New York, NY 14 Sep 2020: The global blood cancer drugs market is anticipated to reach USD 55.6 billion by 2025 according to a new report published by Polaris Market Research.

The demand for blood cancer drug is primarily driven by growing death incidences by blood cancer, and continuous innovation for developing novel treatments with the help of several ongoing clinical trials. Moreover, increasing research and development of biological and targeted therapies as treatment will spur the blood cancer drugs market during the upcoming period. However, the high price of drugs and the stringent government policies will limit the growth of blood cancer drugs market during the forecast period.
Most of the blood cancers start in the bone marrow, where blood is produced. In blood cancer the growth of normal blood cells is dislodged by the uncontrollable growth of abnormal blood cells. These cancerous cells prevent the blood from performing many of its functions. Hence, the existing treatments of blood cancer are being the foundation for developing the new drugs. The steady flow of the blood cancer drugs has created opportunity for research and development in the existing market. For instance, Amgen Inc. received approval for BLINCYTO in July 2017, which is used in treating B-cell precursor Acute Lymphoblastic leukemia. Similarly, European blood cancer drugs market witnessed the approvals of Gazyvaro, by Roche AG that is used in treating advanced follicular lymphoma. Also, novel technologies like CAR-T are likely to be launched this year.

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On the basis of treatment approaches the global blood cancer drugs market is further segmented into Chemotherapeutic, mAbs/Targeted Therapies, and Immunotherapeutic. Due to availability of variety of chemotherapeutic agent in the market chemotherapeutic drugs are expected to hold the higher share in blood cancer drugs market. Moreover, their effectiveness for the treatment of blood cancer and increasing number of cancer patients globally has garnered more demand for chemotherapeutic drugs throughout the world.

Geographically, the global blood cancer drugs market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America dominates the blood cancer drugs market which is followed by Europe and Asia Pacific. Favorable reimbursement policies, surge in R&D investments of various companies, as well as the increase in the number of blood cancer treatments are some of the major factors responsible for the growth of North America’s blood cancer drugs market. Moreover, Asia-Pacific region has been identified as the lucrative market for the for blood cancer drugs due to increasing awareness of the use of these drugs, increased healthcare expenditure, and rising per capita disposable income. These are some of the major factors which are influencing the growth of the blood cancer drugs in Asia-pacific region.

The leading companies operating in this industry include Johnson & Johnson Inc., Amgen Inc., Bayer AG., Pfizer, Inc., AbbVie Inc., Roche Holding AG., Celgene Corporation, AstraZeneca, Novartis AG, GlaxoSmithKline PLC, Merck & Co., Inc., and Eli Lily & Co. among others.

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Key Findings from the study suggest blood cancer drugs in the market are much innovative and manufacturers are progressively concentrating on innovation of combination drugs. Companies are in a stage of development of new drugs in order to provide novel treatments for blood cancer. The immunotherapy segment is anticipated to grow at a high growth rate over the forecast period. The growth of this segment is primarily driven by increased awareness for its use as an alternative and effective treatment for blood cancer. North America is presumed to dominate the global blood cancer drugs market over the forecast period. Asia Pacific region which shows signs of high growth potential owing to the booming economies of India, and China..

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