New York, USA, April 06, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cytotoxic drugs market is projected to generate a revenue of $14,885.2 million and grow at a CAGR of 1.2% over the estimated period from 2021-2028.
With the increasing prevalence of cancer all across the globe which leads to the growing adoption of cytotoxic anticancer drugs and cytotoxic antibiotics for chemotherapy, the market is expected to experience significant growth over the forecast period. Moreover, the significant expansion of biotechnology and pharmaceutical establishments across the Asia-Pacific region is projected to bolster the growth of the cytotoxic drugs market during the analysis period. In addition, the growing awareness of cytotoxic drugs in improving the quality of life for patients suffering from cancers is expected to create huge investments opportunities for the market over the forecast period. However, the lower product penetration in the low-income regions may restrain the growth of the market during the estimated period.
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Segments of the Market
The report has been divided the cytotoxic drugs market into segments based on drug type, route of administration, application, and region.
Drug Type: Antimetabolites Drugs Sub-Segment to be Most Productive
The antimetabolites drugs sub-segment is expected to generate a revenue of $6,908.1 million during the analysis period. This is mainly because of the numerous benefits of antimetabolites drugs in treating various types of cancer. Moreover, the increasing participation of leading market players in bringing up new innovations to strengthen their presence worldwide is expected to foster the cytotoxic drugs market sub-segment over the forecast period.
Route of Administration: Parental Sub-Segment to be Most Lucrative
The parental sub-segment is expected to garner a revenue of $11,273.0 million throughout the estimated period. This is mainly due to the quick entry of parental administration of cytotoxic drugs into the human body’s circulation. In addition, the increasing importance of parental administration of cytotoxic drugs in slowing down the growth of the cancer cells, is projected to fuel the growth of the market during the forecast period.
Application: Breast Cancer Sub-Segment to be Most Profitable
The breast cancer sub-segment is predicted to garner a revenue of $5,011.5 million throughout the analysis period. The increasing prevalence of breast cancer among women all across the globe and owing invention of novel therapies are the factors expected to augment the growth of the cytotoxic drugs market sub-segment during the forecast period.
Region: North America Region to Have Expansive Growth Opportunities
The North America region of cytotoxic drugs market is predicted to hold the maximum share of the market and is expected to generate a revenue of $6,902.3 million over the analysis period. This is mainly because of the increasing incidence of cancer causing diseases in this region. Moreover, the growing initiatives taken by the leading companies of this region in adopting numerous strategies to make cytotoxic drugs is expected to drive the regional growth of the market.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, the cytotoxic drugs market has had a negative impact, likewise, various other industries. This is mainly because of the stringent lockdowns imposed by the governments of many nations to control the spread of the virus. The spontaneous spread of the deadly virus has also forced the patients to delay their treatment during the period of pandemic. However, with the launch of new products of cytotoxic drugs by the key market players which helped in identifying and eliminating the virus infected cells and replacing them with healthy cells, have created major growth opportunities for the market during the period of crisis.
Key Players of the Market
The major players of the cytotoxic drugs market include
- Bristol-Myers Squibb
- F. Hoffmann-La Roche AG
- Merck & Co. Inc.
- GlaxoSmithKline PLC
- Sanofi
- Johnson & Johnson
- Novartis AG
- AbbVie Inc.
- Eli Lilly and Company
- Pfizer Inc.
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, product development to attain the leading positions in the global industry.
For instance, in February 2021, Pfizer, a leading American multinational pharmaceutical and biotechnology corporation, has announced its partnership with IDA Foundation, an independent social enterprise providing medical goods to healthcare organizations worldwide. With this partnership, the companies are aiming to provide quality cancer treatments in around 70 developing economies across Latin America, Africa, Asia and Western Pacific region.
Further, the report also presents other vital aspects including the SWOT analysis, the financial performance of the key players, product portfolio and the latest strategic development.
Related Article Links:
- 6 Cytotoxic Drugs That Have Become Quintessential to Treat Cancer
- What Precautionary Measures do the Health Care Workers and Family Members Need to Take along with the Cytotoxic Drugs Consuming Patients?
- Surging Prevalence of Cancer and Noteworthy Expansion of the Healthcare Sector to Drive the Global Cytotoxic Drugs Market by 2028
