Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Cancer Chemotherapy Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The Global Cancer Chemotherapy Market is expected to grow at a CAGR of around 11.4% from 2020 to 2027 and reach the market value of over US$ 74.3 Bn by 2027.
The rising prevalence of cancer worldwide is primarily driving the market growth. In 2018, cancer was the second leading cause of death globally and was responsible for around 9.6 million deaths globally. About 1 in 6 deaths is due to cancer worldwide. According to the WHO estimates 2018, approximately 70% of deaths from cancer occur in low and middle-income countries. Tobacco consumption is one of the most important risk factors for cancer and is responsible for approx 22% of cancer deaths in 2018 as per the WHO records.
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The global cancer chemotherapy market is segmented based on indication, drug class, route of administration, end-user, and geography. Based on indication, the market is divided into lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach cancer, lymphoma, leukemia, ovarian cancer, and others. Based on drug class, market segments include alkylating agents, mitotic inhibitors, antimetabolites, topoisomerase inhibitors, antitumor antibiotic, and others. By route of administration, the market is studied across intravenous, oral, subcutaneous, intramuscular, intravesicular, topical, intraperitoneal, intraventricular/intrathecal, and others. Additionally, the end-user of the cancer chemotherapy market include specialty centers, hospitals & clinics, and others including ambulatory surgical centres.
In 2019, North America held the major share (%) in terms of revenue in the global cancer chemotherapy market, and the region is also anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The presence of some of the major players in the region including Johnson & Johnson Services Inc, Eli Lilly and Company, Pfizer Inc., Merck & Co. Inc., Celgene Corporation, and Bristol-Myers Squibb Company is further supporting the regional market value.
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According to the National Cancer Institute (the US National Institutes of Health), in 2020, lung, prostate, and colorectal cancers account for an estimated 43% of all cancers diagnosed in men. Additionally, in women, the three most common cancers are breast, lung, and colorectal, and they accounted for an estimated 50% of all new cancer in the same year. Until January 2019, an estimated 16.9 million were cancer survivors in the US. The number of cancer survivors is estimated to increase to 22.2 million by 2030.
Asia Pacific along with its major economies is projected to exhibit the fastest growth during the forecast period from 2020 to 2027. The increasing investment in the field is primarily supporting the regional market value. The rapidly developing economies of China and India are the major revenue contributors due to increasing investment in the countries in the region. The rapid urbanization, changing lifestyles are bolstering the number of cancer patients in the region is supporting the market growth.
Some of the leading competitors are Bristol-Myers Squibb Company, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Johnson & Johnson Services Inc, Merck & Co. Inc., Novartis AG, Pfizer Inc., and Sanofi S.A. among others. Cancer chemotherapy companies have announced mergers and acquisitions, partnerships and collaborations, and new product development to uplift their position in the cancer chemotherapy industry. Major players are also moving into new regions with their advanced technologies for gaining a competitive advantage.
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Some of the key observations regarding the cancer chemotherapy industry include:
- The President of Korea Institute of Science and Technology (KIST), Seok-Jin Yoon has announced that a research team of scientists led by Dr. Se-hoon Kim at the Theragnosis Research Center has developed a new way to treat chemotherapy with light or without side effects. The technology significantly increases efficiency by reducing the pain of chemotherapy. This new development was made through joint research with Professor Dong-June Ahn of Korea University and Professor Yoon-Sik Lee of Seoul National University.
- According to a study based on computer simulation and lab experiments by scientists from the Shenzhen Institutes of Advanced Technology in China, chemotherapy medication can potentially be repurposed to inhibit the replication of the novel coronavirus and to treat COVID-19.
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