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(Health-NewsWire.Net, October 12, 2021 )
Market Overview
Hematological malignancies, commonly known as hematological cancer, is registering a widespread prevalence across the world. According to the National Cancer Institute, hematological cancer is the fifth most commonly occurring cancer, globally, and is the second prominent reason behind cancer death in the U.S.
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Market Dynamics
The global hematologic malignancies treatment market growth is driven by the rich product pipeline and the improvement in the reimbursement scenario. Moreover, the rising trend of patent protection is also expected to boost this market considerably in the forecast period.
The growing incidence of blood cancer is expected to drive the market growth
The major factors attributing to the growth of the hematologic malignancies treatment market are the growing incidence of blood cancer, increasing emphasis on the development of new treatments push the growth of the hematologic malignancies treatment market.
According to the National Foundation for Cancer Research (NFCR), in 2017, an estimated 58,300 people are likely to die as a result of blood cancer. Globally, blood malignancies are the fifth most common cancer and is the second most leading cause of cancer deaths.
The three most common types of blood cancers are leukemia, lymphoma, and multiple myeloma. Worldwide, more than 300,000 people are diagnosed with leukemia and 400,000 people are diagnosed with lymphoma each year Furthermore, the increasing awareness about the possibility of early diagnosis of these cancers and the rising approvals for the new drugs of the treatment are other major factors for the market growth.
Market Segmentation:
By Disease Condition
• Leukemia
• Lymphoma
• Myeloma
• Others
By Therapy
• Chemotherapy
• Immunotherapy
• Targeted Therapy
By End-User
• Hospital
• Cancer Centers
• Ambulatory Surgical Centers
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Geographical Analysis
North America region holds the largest market share in the global hematologic malignancies treatment market
North America is found dominating the hematologic malignancies treatment market. The market growth is due to the factors such as the presence of key players, high prevalence of blood cancer patients in the region, established healthcare infrastructure, and availability of branded drugs are some of the key factors accountable for its large share in the market.
According to Global Cancer Observatory, in 2018, 18.4% of the world’s multiple myeloma cases were of the North American population. The increasing number of blood cancer cases in the region is a major driving factor for the growth of the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth.
Competitive Landscape
The hematologic malignancies treatment market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Pfizer Inc, AbbVie Inc., Bristol-Myers Squibb Co., F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Johnson & Johnson, Novartis AG, Teva Pharmaceutical Industries Ltd, and Sanofi 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 hematologic malignancies treatment globally.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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