and received the fast-track designation from the FDA in March 2020. This factor is anticipated to further drive the growth of the blood cancer treatment market during the forecast period.
The divergent nature of blood cancers and increasing stringency in the regulatory requirements are some of the significant factors that are expected to impede the growth of the blood cancer treatment market over the analysis period.
There are firm factors that are restraining the adoption of therapeutics used in blood cancer treatment. The significant limiting factor restraining the growth includes the lower lymphoma treatment rates in emerging countries. This is attributed to the high costs of therapies. This results in a limited number of individuals undergoing this treatment, and a large number of these patients are not able to afford treatments such as immunotherapies.
Most of the time, the cost of such products is not accessible and affordable to poor patients. In addition, the unavailability of suitable payment plans for the treatment of these diseases is another key factor that is anticipated to hinder market growth in the forthcoming years.
By specifically targeting molecular abnormalities and genetic mutations involved in the growth and progression of cancer cells, targeted therapy offers a precise and effective approach compared to traditional chemotherapy. This approach has gained prominence in the blood cancer treatment market due to its ability to provide high response rates and improved survival outcomes for patients.
Healthcare professionals can identify specific molecular targets in individual patients, allowing for personalized treatment strategies with advancements in genetic profiling and molecular diagnostics. Further, ongoing research and clinical trials continue to expand the applications of targeted therapy, leading to the development of novel agents and combination approaches.
Blood cancer is a complex condition that requires specialized medical care, including diagnosis, treatment, and follow-up monitoring. Hospitals play a crucial role in providing comprehensive healthcare services to patients with blood cancer.
Hospitals provide a range of treatment options for blood cancer, depending on the stage and severity of the disease. These treatments may include conservative measures such as pain management, physical therapy, and lifestyle modifications. In many advanced cases, surgical interventions, such as joint-preserving procedures or joint replacement surgeries, may be performed.
Hospitals serve as centers for research and innovation in blood cancer treatment. They contribute to the development of new treatment modalities, clinical trials, and advancements in surgical techniques aimed at improving patient outcomes.
In terms of regional platforms, North America holds a significant market share in the blood cancer treatment market. The region is expected to accumulate a 38.2% market share in 2022. Further, there has been a tremendous increase in cell-based research activities over the past decade.
Increasing research in the field of regenerative medicine for the treatment of leukemia and growing awareness of personalized medicine have also resulted in the growth of this market. In addition to it, the growth in this market is driven by the high prevalence and incidence of leukemia and the rising geriatric population. According to the Leukemia & Lymphoma Society, an estimated 381,774 people are living with or in remission from leukemia in the United States of America.
The government of Canada is taking various initiatives to support leukemia research and develop novel immunotherapies. For instance,
According to Future Market Insights, Europe is expected to hold a significant growth opportunity for blood cancer treatment and reached a share of 28.7% in 2022. The second most dominant market is expected to be Europe in the forecast period, and the reasons for the region’s high share include the high number of individuals requiring treatment arising from the region and also the high usage of advanced therapeutics.
A few more factors that are expected to escalate the growth of the blood cancer treatment market during the forecast period are:
Constant research and development by key market players in the form of clinical trials for new drug candidates for lymphoma treatment have also boosted the market in the region.
According to Future Market Insights, Asia-Pacific is expected to grow with significant growth opportunities for the blood cancer treatment market which accounted for a significant share of 24.2% in 2022. Further, the key reasons for the region’s growth which together are estimated to drive the market growth during the forecast period include:
The blood cancer (leukemia, non-Hodgkin lymphoma, Hodgkin lymphoma, multiple myeloma) treatment market in the region is predicted to experience growth in the future due to increasing demand for lymphoma therapeutic products and increasing burden of various forms of lymphoma during the forecast period,
According to Future Market Insights, the Middle East & Africa are expected to provide significant growth opportunities for the blood cancer treatment market and reached a share of 12.8% in 2022.
The strong economic growth prospects in the region are one of the key factors that are expected to propel the growth of the blood cancer treatment market over the analysis period. Moreover, the market is expected to develop in the future due to increasing healthcare expenditure and rising demand for advanced therapeutics by the patient population for this treatment in the region.
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Some of the key participants present in the global blood cancer treatment market are:
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Takeda Pharmaceutical Company Limited, AstraZeneca, Bayer AG, and Novartis AG, account for a considerable market size, several regional-level players are also there operating across key growth regions, particularly in North America.
Recent Developments
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 10.2% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Application, End User, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Novartis Pharmaceuticals; Merck & Co. Inc.; Bristol-Myers Squibb Company; AbbVie Inc.; Johnson & Johnson Pvt. Ltd.; Celgene Corporation; Amgen Inc.; Teva Pharmaceutical Industries Ltd.; Bayer AG; Pfizer Inc.; Takeda Pharmaceutical Co. Ltd. |
| Customization & Pricing | Available upon Request |
The healthcare industry is the primary consumer of blood cancer treatment.
The healthcare industry is poised to stay attractive, projecting a USD 15 billion market by 2033.
The market is estimated to secure a valuation of USD 5.9 billion in 2023.
The oncology sector holds high revenue potential in the blood cancer treatment market.
The key players in the Blood Cancer Treatment Market are Novartis Pharmaceuticals, Merck & Co. Inc., Bristol-Myers Squibb Company, AbbVie Inc., and Johnson & Johnson Pvt. Ltd.
| Estimated Size, 2024 | USD 60.4 billion |
|---|---|
| Projected Size, 2034 | USD 136.7 billion |
| Value-based CAGR (2024 to 2034) | 8.5% |
| Expected Market Value (2023) | USD 7265.44 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 11540 million |
| Projected Growth Rate (2023 to 2033) | CAGR 4.74% |
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Blood Cancer Treatment Market
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