Growing Prevalence of Cancer to Drive Growth of Metastatic Cancer Drug Market
The rise in cancerous diseases and the incidence of various cancer conditions, and the popularity of advanced therapies (biological and targeted pharmacological remedies), are driving the expansion of the metastatic/cancer drugs industry. The incident is triggered by environmental variables such as cigarette use, changing dietary patterns, urbanisation, and an extended post-reproductive lifespan. Nonetheless, increased cancer awareness and early cancer screening contribute to the growth of the metastatic cancer drug market. According to the World Health Organization (WHO), Cancer is a growing burden, with the number of new cancer cases expected to rise to 29.4 million by 2040. As a result, the demand is going to be high during the forecast period, which in turn will fuel the growth of worldwide metastatic cancer drug market.
The growing geriatric population is increasing the prevalence of metastatic cancer diseases due to their weakened immune system. The geriatric population is more prone to developing breast cancer, and colon cancer. As per studies, in 2019, there were approximately 140,690 cancer cases diagnosed and 103,250 cancer deaths among the oldest old in the United States which states that 60 percent of all cancer cases, and 70 percent of death due to cancer occur in patients aged above 65 ages.
Targeted Therapy Segment to Acquire Major Share Because of its Fewer Side Effects
Targeted therapy is projected to generate the most revenue in the coming years. This is due to the advantages that targeted therapy provides, such as interfering with specific proteins ingested in carcinogenesis and focusing on specific molecular changes that are unique to a given malignancy. Major factors influencing the growth of the metastatic cancer drug market include fewer adverse effects of therapy and the availability of a variety of tailored therapeutics. Improvements in healthcare facilities, combined with an increase in healthcare spending in developed countries are fuelling global segment expansion. Increase in the geriatric population is projected to benefit the industry hugely. Governments in several nations are allocating funds for medicinal developments. The expansion of the targeted therapeutics market is being aided by ongoing discoveries and research initiatives in the field of life science.
Large Number of Cancer Patients to Drive Growth of Metastatic Cancer Drug Market in North America
North America accounted for the largest share of revenue in the forecast period and is expected to maintain its dominance, owing to the presence of a large patient population, a strong presence of key players, the ease of drug availability, a well-developed healthcare infrastructure, favourable reimbursement policies in the healthcare system, a higher number of research, development, and innovation activities, and higher adoption of advanced therapeutics. A dramatic increase in the number of smokers, combined with an increase in sedentary lifestyles, has accelerated cancer cases in the region. Furthermore, increased technology breakthroughs in the healthcare sector have aided in early cancer detection, driving demand for generic oncology medications at the preventative stage. The country’s dominance is due to the increased incidence and prevalence of cancer in the United States, as well as new product introductions in the region. According to the National Cancer Institute, roughly 1.8 million people in the United States were diagnosed with cancer in 2020. This large patient pool in the region will increase the demand for cancer drugs in the region.
The Asia Pacific metastatic cancer drug market is predicted to grow rapidly due to rising cancer prevalence, expanding government cancer awareness campaigns, and expanding patient aid programs (PAPs). A variety of reasons, including population increase, aging, environmental pollution, and unhealthy food habits, are contributing to the increasing prevalence of cancer burden and hence cancer therapy. Furthermore, cigarette smoking and tobacco chewing remains rampant across the Asia Pacific. The risky habits lead to high cancer incidence rate, thus, the regional market is expected to grow throughout the forecast period. The most prevalent types of cancer in China include lung, stomach, colorectal, liver, and esophageal. As per studies, in 2022, there will be approximately 4,820,000 new cancer cases in China with around 2,370,000 deaths due to cancer. With such a large prevalence of cancer in the region, the consumption of cancer drugs is likely to increase in the market.
Global Metastatic Cancer Drug Market: Competitive Landscape
In July 2021, AstraZeneca announced that Imfinzi (durvalumab) has been approved for marketing in China by the National Medical Products Administration (NMPA) for the treatment of patients with unresectable, Stage III non-small cell lung cancer (NSCLC) whose disease has not progressed after concurrent platinum-based chemotherapy and radiation therapy (CRT). For instance, in June 2021, Bayer AG announced an agreement to buy Noria Therapeutics Inc. and PSMA Therapeutics Inc. Bayer will obtain exclusive rights to the company's experimental substance under this agreement. This acquisition will aid Bayer's cancer portfolio expansion.
A few of the players in the metastatic cancer drug market include Bayer AG, Johnson & Johnson, AstraZeneca PLC, F. Hoffmann-La Roche AG, Pfizer Inc., Bristol Myers Squibb Company, Amgen Inc., Merck & Co. Inc., AbbVie Inc., and Novartis AG.
Regional Classification of the Global Metastatic Cancer Drug Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Metastatic Cancer Drug Market
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