New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Hedgehog Pathway Inhibitors Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Hedgehog Pathway Inhibitors Market Size:
The global hedgehog pathway inhibitors market is estimated to garner a revenue of nearly USD 1,722.3 Million by the end of 2033 by growing at a CAGR of around 11.1% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 601.1 Million in the year 2022. The growth of the market can be attributed primarily to the globally rising prevalence of skin cancer among the general population. For instance, a skin cancer diagnosis is expected to occur in one in five Americans by the age of 65. In the U.S., more than two people die from skin cancer every hour. Growing incidence of basal cell carcinoma (BCC) worldwide, increasing drug approvals by government authorities, exposure to UV rays among the global population are also expected to propel the market growth over the forecast period.
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Global Hedgehog Pathway Inhibitors Market: Key Takeaways
- The North America region to gain the largest share of the revenue in the year 2022
- The diagnostic procedures segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the distribution channel segment
Increasing Global Prevalence of Cancer to Boost Market Growth
Increasing cases of cancer across the globe is estimated to be a prime factor to add to the growth of the global hedgehog pathway inhibitors market. According to the World Health Organization, nearly 10 million people died of cancer across the globe in 2020. The most recurrent cases of deaths because of cancer were lung cancer which caused 1.80 million deaths, colon and rectum cancer which caused 9,16,000 deaths, liver cancer which caused 8,30,000 deaths, stomach cancer which caused 7,69,000 deaths, and breast cancer which caused 6,85,000 deaths. Moreover, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures along with launch of new products are predicted to propel the global chemotherapy market over the forecast period.
In addition to this, growing incidence of basal cell carcinoma (BCC) worldwide is also estimated to propel the market growth over the forecast period. In terms of skin cancer, basal cell carcinoma (BCC) is the most commonly diagnosed form. Every year, approximately 3.5 million cases of BCC are diagnosed in the United States. Heavy chemical exposure increases the risk of developing carcinomas. As with indoor tanning, it can also lead to BCC as it reduces the synthesis of melanin. These risk factors are increasing the cases of BCC, which is anticipated to drive global hedgehog pathway inhibitors market growth during the forecast period. Hedgehog proteins are responsible for cell division, development, and survival. They are involved in organogenesis and stimulate the proliferation of adult stem cells. Furthermore, the need for minimally invasive procedures, rising chronic diseases, advanced healthcare technologies for cancer treatment, and investments provided by government are factors anticipated to drive global hedgehog pathway inhibitors market during the forecast period.
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Global Hedgehog Pathway Inhibitors Market: Regional Overview
The global hedgehog pathway inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Advanced Healthcare Facilities to Favor Market Growth in the North America Region
The market in the North America region captured the largest market share of 68% in the year 2022 backed by the increasing prevalence of basal and squamous cell skin cancers among population. A recent estimate indicates that approximately 5.5 million basal and squamous cell skin cancers are diagnosed each year in the United States. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to fuel the regional hedgehog pathway inhibitors market’s growth. Moreover, increasing percentage of healthcare expense in overall GDP in the region is also expected to be an important factor to boost the growth of the market in the region.
Rapidly Increasing Population Expected to Boost Market Growth in the Asia Pacific Region
The Asia Pacific region in the global hedgehog pathway inhibitors market is estimated to witness modest growth over the forecast period on the back of a rising population in the particular region. According to the data by The World Bank, China and India are among the countries with the largest population, having 1.41 and 1.39 billion population respectively, in 2021, and their numbers are increasing on a yearly basis. Additionally, the rising cancer awareness among the population and increasing expenditure on research related to cancer in this region are further expected to boost the market growth. Moreover, the role of government in spreading awareness about the hedgehog pathway inhibitors are expected to boost the growth of the market in this region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Hedgehog Pathway Inhibitors Market, Segmentation by Indication
- Diagnostic Procedures
- Fundoplication Procedures
- Radiofrequency Thermal Ablation
- Magnetic Sphincter Augmentation
The diagnostic procedures segment held the largest market share of 66% in the year 2022. Diagnostic procedures help to identify the disease or condition and to determine the symptoms before and after the disease. The rising awareness of targeting the hedgehog pathway in cancer, and increasing oncology spending are anticipated to augment segment growth during the forecast period. For instance, in 2021, global oncology spending accounted to nearly USD 189 billion.
Global Hedgehog Pathway Inhibitors Market, Segmentation by Distribution Channel
- Hospitals
- Retail Pharmacies
- Others
The hospitals sub-segment is expected to witness a modest growth in the global hedgehog pathway inhibitors market over the forecast period. The growth of this segment can be accredited to the existence of a huge patient pool in hospital facility. Moreover, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment. According to the data released by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Global Hedgehog Pathway Inhibitors Market, Segmentation by Application
- Basal Cell Carcinoma
- Acute Myeloid Leukemia
- Others
Few of the well-known market leaders in the global hedgehog pathway inhibitors market that are profiled by Research Nester are Mayne Pharma Group Limited, PellePharm, Inc., Pfizer, Inc., F. Hoffmann-La Roche Ltd, Sun Pharmaceutical Industries Ltd., Inhibitor Therapeutics, Inc., MAX BioPharma, Inc., Infinity Pharmaceuticals Inc., Novartis AG, SANOFI, and others.
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Recent Developments in the Global Hedgehog Pathway Inhibitors Market
- In September 2022, the usage of CytoReason's artificial intelligence technology in Pfizer's drug research initiatives has been expanded under a multi-year agreement between the two parties.
- In January 2019, the businesses Phyton Biotech and PellePharm Inc. established a cooperative relationship to create a method based on plant cell culture that will allow PellePharm to produce the raw material for patidegib in the future utilizing renewable resources.
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