Demand for Hematologic Malignancies and Impact of COVID-19……..


The global hematologic malignancies market size is estimated to reach USD 85.8 billion by 2025, at a CAGR of 10.48% according to a new report by Grand View Research, Inc. Increasing incidence of hematologic malignancies and presence of a strong product pipeline are estimated to boost the market. Moreover, increasing number of mergers and acquisitions are also expected to accelerate growth.
The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor.
Furthermore, governments of developing countries are spending more on healthcare and on improving healthcare infrastructure. This is likely to reduce out-of-pocket expenditure for patients. which is considered as one of the major factors driving the hematologic malignancies market.
Recently it has been seen that the government sources are taking an initiative in funding the institutes for breakthrough oncology research. This is a major growth driver for the market as it will support the institutes to conduct their research on a larger-scale without any financial constraints. Federal government funding for research in oncology has led to a substantial development in cancer detection, prevention, diagnosis, treatment and quality of life for patients. Due to the advancement in cancer research, more patients with cancer are being successfully treated. The increasing investment in cancer research is expected to boost the growth of market during forecast period
Some of the key players in this industry are Pfizer, Inc.; F. Hoffmann-LA Roche ltd; Sanofi-Aventis; Bristol-Myers Squibb Company; AbbVie, Inc.; Novartis AG; GlaxoSmithKline PLC; Celgene Corporation; Johnson & Johnson Services, Inc.; and Takeda Pharmaceutical Company limited.
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https://www.grandviewresearch.com/industry-analysis/hematologic-malignancies-market/request/rs1
Further key findings from the report suggest:
·         Multiple myeloma is expected to be one of the fastest growing segments over the forecast period owing to strong pipeline of blockbuster products
·         Chronic myeloid leukemia was identified as the largest leukemia subtype in 2016 due to availability of large number of products and high number of target population
·         Chemotherapy held the largest share in 2016 on the basis of therapy due to its preference as first line of therapy and wide product range
·         Immunotherapy is anticipated to be the fastest growing segment and this can be attributed to lower adverse effects and higher efficiency
·         North America dominated the market in 2016 owing to local presence of key players and increasing number of mergers and acquisitions
·         Asia Pacific is expected to be the fastest growing region over the next decade with lucrative CAGR from 2017 to 2025 due to improving economic conditions and rising healthcare expenditure
·         Some of the key players are Pfizer, Inc.; F. Hoffmann-LA Roche Ltd; Sanofi; Bristol-Myers Squibb Company; AbbVie, Inc.; Novartis AG; GlaxoSmithKline PLC; Celgene Corporation; Johnson & Johnson Services, Inc.; and Takeda Pharmaceutical Company Limited
·         Most of the key players are focusing on expanding their product portfolios, development of new treatment, and acquisitions. 
The global hematologic malignancies market size was valued at USD 35.6 billion in the year 2016 with a CAGR of 10.48%. Growing incidence of blood cancer and increasing focus on development of new treatments are expected to drive the growth. 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 
The highest number of acquisitions and collaborations are happening in the oncology segment where big pharma players are collaborating with each other. In 2015, cancer therapeutics witnessed the significant number of collaborations, which reflects the interest in this segment. Various organizations and research institutes around the world are collaborating to develop novel therapies for hematologic malignancies.
Furthermore, formulations of new regulatory approvals for new drugs for blood cancer is expected to boost the growth of hematologic malignancies 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 possibility of early diagnosis of cancer and increase in government funding for research are 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. 
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Grand View Research has segmented the global hematologic malignancies market on the basis of type, therapy:
Hematologic Malignancies Type Outlook (Revenue, USD billion, 2014 - 2025)
·         Leukemia
o    Acute Lymphocytic Leukemia
o    Chronic Lymphocytic Leukemia
o    Acute Myeloid Leukemia
o    Chronic Myeloid Leukemia
·         Lymphoma
·         Multiple Myeloma
·         Others
Hematologic Malignancies Therapy Outlook (Revenue, USD billion, 2014 - 2025)
·         Chemotherapy
·         Radiotherapy
·         Immunotherapy
·         Stem Cell Transplantation
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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