The global blood and bone marrow cancer drug market is estimated to be USD 40.1 billion in 2021 and reach USD 66.88 billion in 2027, reach a CAGR of 8.9% during the forecast period (2021-2027). The rising incidence rate of lymphoma and the subsequently rising demand for chemotherapy are expected to push the demand for blood and bone marrow cancer drug market over the forecasted period. The increasing prevalence of blood cancer worldwide and the growing affordability of the cost of medicine employed in blood cancer treatment are likely to drive the blood and bone marrow cancer drug market growth. An improving rate of early diagnosis owing to the increasing public health awareness and the promising drug pipeline will further account for a significant growth rate of the blood and bone marrow cancer drug market.
Factors to be Prominently Impacting Performance of Global Blood and Bone Marrow Cancer Drug Market over Forecast Period
An alarmingly high prevalence of blood cancer and the rapidly increasing number of bone marrow cancer incidences will remain the primary factors driving significant demand for blood and bone marrow cancer drugs worldwide. Cancer drugs continue to garner research interest, leading to the identification of some new potential drug classes that may aid ineffective treatment of some of the most common types of blood and bone marrow cancers. This will most likely provide an impetus to market expansion in the near future.
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Moreover, clinical investigations around the potential applicability of other cancer drugs in the treatment of blood and bone marrow cancers are also working to the advantage of market growth. Technological advancements in medical services and changing lifestyles are expected to bring new growth opportunities to the blood and bone marrow cancer drug market in the near future. Increasing inclusion of blood and bone marrow cancer drugs in novel combinational therapies is anticipated to be fueling the market growth through 2027. However, the potential side effects associated with the blood and bone marrow cancer drug therapies like chemotherapy and radiation therapy continue to limit the market’s growth to a measurable extent.
Impact of COVID-19 on Blood and Bone Marrow Cancer Drug Market
The COVID-19 pandemic has held an adverse impact on drug supplies. The companies working in the cancer drugs market have been operating with significant restrictions imposed by governments and shortages of manpower, which created a major concern for the market. It also led to some serious disruptions in clinical research. While the pandemic has initially had a severe impact on oncology drug supplies to patients, including those with blood and bone marrow cancers, it also restricted the accessibility and administration of cancer treatments in and outside hospitals. Clinical trials scheduled for new potential cancer drugs also went on a complete halt due to the viral outbreak. While COVID-19 predominantly attacks the immune system, it remains a fact that cancer patients are more prone to viral infection amid the pandemic. This had initially developed as a significant challenge for healthcare facilities. The market is expected to pick up as the pandemic subsides gradually.
Scope of the Report
The report outlines the global blood and bone marrow cancer drug market study based on indication and therapy.
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Based on indication, the blood and bone marrow cancer drug market has been segmented into –
- Multiple Myeloma
Based on therapy, the blood and bone marrow cancer drug market has been segmented into –
- Stem Cell Transplant
Blood and Bone Marrow Cancer Drug Market Regional Outlook
The global blood and bone marrow cancer drug market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. North America holds the largest share in the global blood and bone marrow cancer drug market in 2020, followed by Europe. Moreover, Asia Pacific is the fastest-growing market and is expected to project the highest CAGR in the global blood and bone marrow cancer drug market over the forecast period. The sales of blood and bone marrow cancer drugs are likely to be prominent across developed western markets as the regions house a large number of global pharma leaders and are equipped with supportive regulatory framework that encourages blood and bone marrow cancer drug development.
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Key Global Blood and bone marrow cancer drug Market Competitors Includes
The global blood and bone marrow cancer drug market is highly fragmented, with the presence of a large number of players across the globe. The key players operating in the global blood and bone marrow cancer drug market include–
- Bristol Myers Squibb & Company
- AstraZeneca, Plc.
- Eli Lilly & Company
- Johnson and Johnson Company
- F. Hoffman La-Roche Ltd.
- Celgene, Inc.
- Merck & Co., Inc.
- Novartis AG
- Varian Medical Systems, Inc.
- Pfizer, Inc.
Blood and bone marrow cancer drug market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the presence of the market players in the respective segment and regional/country. The information concluded in the report includes the inputs from primary interview respondents and survey.
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