Global Hematologic Malignancies Treatment Market Size

Hematologic Malignancies Treatment Market Analysis

The Global Hematologic Malignancies Treatment Market size is estimated at USD 67.23 billion in 2024, and is expected to reach USD 97.73 billion by 2029, growing at a CAGR of 7.77% during the forecast period (2024-2029).

As most elective treatments were deferred due to the outbreak of the COVID-19 pandemic, the hematologic malignancies treatment market was also impacted significantly. However, delayed treatment is not recommended for severe diseases, especially acute leukemia, and thus, necessary guidelines and measures have been put forth recently to allow hematologic malignancies' treatments during the pandemic with all protective measures. According to the research article published in Acta Haematologica, 2020, employing less intensive therapy options, minimizing the exposure between patient and staff, reducing the number of clinical visits, and encouraging telemedicine for follow-up consultations can aid in the effective outcome of treatment of patients with hematologic malignancies. As per the research study carried out by the United Kingdom Coronavirus Cancer Monitoring Project (UKCCMP), 2020, the risk of experiencing severe cases of COVID-19 infection was found to be higher, at about 57%, among patients with blood cancers. Thus, given the aforementioned factors, the COVID-19 pandemic is expected to impact the growth of the studied market.

The major factors attributing to the growth of the hematologic malignancies treatment market are the growing incidence of blood cancer and an increasing emphasis on the development of new treatments, driving the hematologic malignancies treatment market. According to Globocan 2020, the estimated incidence of leukemia was the highest in Asia, with 230,650 cases diagnosed in 2020, followed by 100,020 cases in Europe and 67,784 cases in North America. Thus, the high incidence of leukemia worldwide is expected to drive market growth.

Initiatives by major players such as mergers, acquisitions, product launches, partnerships, and collaborations are expected to boost the market growth. For instance, in May 2021, Tokyo-based Chugai Pharmaceutical Co. Ltd announced the launch of an anticancer agent/antimicrotubule binding anti-CD79b monoclonal antibody called Polivy intravenous infusion 30 mg and 140 mg that can be used for the treatment of relapsed or refractory (R/R) diffuse large B-cell lymphoma (DLBCL).

In February 2021, the United States Food and Drug Administration approved Breyanzi (lisocabtagene maraleucel), a cell-based gene therapy to treat adult patients with certain types of large B-cell lymphoma who have not responded to at least two other types of systemic treatment. Such rising product launches will likely provide growth opportunities to the market studied. However, the high cost of the medication involved in the treatment is the major restraint to the market.