Implementation of government regulations will boost the blood cancer drugs market, forecast to touch US$ 41 Bn by 2025 at a CAGR of 6%
Noida, Uttar Pradesh, India, March 12 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The Global Blood Cancer Drugs Market is estimated to see healthy growth, pegged at a CAGR of around 6% throughout the forecast period 2020-2025.
The increasing prevalence of blood cancer cases and the growing death incidence rate worldwide are the main blood cancer drug market drivers. Also, the different blood cancers types such as lymphoma, myeloma, leukemia, and others have various risk factors that can be prevented or controlled through drug therapies, and others may lead to death. According to the 2018 Bristol-Myers Squibb Company report, over 1.85 million new blood cancer cases are expected to be diagnosed globally in 2040, out of which 918,872 cases are from lymph, 656,345 from leukemia, and 275,047 cases myeloma.
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Furthermore, in 2040, the report estimated the approximate number of deaths worldwide due to blood cancer will be 1,100,000. In 2019, more than 387,000 people lived with leukemia in the US, and a valued 68,000 deaths will result from blood cancer. According to the National Cancer Institute of the US, the estimated deaths owing to blood cancer are likely to be about 22,840 in 2019.
Cancer drug approval involves series of research stages and regulatory approvals that are often expensive. Additionally, the costs of failed clinical trials are also high owing to the huge investment involvement. According to Tufts Center for the Drug Development Study, the cost of bringing a new cancer drug from its conception to shelves is around USD 2.7 billion in 2017 from USD 320 million in 1990s. This indicates that high drug approval costs are estimated to slow down the market growth of blood cancer drugs.
Manufacturing companies in the blood cancer drugs market increasingly invest in artificial intelligence (AI) technologies to save time and reduce research & development costs. Major blood cancer drug manufacturers such as Pfizer, Roche, and Johnson & Johnson have already invested in AI technologies to reduce the time and expenses incurred for drug development. For instance, Johnson & Johnson agreed with BenevolentAI, a UK-based AI company, to mine data for designing new blood cancer drugs.
The US Food and Drug Administration (FDA) is a federal agency and one of the significant regulating bodies in the global blood cancer drugs market. For instance, In June 2019, the FDA agency dropped the approval of Daiichi Sankyo’s leukemia drug specific for the blood cancer treatment application. The drug’s rejection was due to the negative impact caused after the intake, which resulted in the FDA’s statement saying faulty application for blood cancer treatment in an internal review. To avoid the incidences caused by such medicines in treating medical conditions such as blood cancer, FDA has declined the approval. Therefore, a high investment with the highest technical expertise is required to initiate the blood cancer drug manufacturing trials.
Segmentation Overview of the Global blood cancer drugs Market
The blood cancer drugs market has been segmented into Blood Cancer Type and Drugs. These major market segments are further categorized into various sub-segments to study the market in detail.
By Blood Cancer Type Outlook (Leukemia, Lymphoma, Myeloma)
By Drugs Outlook (Rituaxan/Mabthera (Rituximab), Gleevac/Glivec (Imatinib), Revlimid (Lenalidomide), Velcade (Bortezomib), Tasigna (Nilotinib), Pomalyst (Pomalidomide), Vidaza (Azacitidine), Kyprolis (Carfilzomib), Adcetris (Brentuximab Vedotin), Others)
Key Players Insights
AbbVie Inc., Amgen Inc., Astellas Pharma Inc., AstraZeneca PLC, Bayer AG, Bristol-Myers Squibb Company, Celgene Corporation, Eli Lilly, F.Hoffmann-La Roche Ltd., GlaxoSmithKline Pharmaceuticals Ltd., Johnson & Johnson, Merck and Company, Novartis, Pfizer Inc., and Roche Holding AG, among others, are some significant players included in the research study of the global blood cancer drugs market.
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