The latest market report published by Credence Research, Inc. “Global Blood and Bone Marrow Cancer Treatment Market – Growth, Future Prospects, Competitive Analysis, 2019- 2027,” the global blood and bone marrow cancer treatment market was valued at US$ 38.8 Bn in 2018, and is expected to reach US$ 74.9 Bn by 2027, expanding at a CAGR of 7.7% from 2019 to 2027.
Blood cancer begins in the bone marrow which is the integral source of stem cells which later are differentiated in different types of blood cells in the human body. Researchers at Bristol Myers Squibb Company have stated that approximately 1.85 million new cases of blood cancer will be diagnosed by 2040 throughout the globe.
Lymphoma is the largest indication segment for blood and bone marrow cancer treatment market. It is prevalent in 2 types Hodgkin lymphoma and Non-Hodgkin lymphoma throughout the globe. The chief variables responsible for its rising prevalence worldwide are 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 of leukemia is highly variable across different ethnic groups with a men to women ratio of 1.4.
Chemotherapy is reigning the therapy segment for blood and bone marrow cancer treatment market. The key parameter hold responsible for its increasing demand is the availability of its generic version at affordable cost, drastically reducing the healthcare burden on the ailing patients. Oncologists prefer to use them in combination therapy either with radiotherapy or immunotherapy to treat patients showing resistance to first line drug therapy. Immunotherapy will be the fastest growing segment during the forecast period owing to its promising drug pipeline for the treatment of blood cancer.
North America representing a market share of 34.6% is dominating the regional segment for blood and bone marrow cancer treatment market. The chief contributing factor for its market supremacy is growing incidence of blood cancer. As per the research citings of the Leukemia and Lymphoma Society (CDC) figures after every 3 minutes 1 person in the U.S. is diagnosed with blood cancer. In 2019, approximately 176,200 people in the U.S. are diagnosed with blood cancer in the United States. Existence of key players such as F.Hoffman La-Roche Ltd., Pfizer, Inc., Novartis AG, Merck & Co., Inc., etc further strengthens the market growth. Europe holds a market share of 30.8% owing 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 accounts for 18.4% market share on account of rising public health awareness related to blood cancer & its treatment and developing healthcare infrastructure.
Pharmaceutical companies spearheading the blood and bone marrow cancer treatment market are Bristol Myers Squibb & Company, AstraZeneca, Plc., Eli Lilly & Company, Johnson and Johnson Company, F.Hoffman La-Roche Ltd., Celgene, Inc., Merck & Co., Inc., Novartis AG, Varian Medical Systems, Inc. and Pfizer, Inc.
Key Market Movements:
• Growing incidence of blood cancer worldwide
• Affordable reimbursement scenario for the medicines employed n the treatment of blood cancer
• Rising public health awareness and promising drug pipeline to propel the market growth in the near future
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