Rockville, June 29, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR's study, the gemcitabine HCI market will rise globally over the next 10 years at a rate of 7% CAGR. The global market achieved a value of US$ 727.5 million in 2023, and by the end of 2033, it is expected to reach US$ 1.43 billion.
Gemcitabine HCI use is expected to increase over the next ten years due mostly to the rising number of cancer cases in the world. One of the main causes of the growing incidence of cancer worldwide is the rising usage of tobacco and alcohol, bad lifestyle decisions, inactivity, and poor dietary habits.
Market sales are anticipated to be augmented in the future by rising demand for innovative cancer treatments and rising public awareness of cancer symptoms.
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Key Driving Forces Accelerating the Market Growth
- North America has a high cancer prevalence, including pancreatic, lung, and breast cancer, among others. Gemcitabine HCI is commonly used in the treatment of these malignancies, driving the demand for the drug. Moreover, the aging population in North America is increasing, and cancer incidence is higher in older individuals. As the elderly population expands, the demand for cancer treatments, including Gemcitabine HCI, is expected to rise.
- Advances in medical technology and pharmaceutical research have led to the development of more effective and targeted cancer therapies. Gemcitabine HCI, as a chemotherapy drug, continues to play a vital role in cancer treatment, benefiting from these advancements.
- Various geographies such as North America generally have a well-established regulatory framework for drug approval and patient safety. Regulatory agencies such as the U.S. Food and Drug Administration (FDA) ensure pharmaceutical products' quality, safety, and efficacy, including Gemcitabine HCI. A favorable regulatory environment facilitates market growth.
- Healthcare expenditure in North America, particularly in the United States and Canada, remains substantial. The allocation of funds towards cancer research, treatment facilities, and medications contributes to the growth of the Gemcitabine HCI market.
Vital indicators shaping the future of the industry
- The incidence and prevalence of cancer in North America directly impact the demand for Gemcitabine HCI. Rising cancer rates, particularly in specific indications such as pancreatic cancer, lung cancer, and breast cancer, drive the demand for chemotherapy drugs like Gemcitabine HCI.
- Ongoing research and development activities in the field of oncology contribute to the future of the Gemcitabine HCI market. Advancements in drug discovery, targeted therapies, and combination treatments influence the treatment landscape and the position of Gemcitabine HCI in the market.
- The regulatory environment, including drug approvals, labeling requirements, and safety regulations, shapes the future of the Gemcitabine HCI market. Regulatory agencies such as the U.S. Food and Drug Administration (FDA) play a crucial role in determining the drug's availability and use in North America.
- The allocation of healthcare expenditure in North America, including government spending, insurance coverage, and out-of-pocket expenses, affects the market for Gemcitabine HCI. Healthcare policies, reimbursement mechanisms, and affordability impact the accessibility and demand for the drug.
Challenges hindering the market growth
- The expiration of patents for Gemcitabine HCI can lead to the entry of generic versions of the drug into the market. Generic competition often results in price erosion and reduced market share for the branded drug, impacting revenue and growth prospects.
- The high cost of cancer treatments, including chemotherapy drugs like Gemcitabine HCI, poses a challenge for patients and healthcare systems. The affordability of the drug can be a barrier to its widespread adoption, particularly for patients without adequate insurance coverage.
- The emergence of alternative therapies, such as immunotherapy, targeted therapies, and combination treatments, presents a challenge to the Gemcitabine HCI market. As new and potentially more effective treatments become available, the demand for Gemcitabine HCI may decline in certain indications.
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How competition influences the market
- Competition influences the market share of Gemcitabine HCI in North America. Pharmaceutical companies strive to capture a larger portion of the market by differentiating their products, improving treatment outcomes, or offering competitive pricing. The level of competition determines the market position of Gemcitabine HCI relative to other chemotherapy drugs and treatment options.
- For instance, Cornerstone Pharmaceuticals Inc. announced the completion of its Phase 1b clinical trial of CP-613 in combination with cisplatin and gemcitabine for advanced cancer treatment in 2022.
- Moreover, In 2020, FDA had the approved the use of Pembrolizumab and chemotherapy as a treatment for patients with breast cancer whose tumours express PD-L1
Collaborations, mergers, and acquisitions are also expected to be popular strategies among gemcitabine HCI providers to hasten the development and launch of novel gemcitabine HCI injectables. More information about new developments and strategies adopted by leading gemcitabine hydrochloride manufacturers to increase their market presence has been mentioned in this Fact.MR research analysis.
Key Companies Profiled
- Eli Lilly and Company
- Sun Pharmaceutical Industries Ltd.
- Cornerstone Pharmaceuticals Inc.
- Accord-UK Ltd.
- Dr. Reddy’s Laboratories Ltd.
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Ingenus Pharmaceuticals
- Hikma Pharmaceuticals plc
- Pfizer Inc.
- Fresenius Kabi AG
Key Segments of Gemcitabine HCI Industry Research
- By Type:
- Branded
- Generic
- By Application:
- Pancreatic Cancer
- Breast Cancer
- Ovarian Cancer
- Non-Small-Cell Lung Carcinoma (NSCLC)
- Others
- By End User:
- Hospitals
- Cancer Centers
- Others
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the gemcitabine HCI market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (Branded, Generic), application (Pancreatic Cancer, Breast Cancer, Ovarian Cancer, Non-Small-Cell Lung Carcinoma (NSCLC) and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
The Gemcitabine HCI report will improve the revenue impact of businesses in various industries by:
- Providing a framework tailored toward understanding the attractiveness quotient of various products/solutions/technologies in the Gemcitabine HCI
- Guiding stakeholders to identify key problem areas pertaining to their consolidation strategies in the global Gemcitabine HCI and offers solutions
- Assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
- Provides understanding of disruptive technology trends to help businesses make their transitions smoothly
- Helping leading companies make strategy recalibrations ahead of their competitors and peers
- Offers insights into promising synergies for top players aiming to retain their leadership position in the Gemcitabine HCI.
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