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Albany, New York, March 19, 2019 (GLOBE NEWSWIRE) -- The TMR report projects the global hematological malignancies market to register an impressive CAGR of 7.50% from 2016 to 2024. The market was valued US$27.4 bn in 2015. By the end of 2024, the market is expected to attain a valuation of US$51.9 bn, predicts the report.
Among various therapies of hematological malignancies, immunotherapy accounts for a leading share in the market. This is also expected to fuel demand in the hematological malignancies market during the forecast period, due to its efficiency coupled with lower risk of side effects. Region wise, North America is expected to contribute the largest share in the global hematological malignancies market in the coming years. This is attributed to the availability of modern diagnostic technologies and growing incidences of hematological cancer in the region.
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Increasing Number of Lifestyle Disorders Fuel Market’s Growth
Hematological malignancies are commonly known as blood cancer. This type of cancer starts in the bone marrow, thereby affecting blood production along with its functionality. Hematological malignancies is one of the major reasons for cancer-related deaths globally. Such factors are increasing demand for blood cancer treatment, thus driving the global hematological malignancies market. Along with this, improved reimbursement is also fueling growth in the global hematological malignancies market. Rising awareness amongst patients and medical professionals about early diagnosis of cancer, and increasing governments’ funding in research for developing new treatments of blood cancer are also propelling expansion in the global hematological malignancies market.
Furthermore, apart from various treatments, governments’ new regulatory approvals for launching effective drugs for blood cancer is also boosting the global hematological malignancies market. Along with all these, rising advanced technologies for diagnosis, and growing healthcare expenditure are further expected to fuel growth in the global hematological malignancies market.
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High Cost of Drugs May Hinder Market’s Growth
Lack of favorable policies related to reimbursements and high cost of branded drugs are the major challenges cause hindrance of the global hematological malignancies market growth. Nonetheless, a persistent demand for immunotherapy and targeted therapy to treat hematological malignancy is believed to help industry players overcome these challenges in the near future.
Transparency Market Research (TMR) notes that the global hematological malignancies market is categorized by the existence of several large and small players worldwide operating in it. Thus, the competitive landscape of the market has underwent successive fragmentation. The level of competition between the potential players is likely to intensify as they aim at expanding their products and services to developing economies.
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Out of the various strategic alliances adopted by players in the global hematological malignancies market is to stay ahead of the competitors, bolstering product horizon and expanding geographic reach for strengthening their foothold in developing economies has gained maximum popularity. The global hematological malignancies market is expected to grow steadily due to the existence of potentially large players who are focusing on mergers and acquisitions for establishing their credibility in the market. Such leading vendors are also spreading their businesses in emerging economies for boosting their shares in the market. Some of the dominant players in the global hematological malignancies are F. Hoffmann-La Roche Ltd., Johnson & Johnson, AbbVie Inc., Bristol-Myers Squibb Co., and Celgene Corp.
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The review is based on a market research report by TMR, titled, “Hematological Malignancies Market (Disease Condition - Leukemia, Lymphoma, and Myeloma; Therapy - Chemotherapy, Immunotherapy, and Targeted Therapy; Distribution Channel - Hospital Pharmacies, Medical Stores, and E-commerce Platform) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
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