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(Health-NewsWire.Net, August 27, 2021 ) Market Overview
Blood cancer is a serious and life-threatening cancer that affects either production or function of blood cells such as bone marrow and tissues which results in dysfunctional of lymphatic system. The characteristics sign and symptoms of blood cancer is severe abdominal pain, bone and joints pain, gradually weight loss, dark spots, excessive or easy bruising and weakness. Blood cancers occur when abnormal blood cells start growing out of control, interrupting the function of normal blood cells, which fight off infection and produce new blood cells.
Globally, blood cancer are the fifth most common cancer and is the second most leading cause of cancer deaths. The global blood cancer drugs market is projected to register a moderate growth rate in the market and which is anticipated due to, high demand of diseases specific treatment, rise in adoption of newer technologies, presence of refined healthcare infrastructure and increased patient awareness level as well as high prevalence of blood cancer.
Market Dynamics
The blood cancer drugs market growth is driven by increase awareness amongst healthcare professionals and patients about the possibility of early diagnosis of cancer, increase in government funding for research is anticipated to accelerate the market growth during the forecast period. Institutes like National Cancer Institute (NCI) receive funds from U.S. congress to support cancer-related activities, are expected to drive the market growth in the forecast period.
The growing death incidences and increasing prevalence of blood cancer cases across the globe
The blood cancer drugs market is being driven by the growing death incidences and increasing prevalence of blood cancer cases across the globe. Different types of blood cancers such as lymphoma, leukaemia, myeloma and others have different risk factors where some can be controlled or prevented through drug therapies and others may lead to death.
According to Bristol-Myers Squibb Company report, over 1.85 million new blood cancer cases are expected to be diagnosed across the globe in 2040, out of which 918,872 cases are from lymphoma, 656,345 from leukaemia, and 275,047 cases myeloma.
Furthermore, the report estimated, in 2040, the approximate number of deaths worldwide due to blood cancer will be 1,100,000. In 2019, more than 387,000 people are living with leukaemia in the United States and an estimated 68,000 deaths will result from blood cancer.
According to national cancer institute, the estimated deaths due to blood cancer are expected to be around 22,840 in 2019. The increasing deaths and increasing incidence of blood cancer cases globally drives the blood cancer drugs market.
Formulations of new regulatory approvals for new drugs for blood cancer are expected to boost the growth
The formulations of new regulatory approvals for new drugs for blood cancer are expected to boost the growth of market. For instance, in 2015, Pfizer announced that inotuzumab (antibody-drug conjugate) received a breakthrough therapy designation from U.S. FDA for acute lymphoblastic leukemia.
Increasing awareness amongst healthcare professionals and patients about the possibility of early diagnosis of cancer and increase in government funding for research is anticipated to accelerate the market growth during the forecast period. Institutes like National Cancer Institute (NCI) receive funds from U.S. congress to support cancer-related activities.
High drug approval costs hinders the growth of the blood cancer drugs market
However, Drug approval involves series of research stages and regulatory approvals that are often expensive. Drug approval process include about four phases of clinical trials and various stages of screening process with the regulatory body such as FDA. The costs of failed clinical trials are also high as clinical trial phases involves huge investments. According to Tufts Centre for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves is about $2.7 billion. Thus indicating that the high drug approval costs hinders the growth of the blood cancer drugs market.
Segment Analysis
By Type
Leukemia
Non-Hodgkin lymphoma
Hodgkin lymphoma
Myeloma
By Drugs Type
Rituaxan/Mabthera (Rituximab)
Gleevac/Glivec (Imatinib)
Revlimid (Lenalidomide)
Velcade (Bortezomib)
Tasigna (Nilotinib)
Pomalyst (Pomalidomide)
Vidaza (Azacitidine)
Kyprolis (Carfilzomib)
Adcetris (Brentuximab Vedotin)
Others
By Route of Administration
Oral
Parenteral
Others
By End User
Hospitals
Clinics
Ambulatory Surgical Centers
Geographical Analysis
North America region holds the largest market share global blood cancer drugs market
North America region is dominating the global blood cancer drugs market accounted for the largest market share in 2019, owing to the presence of key players in the region, availability of sophisticated healthcare infrastructure, and increasing awareness of blood cancer. Besides, favorable government initiatives and increase in number of research collaborations are some of the drivers expected to accelerate the market growth. In 2019, Eli Lilly, a US-based Pharmaceutical company, acquired Loxo Oncology, a cancer-focused biotechnology company for $8 billion. This acquisition of Loxo Oncology provides Lilly with a promising pipeline of investigational medicines such as oral RET inhibitor, oral BTK inhibitor and others. The deal would enable Lilly to attain strong patent on Loxo's genetically based approach to treat cancer. Loxo Oncology, is a biopharmaceutical company, developing and selling medicines for patients with genetically defined cancers.
On the other hand, Asia-Pacific is expected to exhibit the fastest growth rate over the forecast period owing to the increase in healthcare expenditure, rising awareness about early diagnosis, high unmet clinical needs of patients, and availability of effective treatment in emerging countries, such as China and India.
Competitive Landscape
The Blood Cancer Drugs market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Amgen Inc., AstraZeneca PLC, Bayer AG, Celgene Corporation, Eli Lilly. Bristol-Myers Squibb Company, Gilead Sciences, Inc., Takeda Pharmaceutical Company Limited, Daiichi Sankyo Company, Limited, UCB SA among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the blood cancer drugs market globally.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
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