Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Blood Cancer Drugs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The blood cancer drugs market size has grown strongly in recent years. It will grow from $69.16 billion in 2023 to $74.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed during the historical period can be attributed to advancements in research and development, an aging population, increased awareness, and early diagnosis, along with regulatory approvals.
The blood cancer drugs market size is expected to see strong growth in the next few years. It will grow to $100.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. Anticipated growth in the upcoming forecast period can be attributed to several key factors, including a rise in disease prevalence, the emergence of new markets, and the increased emphasis on supportive care. Furthermore, significant trends expected during this period encompass elevated investments in research and development, the exploration of combination therapies, the identification of biomarkers, advancements in immunotherapy, and the expansion of personalized medicine.
The blood cancer drugs market is experiencing growth due to the escalating number of deaths and the rising prevalence of blood cancer cases worldwide. Various forms of blood cancers, including lymphoma, leukemia, myeloma, and others, have distinct risk factors. Some can be managed or prevented through drug therapies, while others may result in fatalities.
According to a report by Bristol-Myers Squibb Company, it is projected that by 2040, over 1.85 million new blood cancer cases will be diagnosed globally. These cases will include 918,872 instances of lymphoma, 656,345 of leukemia, and 275,047 of myeloma. The report further estimates that by 2040, around 1,100,000 deaths will occur worldwide due to blood cancer. The increasing number of deaths and the surging incidence of blood cancer cases are propelling the growth of the blood cancer drug market.
The primary categories of blood cancer drugs target leukemia and lymphoma. Leukemia pertains to a form of cancer affecting blood-forming tissues, particularly the bone marrow and lymphatic system. Various drug formulations are used in this context, including rituximab (Rituaxan/Mabthera), imatinib (Gleevec/Glivec), lenalidomide (Revlimid), bortezomib (Velcade), nilotinib (Tasigna), pomalidomide (Pomalyst), azacitidine (Fidanza), carfilzomib (Kyphosis), brentuximabvedotin (Adcetris), among others. These drugs are administered through diverse treatment approaches, spanning key findings, chemotherapeutic methods, monoclonal antibodies/targeted therapies, and immunotherapeutic interventions.
The blood cancer drugs market research report is one of a series of new reports that provides blood cancer drugs market statistics, including blood cancer drugs industry global market size, regional shares, competitors with a blood cancer drugs market share, detailed blood cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the blood cancer drugs industry. This blood cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
A significant driver of the blood cancer drugs market is the increasing focus on research and development activities. Research and development (R&D) endeavors involve systematic and investigative efforts undertaken by organizations and institutions to create, enhance, or refine products, technologies, processes, or knowledge related to blood cancer treatment.
These R&D activities promote innovation, expand treatment options, improve drug efficacy, and contribute to a diversified drug pipeline. This fosters investment, enhances patient outcomes, and strengthens the competitive landscape of the market. For example, in November 2021, the Food and Drug Administration (FDA) granted approval to the CAR T-cell therapy brexucabtagene autoleucel (Tecartus) for adults with B-cell precursor acute lymphoblastic leukemia (ALL) that has not responded to treatment or has relapsed.
This milestone represents the initial approval of a CAR T-cell therapy for adults with ALL and is based on results from the ZUMA-3 clinical trial, where brexucabtagene was tested on over 50 participants with relapsed or refractory B-cell precursor ALL. Consequently, the increasing number of research and development activities is fueling the growth of the blood cancer drugs market.
One of the challenges faced by the blood cancer drugs market is the high cost associated with drug approval processes. The drug approval pathway involves multiple research phases and regulatory clearances, often incurring substantial expenses. This encompasses four clinical trial phases and several stages of scrutiny by regulatory bodies like the FDA.
The costs associated with failed clinical trials are also substantial, considering the considerable investments made during each clinical phase. According to data from the Tufts Centre for the Study of Drug Development, the total cost of bringing a new drug from its inception to the market can reach approximately $2.7 billion. Consequently, the high costs of drug approval present a hindrance to the growth of the blood cancer drugs market.
Companies operating in the blood cancer drugs market are increasingly allocating resources towards the integration of cutting-edge technologies like artificial intelligence (AI) to enhance research and development efficiency. AI, a technology capable of simulating human intelligence processes through computer systems, offers substantial advantages by expediting the identification of potential drug candidates from vast chemical and biological datasets.
This approach has shown higher success rates and quicker results compared to traditional human analysis, reducing both time and costs. AI is also aiding in the acceleration of patient recruitment for clinical trials, matching blood cancer patients with suitable trials and ultimately lowering clinical trial expenses. Leading blood cancer drug manufacturers such as Roche, Pfizer, and Johnson and Johnson have already ventured into AI technologies to expedite drug development, forging partnerships with AI companies. For example, Johnson and Johnson partnered with the UK-based AI startup, BenevolentAI, to harness data for the design of new blood cancer drugs.
Major players in the blood cancer drugs market are actively engaged in the development of novel drugs and pursuing FDA approval to gain a competitive edge in the industry. FDA approval for drugs is the formal authorization issued by the United States Food and Drug Administration (FDA) for the legal marketing and sale of a pharmaceutical product in the United States.
These approvals hold immense value in the market. In May 2023, the FDA granted its approval to Epcoritamab, commercially known as Epkinly, for the treatment of diffuse large B-cell lymphoma (DLBCL) in patients who have undergone at least two prior lines of systemic therapy. Epkinly, classified as a CD20xCD3 T-cell engager, exhibited significant efficacy during clinical trials, with a 61% tumor shrinkage rate in patients who had previously received multiple treatments. This approval serves as a noteworthy addition to the available treatment options for DLBCL.
In July 2022, GSK, a prominent pharmaceutical company based in the UK, completed the acquisition of Sierra Oncology for an undisclosed sum. This strategic acquisition bolsters GSK's oncology portfolio. Sierra Oncology, headquartered in the United States, specializes in the development of cancer drugs, including treatments for blood cancers.
North America was the largest region in the blood cancer drugs market in 2023. Middle East is expected to be the fastest-growing region in the blood cancer drugs market during the forecast period. The regions covered in the blood cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the blood cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
A selection of companies mentioned in this report includes
- Amgen Inc.
- AstraZeneca PLC
- Bayer AG
- Eli Lilly and Company Inc.
- Johnson & Johnson
- Novartis AG
- Pfizer Inc.
- AbbVie Inc.
- Takeda Pharmaceutical Company Limited
- F. Hoffmann-La Roche Ltd.
- Bristol-Myers Squibb Company
- Astellas Pharma Inc.
- Roche Holding AG
- Merck & Co. Inc.
- Gilead Sciences Inc.
- Sanofi S.A.
- Eisai Co. Ltd.
- Jazz Pharmaceuticals plc
- Kyowa Kirin Co. Ltd.
- Menarini Group
- Millennium Pharmaceuticals Inc.
- Mundipharma International Limited
- Mylan N.V.
- Ono Pharmaceutical Co. Ltd.
- Otsuka Pharmaceutical Co. Ltd.
- Pharmacyclics LLC
- Regeneron Pharmaceuticals Inc.
- Seattle Genetics Inc.
- Servier Laboratories
- Shire plc
- Spectrum Pharmaceuticals Inc.
- Taiho Pharmaceutical Co. Ltd.
- Teva Pharmaceutical Industries Ltd.
- Tolero Pharmaceuticals Inc.
- UCB S.A.
- Vertex Pharmaceuticals Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/5cp811
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