Hematological Malignancies Market to Surge at a CAGR of 7.50% Between 2016 and 2024
The global hematological malignancies market is highly fragmented in nature with various players operating in the market worldwide. According to a report by Transparency Market Research, the players in the market are expanding their services and products to developing economies so as to expand their product horizon. The rising number of mergers and acquisitions are expected to boost the growth of the market in the next few years. Key players are also focusing on spreading their business in emerging economies to boost their shares in market.
Some of the key players operating in the global hematological malignancies market are Bristol-Myers Squibb Co., AbbVie Inc., F. Hoffmann-La Roche Ltd., Celgene Corp., and Johnson & Johnson.
The global hematological malignancies market is expected to rise at a healthy CAGR of 7.50% during the forecast period of 2016 to 2024. The global market was worth US$27.4 bn during 2015 and is expected to attain a valuation of US$51.9 bn by the end of 2024. The global hematological malignances therapy segment is led by immunotherapy as this segment held 41.3% of the overall shares during 2015 and is expected to rise during the forecast period. Among all regions, North America is leading the market and will be dominating the market in the coming years.
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Rising Number of Lifestyle Disorders to Boost the Market
The global hematological malignancies market is expected to rise significantly owing to rise in cancer. Hematological cancer is one of the major reasons for cancer-related deaths across the globe and it is expected to increase further in the coming years. This is increasing the demand for its treatment thus, impacting the global hematological malignancies market. Due to the highly efficient properties of immunotherapy and their lower side effects, it is becoming a popular therapy for rising in demand in the market. There is a rise in rich product pipeline and improved reimbursement that are likely to increase the growth of the market. Developed regions have favorable factors such as availability of branded drugs and established healthcare infrastructure which fuels the market growth. Several countries’s Government initiative to increase research collaborations is also another factor fueling the global hematological malignancies market. Governments are also introducing favorable policies that will supplement the global hematological malignancies. Rise in patent protection is also expected to supplement the global hematological malignancies market. The rise in awareness among people and availability of advanced modern technologies for diagnosis is expected to bring positive growth to the market. Prevailing scenario of sedentary and unhealthy lifestyle is one of the major reasons for worldwide lifestyle-related disorders accelerating the growth of hematological malignancies. Also, Emerging economies are improving thier economic conditions thus, investing in healthcare expenditure which will boost the market.
High Cost of Drugs to Hamper Market Growth
The global hematological malignancies market is expected to face certain restrains that might hamper the growth of the market. The high cost of branded drugs is one of the reason for the hindrance of the market growth. Similarly, lack of favorable policies related to reimbursements are likely to affect the global hematological malignancies market. These factors are restricting the overall global growth of hematological malignancies and might make the market growth sluggish.
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