- Blood cancer is life threatening oncology disorder in which cancer starts growing in the bone marrow.
- Growing incidence of Hodgkin lymphoma worldwide and accelerating demand of clinical treatment and novel therapies indicates the significant growth of market.
- A restraint on the market is expiration of blockbuster drug patents will result in generic and biosimilar competition.
The global blood cancer drug market is expected to rise gradually to an estimated to register a healthy CAGR of 10.5 % in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017.
Growing cases of hematology-oncology disorders and progressively focusing on innovation of novel therapies are the key drivers for market growth.
A few of the major competitors currently working in the global blood cancer drug market are Eli Lilly and Company, Merck & Co., Inc, F. Hoffmann-La Roche Ltd, Novartis AG, GlaxoSmithKline plc, Johnson & Johnson Services. Inc., AbbVie Inc., Amgen Inc. , Bayer AG, Pfizer Inc., AstraZeneca, CELGNE CORPORATION, Gilead Sciences, Inc., Takeda Pharmaceutical Company Limited, Daiichi Sankyo Company, Limited, UCB SA, Sumitomo Dainippon Pharma Co., Ltd, Otsuka Holdings Co., Ltd, Astellas Pharma Inc. and many others..
Blood cancer is life threatening oncology disorder in which cancer starts growing in the bone marrow, where blood is produced. These tumors prevent the blood from functioning. The patients with blood cancer experience abdominal pain, bone pain, weight loss, dark spots, excessive or easy bruising and weakness.
According to the statistic published in American Cancer Society 2019, it is estimated that over 8,110 cases are diagnosed with Hodgkin lymphoma in the United States in this current year. It is more prevalent in teenagers aged 15 to 19 years. Growing incidence of Hodgkin lymphoma worldwide and accelerating demand of clinical treatment and novel therapies indicates the significant growth of market.
- Rise in the incidence and prevalence rate of the disease will drive the growth of the market
- Rise in the government and non-government investment in the research and development
- Accelerating the demand of novel therapies and treatment
- Increases in effectiveness of drugs for the treatment of hematology-oncology disorders
- Patent expiry of blockbuster drugs will result in generic and biosimilar competition
- Effective treatment is either unavailable or costly
- Inadequate knowledge of blood cancer in developing countries.
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In May 2019, AbbVie Inc. announced that they received approval from FDA for Venclexta (venetoclax) which is an oral selective B-cell lymphoma-2 (BCL-2) protein inhibitor in combination with obinutuzumab for the treatment of chronic lymphocytic leukemia. The approval of Venclexta expanded the company’s portfolio in therapeutic area of oncology.
In March 2018, Novartis AG received the FDA expanded label approval of Tasigna (nilotinib), a kinase inhibitor for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia in the chronic phase (Ph+ CML-CP) in pediatric patients of age one year or older. This approval broaden the clinical indication of Tasigna
Competitive Analysis: Global Blood Cancer Drug Market
The global blood cancer drug market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of blood cancer market for global Europe, North America, Asia-Pacific, South America and Middle East & Africa.