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Blood Cancer Drugs Market Growth Rate Outlook:
Cancer begins in blood-forming tissue, such as the bone marrow or the immune system’s cells. Examples of blood cancer are leukemia, lymphoma, and multiple myeloma. Also called hematologic cancer. The drugs such as bosulif (bosutinib), bosutinib., busulfan, and busulfex (busulfan) are used in blood cancer treatment.
According to the DataM market research report, the global blood cancer drugs market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a CAGR of % over the forecast period 2022-2029.
Growing awareness among healthcare professionals and patients about the possibility of early diagnosis of cancer and an increase in government funding for research is expected to increase the market growth during the forecast period. Institutes like National Cancer Institute (NCI) receive funds from the U.S. congress to support cancer-related activities.
Formulations of novel regulatory approvals for new drugs for blood cancer are expected to drive the growth. For instance, In July 2021, Food and Drug Administration approved asparaginase erwinia chrysanthemi (recombinant)-rywn) (Rylaze, Jazz Pharmaceuticals, Inc.) as a component of a multi-agent chemotherapeutic regimen for the treatment of acute lymphoblastic leukemia (ALL) and lymphoblastic lymphoma (LBL).
Moreover, in June 2021, Food and Drug Administration approved avapritinib (Ayvakit, Blueprint Medicines Corp.) for adult patients with advanced systemic mastocytosis (AdvSM), including patients with aggressive systemic mastocytosis (ASM), systemic mastocytosis with an associated hematological neoplasm (SM-AHN), and mast cell leukemia (MCL).
Drug approval is a lengthy process of research and regulatory approvals, which can be costly. Almost four phases of clinical trials and various stages of screening with regulatory bodies such as the FDA are involved in the drug approval process.
The costs of failed clinical trials are also high as the clinical trial phases involve huge investments. According to the Tufts Centre for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves is about $2.7 billion. This cost has raised more than 10 folds, with the cost of bringing a new drug to the market being $320 million in the 1990s. Thus, indicating that the high drug approval costs hinder the growth of the blood cancer drugs market.
Most of the companies in the blood cancer drugs market are vigorously investing in technologies such as artificial intelligence (AI) to save time and reduce R&D costs. Artificial intelligence (AI) is the simulation of human intelligence processes by machines, particularly computer systems, with the potential to outperform human intelligence. When compared to human analysis, this technology aids in the study of large quantities of chemical and biological data in order to uncover prospective drug candidates with higher success rates and at a faster speed. By matching blood cancer patients with the most relevant clinical trials, the technology also helps to speed up the patient recruiting process, lowering clinical trial expenditures. For instance, Johnson & Johnson has partnered with BenevolentAI, a UK-based artificial intelligence start-up, to mine data for the development of new oncology drugs.
Due to the coronavirus pandemic many pharmaceutical industries have suspended the clinical trials. In a study, it is estimated that approximately 12,000 clinical trials are going on in the area of cancer. If these trails are stopped or suspended for any reason, it will have a profound impact on the industry. Beyond this, loss of the potential health benefits for patients already enrolled in the trials, the cost of an oncology phase 3 clinical trial is on average at least USD 20 million, which will impose a huge financial hurdle on companies for gaining approval for trial and identification for the patients for the second time. According to, the Centre for Drug Development (UK), the pandemic initially drew recruitment for UK clinical trials to an almost complete pause. From about April 2020 until July or August 2020, all British hospitals stopped recruiting patients into new clinical trials, and they even stopped treating some patients already in clinical trials, if the visits weren’t deemed completely necessary – so clinical development definitely had to pause in the year 2020.
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Recent Developments in the Industry:
As per the research analysis, the global blood cancer drugs market is segmented by type into Leukemia, Non-Hodgkin lymphoma, Hodgkin lymphoma, and Myeloma. By drugs type into rituaxan/mabthera (rituximab), gleevac/glivec (imatinib), revlimid (lenalidomide), velcade (bortezomib), tasigna (nilotinib), pomalyst (pomalidomide), vidaza (azacitidine), kyprolis (carfilzomib), adcetris (brentuximab vedotin), others. By route of administration the market is further segmented into oral, parenteral, and others. By end-user into hospitals, clinics, and ambulatory surgical centers.
The global blood cancer drugs market is segmented into major countries including North America, Europe, South America, Asia Pacific, the Middle East, and Africa.
North America blood cancer drugs Market:
Awareness of early diagnosis and treatment of cancers, availability of advanced treatment procedures and drugs, advanced healthcare facilities, and financial aid in the U.S. and Canada have contributed to a significant market in the region. There is a large number of drugs approved for the treatment of various kinds of blood cancers in the United States. The list includes both branded and generic drugs that are widely used in combinations.
These market players are also expanding their blood cancer drug business with both organic and inorganic growth strategies. In January 2019, Eli Lilly acquired Loxo Oncology, a U.S.-based manufacturer of target drugs for blood and other cancer treatments. Its proprietary BTK inhibitor Pirtobrutinib (LOXO-305) is under clinical research for blood cancers.
The Asia Pacific is the most lucrative market for blood cancer drugs globally. It is likely to witness a CAGR of % during the forecast period (2021-2028) owing to the rising awareness of chemotherapy and radiation therapy. These cancer treatment procedures use a wide range of therapeutics. China, Australia, India, and Japan are the leading markets for blood cancer drugs in the region owing to a high prevalence rate of leukemia and lymphoma.
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The global blood cancer drug market is highly competitive with the presence of major players. In the collaborations for development, broader product portfolios, and regional expansion in emerging markets are key strategic undertakings of these companies to increase their market share. The market is expected to grow increasingly crowded with several product launches during the forecast period.
Major key companies which are contributing to the growth of the market include Amgen Inc., AstraZeneca PLC, Bayer AG, Celgene Corporation, Eli Lilly. Bristol-Myers Squibb Company, Gilead Sciences, Inc., Takeda Pharmaceutical Company Limited, Daiichi Sankyo Company, Limited, UCB SA among others.
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