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North America Accounted for a Significant Share of the Global Hematological Cancers Market Owing to Extensive R&D Activities
Myeloma is a cancer associated with the plasma of the white blood cells. Hematological cancer is caused due to long exposure to toxic substances such as chemical agents and ionized radiation, genetic predisposition, viral infections, complex patient profiles, improper assessment, and risks associated with other diseases with decreased immunity.
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Rapidly increasing hematological cancer prevalence among the population pool, large investment by key market players, and a number of premium drugs commercially available are the factors driving the global hematological cancers market. According to the National Cancer Institute, globally, hematological cancer is the fifth most commonly occurring cancer and it is the second major cause of death in the U.S. Rich pipeline of products for leukemia is also likely to propel the market post commercialization. Increasing incidence of hematological cancers is expected to boost the global market in the next few years. However, low prevalence rate of myeloma is expected to hamper the growth of the global hematological cancers market during the forecast period.
The hematological cancers market has been segmented based on treatment, disease indication, and region. In terms of treatment, the hematological cancers market has been categorized into stem cell transplantation, pharmacological therapies, radiation, and surgery therapy. In terms of disease indication, the market has been segmented into leukemia, lymphoma, and myeloma. Prevalence of leukemia is higher than that of lymphoma and myeloma. Moreover, a number of blockbuster, biologically effective drugs are available for the treatment of leukemia. Hence, end-users prefer biological, blockbuster products as compared to chemotherapy drugs.
Geographically, the global hematological cancers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a significant share of the global hematological cancers market owing to extensive research and development activities in the region. Improvement in reimbursement scenario and rich product pipeline are likely to drive the market in North America through 2024.
Moreover, rising trend of patent protection is expected to boost the hematological cancers market in the next few years. Europe is expected to be the second largest market for hematological cancer treatment in terms of revenue due to enhanced product availability and implementation of cancer treatment alternatives in the region.
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Favorable reimbursement policies and regulatory framework highly focusing on cancer patient safety are expected to fuel the hematological cancers market in Europe from 2016 to 2024. High awareness about cancer treatment and increasing new product launches for substitute treatment options are the major factors driving the market in Asia Pacific.
Investments by leading pharmaceutical players to develop new drugs is expected to boost the growth of the hematological cancers market in developing countries such as China and India. Countries in Latin America such as Mexico and Brazil are expected to have considerable potential in the hematological cancers market due to increasing cancer treatments and rising health care expenditure.
Major players operating in this market include Novartis International AG, Celgene Corporation, AbbVie, Inc., Bristol-Myers Squibb Company, GlaxoSmithKline plc, Otsuka Pharmaceutical Co., Ltd., and Teva Pharmaceutical Industries Ltd.
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