Blood Cancer Drugs Market Size, Share, Growth, And Industry Analysis By Type (Blood Chemotherapy Drugs, Blood Targeted Therapy Drugs) By Application (Leukemia, lymphoma, Multiple Myeloma), Regional Forecast To 2031

Updated On: 08 April 2024

Blood Cancer Drugs Market Report Overview

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The global blood cancer drugs market size was USD 66640 million in 2022 and is projected to touch USD 107959.8 million by 2031, exhibiting a CAGR of 5.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over. 

Blood cancer refers to the cancer that originates in blood cells or the bone marrow. It affects the production and function of blood cells, which can lead to serious health issues. There are three main types of blood cancer: leukemia, lymphoma, and myeloma. Blood cancer drugs are used to treat these types of cancer and are categorized into chemotherapy, immunotherapy, targeted therapy, and others. Chemotherapy is the most commonly used treatment for blood cancer and involves the use of drugs to kill cancer cells. Immunotherapy uses the body's immune system to fight cancer cells, while targeted therapy focuses on specific molecules that are involved in the growth and spread of cancer cells.

The choice of blood cancer drug(s) depends on several factors, including the type of blood cancer, the stage and severity of the disease, the patient's age and overall health, and any other medical conditions the patient may have. Treatment plans may include a combination of different drugs and therapies, and the goal is to achieve remission or control the progression of the disease. The market growth is driven by factors such as the increasing prevalence of blood cancer, advancements in drug development and approvals, and rising healthcare expenditure. According to the American Cancer Society, an estimated 83,000 new cases of lymphoma and 60,000 new cases of leukemia were diagnosed in the United States in 2020. Additionally, the increasing awareness about the availability of blood cancer drugs and the growing demand for personalized medicine are expected to contribute to the growth of the market.

COVID-19 Impact: Pandemic Led to A Shortage of Drugs Impeding the Market Growth

The outbreak of the Covid-19 pandemic has significantly impacted the blood cancer drugs market. The disruption in the supply chain and manufacturing of drugs, as well as the delay in clinical trials, have led to a shortage of drugs and a decrease in revenue for many companies. However, the Covid-19 pandemic has also led to an increased focus on research and development for new and innovative treatments for blood cancer. The pandemic has highlighted the need for effective and safe treatments for cancer patients, which is expected to drive the growth of the market in the coming years.

Latest Trends

"Increasing Adoption of Immunotherapy to Boost the Market Development"

 The blood cancer drugs market is experiencing several trends that are expected to shape the future of the market. One trend is the increasing adoption of immunotherapy for the treatment of blood cancer. Immunotherapy has shown promising results in treating blood cancer by enhancing the body's immune system to fight cancer cells. Another trend is the growing focus on precision medicine, which involves the use of genetic testing to identify the specific mutations that cause cancer and develop targeted therapies to treat them. This approach is expected to lead to more effective and personalized treatments for blood cancer patients.

Blood Cancer Drugs Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Blood Chemotherapy Drugs, Blood Targeted Therapy Drugs. Blood Chemotherapy Drugs being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into Leukemia, lymphoma, Multiple Myeloma. Leukemia being the leading segment of the market by application analysis.

Driving Factors

"Increasing Prevalence of Blood Cancer to Drive the Market Growth"

The increasing prevalence of blood cancer is a major driver of the blood cancer drugs market. Blood cancer refers to a group of malignancies that affect the blood, bone marrow, and lymphatic system. There are three main types of blood cancer: leukemia, lymphoma, and myeloma. These types of cancer can affect people of all ages and can be life-threatening if not treated properly. The incidence of blood cancer is rising globally, particularly in developing countries, due to factors such as aging population, exposure to environmental toxins, and genetic factors.

"Advancements In Drug Development and Approvals to Drive the Market Development"

The advancements in drug development and approvals are driving the growth of the blood cancer drugs market. The development of new drugs and therapies for blood cancer is accelerating, with several drugs receiving approval from regulatory bodies in recent years. For instance, in 2020, the US Food and Drug Administration (FDA) approved four new drugs for the treatment of blood cancer. These drugs include Brukinsa, a treatment for mantle cell lymphoma; Qinlock, a treatment for gastrointestinal stromal tumors; Pemazyre, a treatment for cholangiocarcinoma; and Monjuvi, a treatment for diffuse large B-cell lymphoma. In addition, advancements in genomic testing and precision medicine are helping to identify specific genetic mutations in cancer cells, leading to the development of targeted therapies that can be more effective and have fewer side effects than traditional chemotherapy. For example, Venetoclax, a targeted therapy approved by the FDA in 2018, is used to treat chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) by targeting a specific protein that is essential for cancer cell survival.

Restraining Factors

"High Cost of Treatment to Hamper the Market Growth"

One of the main challenges facing the blood cancer drugs market is the high cost of treatment. The cost of blood cancer drugs is often high, and can be a major burden for patients and their families. This is especially true in developing countries where the cost of treatment can be prohibitive, leading to a lack of access to life-saving drugs. Additionally, the high cost of research and development, clinical trials, and regulatory approvals add to the overall cost of the drugs, which can limit their availability to patients. The cost of treatment can also be a major concern for healthcare providers and governments, who must balance the need for effective treatment with the cost of providing it to patients.

Blood Cancer Drugs Market Regional Insights

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"High Prevalence of Blood Cancer in North America to Bolster the Market Growth in The Region"

North America dominates the blood cancer drugs market due to the high prevalence of blood cancer in the region and the availability of advanced healthcare infrastructure. According to the Leukemia and Lymphoma Society, nearly 180,000 people in the US are diagnosed with blood cancer every year, and the number is expected to increase in the coming years. Additionally, the presence of major pharmaceutical companies in the region, along with significant investments in research and development, is contributing to the growth of the market. The US FDA is also known for its efficient drug approval process, which is helping pharmaceutical companies to introduce new blood cancer drugs to the market.

The Asia Pacific blood cancer drugs market is expected to grow at the highest rate due to factors such as increasing healthcare expenditure, rising prevalence of blood cancer, and improving healthcare infrastructure. According to the World Health Organization (WHO), nearly 300,000 people in the Asia Pacific region are diagnosed with blood cancer every year. The region is also home to several emerging economies, such as China and India, which are witnessing rapid urbanization and rising income levels. This is expected to drive the demand for blood cancer drugs as patients have increased access to healthcare facilities. Additionally, the presence of several pharmaceutical companies in the region, along with increasing investments in research and development, is expected to boost the growth of the market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Amgen (U.S.)
• AstraZeneca PLC (U.K.)
• Astellas Pharma (Japan)
• Bayer AG (Germany)
• Bristol-Myers Squibb Company (U.S.)
• Celgene Corporation (U.S.)
• Eli Lilly (U.S.)
• F.Hoffmann-La Roche (Switzerland)
• Johnson & Johnson (U.S.)
• Novartis (Switzerland)
• Pfizer (U.S.)
• Takeda Pharmaceutical Company Ltd (Japan)
• AbbVie (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.