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Hematological Malignancies Market to Reach a Value of US$ 51.9 Billion by 2024

Rising at a 7.50% CAGR between 2016 and 2024, hematological malignancies market is likely to increase to US$51.9 bn by the end of the forecast period.
Aman Gambhir | 18.06.2018
© Aman Gambhir
The global hematological malignance market is highly competitive in nature with a large number of players operating in it worldwide, states a new research study by Transparency Market Research. In 2015, the leading four players in the market accounted for more than 58% share of the global market and is likely to remain in the similar leading position throughout the forecast period. To expand their product horizon, these players are focusing on extending their products and services in developing economies, which is likely to accelerate the growth of the overall market in the coming years. Some of the key players that are operating in the global hematological malignances market are Roche, Celgene, Novartis, and AbbVie, The rising number of mergers and acquisitions are estimated to encourage the growth of the overall market in the next few years.

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As per the market research report by Transparency Market Research, in 2015, the global hematological malignance was worth US$27.4 bn. This market is likely to reach a value of US$51.9 bn by the end of 2024. The market is projected to register a healthy 7.50% CAGR between 2016 and 2024.

Among the key regional segments, North America is projected to experience a high growth throughout the forecast period. The increasing prevalence of hematological cancers and the advanced diagnostic technologies are some of the key factors that are estimated to encourage the growth of the North America market in the next few years. In addition to this, the presence of a large number of players is considered to generate promising growth opportunities in the coming years. This region is expected to be closely followed by Europe in the coming years, thanks to the increasing awareness among people regarding hematological malignance. Furthermore, Asia Pacific is estimated to witness significant growth throughout the forecast period.

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Targeted therapy, immunotherapy, and chemotherapy are the major treatment methods in the global hematological malignances market. Among these segments, immunotherapy held a large share in 2015, and is expected to remain in the leading position throughout the forecast period. The high efficiency of immunotherapy and the less number of side effects are the key factors that are projected to accelerate the growth of this segment in the next few years.

The unhealthy and sedentary lifestyle of people worldwide resulting in a number of lifestyle-related disorders is considered as a major factor estimated to accelerate the growth of the global market in the next few years. The rising focus on research and development activities and innovations in the field of healthcare sector is projected to accelerate the growth of the global hematological malignances market in the coming few years. In addition to this, the rising awareness among consumers concerning the availability of advanced treatments is projected to generate promising growth opportunities for the market players in the next few years.

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On the flip side, the high cost of branded drugs and the lack of favorable reimbursements policies are some of the key factors that are likely to restrict the overall growth of the global hematological malignances market in the coming few years.

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