Incidence and mortality rates for most cancers are increasing in emerging countries, mostly due to the adoption of unhealthy Western lifestyles such as smoking, physical inactivity, and diet. BCC Research reveals in its new report that the hematological cancer drug sector is leading growth in the global market for hematology drugs and diagnostics.
Hematology is the study of blood and abnormalities of the cells and proteins (plasma) that comprise blood. The global market for hematologic disorders comprises three sectors: hematological disorders, hematological cancers, and diagnostics and reagents. The global market for hematology drugs and diagnostics is expected to grow from nearly $86.5 billion in 2015 to $124.3 billion in 2020 at a five-year compound annual growth rate (CAGR) of 7.5%.
Hematological disorders, the largest segment, is expected to reach nearly $57.3 billion and $80 billion in 2015 and 2020, respectively, demonstrating five-year CAGR of 6.9%. Hematological cancers, the fastest-growing segment, should grow from nearly $24 billion in 2015 to $38.2 billion in 2020 at a five-year CAGR of 9.7%. Diagnostics and reagents as a segment should reach $6.1 billion in 2020 at a five-year CAGR of 3.2%
In the global blood disorders segment, the expected decline in the annual cost of treating blood disorders and the patent expirations of Lovenox, Plavix, Procrit/Epogen, Aranesp and Neulasta should slow market growth. For the first time in more than a decade, the FDA approved Omontys, a new anemia medication, for patients receiving kidney dialysis. The new treatment, which will be sold by Affymax and Takeda Pharmaceuticals, requires a monthly injection whereas older anemia drugs require weekly or more frequent injection regimes.
The diagnostic and treatment market for hematological cancers, which are cancers of the blood, bone marrow and lymphatic systems, should near approach double-digit growth. In males, leukemia is the ninth most common blood cancer. The market was dominated by treatments for chronic myeloid leukemia (CML) in 2012. The growing population of individuals suffering from leukemia is growing this market, along with novel drugs that offer improved efficacy. Leukemia remains a treatment area that has high unmet need for early diagnosis, with limited treatment options.
In the market for hematology instruments, competition involves on several factors, including price, product innovation, product demand and service, distribution, sales and promotion strategies. A number of patients prefer home monitoring devices, which have led to a decline in demand for stand-alone coagulation analyzers, and therefore low-volume analyzers continue to be replaced by home monitoring devices. Near patient testing, blood-thinning therapeutics and clot removal techniques continue to drive the market for the coagulation analyzers.
Sustaining competitive advantage will require significant investment in research and product innovations, along with strategic alliances. The market should grow and see increased competition due to innovative product launches by new companies.
"Cost control pressures and low revenue contribution from reagents and consumables should also affect market growth," says BCC Research analyst Usha Nagavarapu. "Many companies are increasing investments into product development areas, to enter the market with sophisticated, user-friendly, accurate and efficient systems to meet the requirements of hospital and clinical laboratories."
Drugs and Diagnostics for Hematological Disorders: Global Markets (PHM116B) analyzes the instruments, reagents, testing, screening technology and the therapeutics markets for hematological disorders, including hemophilia and blood cancers. Additionally, the report discusses the regulatory environment, current technologies, new technologies, hematological disorders and cancer incidence, market projections and market share. Global market drivers and trends, with data from 2015 and projections of CAGRs through 2020, also are provided.
