Global Hematological Malignancies Market: Snapshot
Hematological malignancies, commonly known as hematological cancer, is registering a widespread prevalence across the world. According to the National Cancer Institute, hematological cancer is the fifth most commonly occurring cancer, globally, and is the second prominent reason behind the cancer death in the U.S. Researchers expect the incidence of hematological malignancies to increase further in the coming years, which will result in the growing need for its treatment, impacting the global hematological malignancies market greatly.
The opportunity in the worldwide market for hematological malignancies, which stood at US$27.4 bn in 2015, is likely to expand at a CAGR of 7.50% during the period from 2016 to 2024 and reach a value of US$51.9 bn by 2024.
Presence of Advanced Healthcare Infrastructure to Ensure Dominance of North America
The worldwide market for hematological malignancies stretches across Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Supported by the presence of an advanced medical and healthcare infrastructure, North America market for hematological malignancies has been leading the overall market. The growing prevalence of hematological cancer, the rising awareness level of people, and the availability of modern diagnostic technologies are expected to reflect positively on the demand for hematological malignancies therapeutics in the coming years, ensuring the dominance of this regional market.
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Apart from this, Asia Pacific is also projected to experience steady growth in the demand for hematological malignancies therapeutics over the next few years. The increasing incidence of blood cancer-related mutation diagnostic cases, rising count of government-supported healthcare programs, and the imminent launch of novel drugs is expected to boost the Asia Pacific market for hematological malignancies during the forecast period. Latin America and the Middle East and Africa are anticipated to offer lucrative growth prospects to market players in the years to come due to the availability of untapped opportunities in abundance.