LONDON--(BUSINESS WIRE)--The global blood cancer therapeutics market is expected to grow by USD 12.63 billion by 2023, according to the latest market research report by Technavio. The adverse effects of stem cell transplantation pose a major challenge to the market as the threat of side effects of stem cell transplant will significantly restrict market growth.
Technavio researchers, however, project the growing adoption of therapeutics as a key factor that will drive market growth. At present, various organizations are focusing on creating awareness about the existence of novel therapies with the potential to cure blood cancer. These organizations are also making efforts to create awareness about the disease in major countries of Europe. With the global increase in the prevalence of cancer, there is an increase in the number of patients opting for treatment for conditions such as myeloma. Vendors and government organizations are coming up with patient assistance programs to deliver the therapy at an affordable price. This is leading to increased patient adherence and adoption of therapeutics for the treatment.
This market research report on the global blood cancer therapeutics market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the advent of novel therapies as one of the key emerging trends in the global blood cancer therapeutics market:
Global blood cancer therapeutics market: Advent of novel therapies
There are several new developments in regenerative therapies due to their curative nature. Multiple targeted therapies such as CAR T-cell therapies have been approved and are gaining traction as they effectively treat leukemia and lymphoma. These therapies are also in the final stages of clinical trials for other cancer indications. The presence of vendors with novel therapies in the early stages of clinical trials for CAR T-cell therapies and gene therapies for blood cancer is also increasing. This is resulting in the development of several therapeutics for blood cancer, which will lead to market growth during the forecast period.
“The presence of various large pharmaceutical vendors with novel therapies in the late stages of clinical trials and a strong pipeline will drive the blood cancer therapeutics market growth. Additionally, the high influx of patients being diagnosed with and seeking treatment for blood cancer will drive market growth. The increase in the number of patients can be attributed to the increasing number of awareness programs conducted by vendors and other organizations which are also supporting the market with patient assistance programs,” says a senior analyst at Technavio.
Global blood cancer therapeutics market: Segmentation analysis
This market research report segments the global blood cancer therapeutics market by type (leukemia, lymphoma, and myeloma) and geography (North America, Europe, Asia, and ROW).
The leukemia segment held the largest market share in 2019, accounting for nearly 49% of the market. However, the myeloma end-user segment is expected to dominate the global market throughout the forecast period.
The North American region led the market in 2018 with a market share of nearly 38% of the market share. The market share occupied by this region is anticipated to decrease during 2019-2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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