Wilmington, Delaware, United States, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global gemcitabine HCl market was registered at US$ 635.1 Mn. The global market is anticipated to develop at 7.8% CAGR during the forecast period, from 2022 to 2031. The global gemcitabine HCL market is expected to surpass value of US$ 1.3 Bn by 2031. The global gemcitabine HCL market is anticipated to see growth owing to rising incidences of various cancer types, including pancreatic, breast, ovarian, and non-small cell lung cancer (NSCLC).
The World Health Organization estimates that 2.3 million women had breast cancer diagnoses in 2020, contributing to around 685,000 fatalities. The most common disease in the globe as of 2020 was breast cancer, which had been detected in 7.8 million women in the preceding five years. It is the fastest growing market for gemcitabine HCL. The use of injectable gemcitabine medications is projected to rise along with the popularity of cancer treatments including chemotherapy. Gemcitabine has also been proven to reduce SARS-CoV-2 infection when used as a therapy for the disease. As a result, during the COVID-19 outbreak, gemcitabine demand has increased, thereby driving up the future market demand for gemcitabine HCL.
The market for gemcitabine HCl is anticipated to grow due to rising cancer understanding and patient support measures. For instance, the Pancreatic Cancer Action Network has been sponsoring Pancreatic Cancer Awareness Month in November to raise money, encourage donations, and advocate legislation that would fund research and other initiatives. Rising number of initiatives has been one of the recent developments in the gemcitabine HCL.
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Key Findings of Market Report
- In order to lower death and morbidity rates and to motivate individuals to seek an early diagnosis of cancer, governments in both industrialized and developing nations are launching awareness programs. This is expected to raise public knowledge of cancer diagnosis and care. Thus, the need for gemcitabine HCL is anticipated to increase as patient assistance programs rise.
- The advancement of medication delivery and combination therapy has been the main focus of R&D efforts in the gemcitabine drug market during the past few years. Due to the significant unmet medical requirements in this field and ineffectiveness of the majority of existing chemotherapeutic pancreatic cancer treatments, researchers have begun investigating enhanced versions of branded gemcitabine medicines. Strategies for reformulation employed by businesses to maintain or achieve dominant market position.
- The generic category dominated the market in 2021 based on type. The tendency is anticipated to persist during the forecast period. This can be attributed to the affordable cost and effectiveness of generic medications as well as the rising number of cancer patients. Rising demand for generic drugs is expected to present promising lucrative growth opportunities to the leading players in the gemcitabine HCL market.
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Global Gemcitabine HCL Market: Growth Drivers
- By application, the pancreatic cancer category is anticipated to have the lion's share of the global market by 2031, dominating the global market over the forecast timeframe. For treating pancreatic cancer, which is a largest revenue generator in gemcitabine HCL, gemcitabine is the first-line medication. The category is anticipated to grow in demand as pancreatic cancer treatments become more popular.
- The hospital segment is predicted to lead the global market throughout the forecast period, based on end-user type. In 2031, the category is anticipated to have a sizeable market share. Since many national and regional governments are pushing private actors to enter the healthcare services industry, the hospital infrastructure in developing countries is developing at a considerable pace.
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Global Gemcitabine HCL Market: Key Players
Some of the key market players are
- Sun Pharmaceutical Industries Ltd
- Cornerstone Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Ltd.
- Fresenius SE & Co. KGaA
- Ingenus Pharmaceuticals, LLC.
- Dr. Reddy's Laboratories Ltd.
Global Gemcitabine HCL Market: Segmentation
Type
- Branded
- Generic
Application
- Pancreatic Cancer
- Breast Cancer
- Ovarian Cancer
- Non-small Cell Lung Carcinoma (NSCLC)
- Others
End User
- Hospitals
- Cancer Centers
- Others
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