Global Chemotherapy Market to Grow with a CAGR of 8.51% through 2028
Rising incidences of
cancer cases and technological advancements and continuous research and
development activities are expected to drive the Global Chemotherapy Market
growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Global Chemotherapy Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Chemotherapy Market stood
at USD 8.26 billion in 2022 and is anticipated to grow with a CAGR of 8.51% through
2028. The increasing incidence of cancer worldwide serves as a major driving
factor for the growth of the cancer chemotherapy market. Technological
advancements in cancer treatment play a significant role in shaping the market,
while robust investments in research and development contribute to the development
of novel treatment approaches. Rising cases of various types of cancers
globally, coupled with government and private initiatives to improve
chemotherapy treatment, are expected to further propel market growth. The
increasing awareness regarding chemotherapy among consumers and the growing
demand for technologically advanced products are projected to drive market
demand in the forecast period. However, the discomfort associated with device
usage may pose challenges in the long run. Moreover, the negative impact on
market demand due to the risk of device-related infections cannot be ignored.
Nevertheless, industry trends such as technological advancements in
chemotherapy devices and rising healthcare expenditure are anticipated to
create favorable market opportunities for key players.
Research and development
efforts are focused on targeted therapies that selectively attack cancer cells
while sparing healthy cells. These therapies can offer higher efficacy and
fewer side effects compared to traditional chemotherapy, driving demand and
adoption. The use of genetic and molecular profiling to tailor chemotherapy
regimens to a patient's unique characteristics is expected to increase.
Personalized medicine can lead to more precise treatment decisions and improved
outcomes. The trend of combining chemotherapy with other treatment modalities
like immunotherapy, radiation therapy, and targeted therapy is expected to
grow. These combinations can enhance treatment effectiveness and broaden the
scope of chemotherapy applications. Continued research into biomarkers will
enable the development of companion diagnostics that guide the selection of
chemotherapy drugs based on a patient's unique tumor characteristics. Biomarkers
can identify specific molecular features of a tumor, allowing oncologists to choose
chemotherapy drugs that are more likely to be effective against the tumor's
unique biology. This approach increases the likelihood of a positive response
to treatment. Biomarkers can help predict how well a patient is likely to
respond to a particular chemotherapy drug. Patients with biomarker profiles
indicating a higher chance of response may benefit from tailored treatment
plans.
Moreover, the growing
prevalence of cancer across all age groups, attributable to changing lifestyles
and unhealthy habits, underscores the need for effective chemotherapy. Notably,
breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum
cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and
renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid
cancer, and liver cancer are among the most common types. Increasing awareness
of treatment options in developing economies, coupled with higher expenditure
on oncology medicine and research, reimbursement schemes, and expanding health
insurance coverage, are anticipated to drive market growth. Additionally,
greater investment in medicine, research, and development presents significant
opportunities for growth in the global chemotherapy market. However, it is
important to note that chemotherapy may cause some discomfort to patients, such
as scratching the lung during the insertion of skin-tunnelled catheters or
ports. Overall, continuous technological advancements and research activities
hold promise for revenue generation in the chemotherapy market.
Browse over 26 market
data Figures spread through 91 Pages and an in-depth TOC on "Global
Chemotherapy Market”
The Global Chemotherapy Market is
segmented into type, indication, dosage form, routes of administration, end
user, regional distribution, and company.
Based
on end user, hospitals are the dominating segment owing to reason that c hemotherapy
is often administered in hospitals for several reasons, primarily related to
patient safety, medical expertise, infrastructure, and the comprehensive care
required during and after chemotherapy treatments. Hospitals have a specialized
team of medical professionals, including oncologists, hematologists, nurses,
and pharmacists, who are trained and experienced in administering and managing
chemotherapy treatments. These experts ensure that chemotherapy is administered
safely and effectively. Hospitals can develop personalized treatment plans based
on a patient's medical history, disease stage, and overall health. They closely
monitor treatment progress, adjust dosages if necessary, and manage any
potential side effects or complications. Hospitals have specialized infusion
centers or chemotherapy units equipped with advanced medical equipment and
technology required for the safe administration of chemotherapy drugs.
Based
on region, North America segment is expected to grow during the forecast
period. North America represents the
largest geographical segment of the global chemotherapy treatment market. The
growth of the chemotherapy market in North America is driven by the increasing
prevalence of cancer in the US. The region benefits from the strong presence of
global vendors and the wide availability of chemotherapeutics, which contribute
to market growth. Additionally, the approval of combination therapies in late-stage
clinical trials is expected to further drive the chemotherapy treatment market
in North America. Furthermore, Europe is anticipated to register a significant
share in terms of revenue over the forecast period, supported by increasing
government initiatives to enhance chemotherapy procedures. Moreover, the Asia
Pacific market is projected to exhibit the highest compound annual growth rate
(CAGR) due to a rising geriatric population and a growing incidence of various
cancers across the region's countries.
The
Asia Pacific region is projected to experience steady growth in the global
chemotherapy market during the forecast period, primarily due to the increasing
population in the region. According to the World Bank, China and India have the
largest populations, with 1.41 billion and 1.39 billion respectively in 2021,
and these numbers continue to rise annually. Furthermore, the growing cancer
awareness among the population and the increased research expenditure on cancer
in this region are expected to further drive market growth. Additionally, the
government's efforts in raising awareness about chemotherapy are anticipated to
contribute to the growth of the chemotherapy market in this region.
Major companies
operating in Global Chemotherapy Market are:
- F. Hoffmann-La Roche Ltd.
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Sanofi
- Pfizer Inc.
- GlaxoSmithKline plc
- Novartis AG
- Bayer AG
- Eli Lilly and Company
- Merck & Co., Inc.
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“Cancer treatment is advancing at an unprecedented pace.
Emerging from the research and development pipeline are various innovative
treatments, often combined with other new or existing medications. Several
pharmaceutical companies are investing in these groundbreaking medication
development projects aimed at combating cancer. For instance, in June 2019,
Pfizer acquired Array BioPharma with the goal of expanding its oncology
portfolio and pipeline, starting with a licensed melanoma combination
medication currently undergoing testing for metastatic colorectal cancer. This
is anticipated to accelerate market growth and drive demand for biosimilar and
biologic products.
Another significant factor influencing the growth rate of
the chemotherapy market is the increasing cost of healthcare, which in turn
contributes to infrastructure development. Government organizations' efforts to
enhance healthcare infrastructure will further impact market dynamics by
increasing funding. Rising awareness about chemotherapy and a growing number of
patients undergoing these treatments are additional factors expected to
accelerate the market's growth rate. Additionally, the demand for chemotherapeutic
medications is projected to expand due to aging demographics, consequently
driving revenue in the chemotherapy market.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global
Chemotherapy Market By Type (Alkylating Agents, Anti-metabolites,
Anti-Tumor Antibiotics, Hormones, Monoclonal Antibodies, Others), By Indication
(Oncology/Cancer, Bone Marrow Diseases, Immune System Disorders, Others), By
Dosage Form (Capsule, Tablets, Injections, Others), By Route of Administration (Oral,
Parenteral, Others), By End User (Hospitals, Specialty Clinics, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future
growth potential of Global Chemotherapy Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Chemotherapy Market.
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