New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Chemotherapy Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Chemotherapy Market Size:
The global chemotherapy market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022–2031. Moreover, in the year 2021, the market registered a remarkable revenue. The growth of the market can be attributed to the rising cancer cases and the increasing population. For instance, according to a report by the World Health Organisation, worldwide, the second leading reason for mortality is cancer that, accounted for approximately 9.6 million deaths in 2018. Additionally, the increase in the expenditure on medicine and research and development are some of the major factors expected to boost the growth of the global chemotherapy market. Moreover, increasing health expenditure across the globe, rising patient population across the world and advancement in healthcare infrastructure, and growing governmental initiatives and campaigns to spread awareness regarding cancer and its treatment are predicted to drive market growth over the ensuing years.
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Global Chemotherapy Market: Key Takeaways
- The Asia Pacific region gains the largest portion of the revenue
- The breast cancer segment to dominate the revenue graph
- Female segment remains prominent in the system segment
Increasing Geriatric Population to Boost Market Growth
The rise in geriatric population all over the world, and increasing incidences of chronic diseases, are responsible for the market's development over the forecast period. It was noticed the number and proportion of geriatric population, meaning the people aged 60 years and older in the population was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Furthermore, better provision for reimbursement policies in advanced economies is also estimated to add in the growth of the market. Besides, growing patient population across the world and advancement in healthcare infrastructure are projected to majorly drive the market growth.
In addition to this, increasing cases of cancer across the globe is estimated to be a prime factor to add to the market growth. 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 916 000 deaths, liver cancer which caused 830 000 deaths, stomach cancer which caused 769 000 deaths, and breast cancer which caused 685 000 deaths. Furthermore, it was noticed that about 30% of cancer cases in low and lower-middle income nations are caused by cancer-causing diseases such the human papillomavirus (HPV) and hepatitis. 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.
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Global Chemotherapy Market: Regional Overview
The global chemotherapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapidly Increasing Population Expected to Boost Market Growth in the Asia Pacific Region
The Asia Pacific region in the global chemotherapy 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 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 chemotherapy are expected to boost the growth of the chemotherapy market in this region.
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Increasing Cancer Cases to Favor Market Growth in the North America Region
The North America region is estimated to witness a substantial growth in the year of 2021. This growth can be accredited to the availability of advance technologies, and well-established healthcare facilities. Additionally, increasing disposable income per capita among the regional population is also expected to be an important factor to boost the growth of the market in the region. According to the data by the World Bank, in 2020 disposable income per capita in the North America region was USD 51,407. Hence, this is expected to be a prime factor to fuel the growth of chemotherapy market in the region. Moreover, high prevalence of cancer all over the region is anticipated to be another major factor to drive the regional market. It was noted that, about 2 million new cancer cases and more than 690,000 cancer deaths occurred in Northern America in 2018.
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).
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Global Chemotherapy Market, Segmentation by Cancer Type
- Lung Cancer
- Breast Cancer
- Stomach Cancer
- Ovarian Cancer
- Others
The breast cancer segment in the global chemotherapy market is estimated to witness the highest growth over the forecast period. The growth of the segment can be attributed to the increasing awareness among people related to breast cancer. According to the World Cancer Research Fund, 2,261,419 new breast cancer cases were reported in the year 2020, which constitutes the highest number in relation to other cancer types. Therefore, rising breast cancer cases are expected to increase the growth of the global chemotherapy market.
Global Chemotherapy Market, Segmentation by Gender Type
- Male
- Female
The female segment is estimated to hold a substantial market share in the global chemotherapy market during the forecast period. The segmental growth can be ascribed to the prevalence of breast cancer throughout the world and growing female population. For instance, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world’s most prevalent cancer.
Global Chemotherapy Market, Segmentation by Product Type
- Pump
- Cannula
- Catheter
- Others
Few of the well-known market leaders in the global chemotherapy market that are profiled by Kenneth Research are Amgen Inc., Pfizer Inc., ALMATICA PHARMA LLC., Bayer AG, Puma Biotechnology, Inc., Sanofi, Astellas Pharma Inc., CLOVIS ONCOLOGY, Novartis AG, BeiGene, Ltd., and others.
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Recent Developments in the Global Chemotherapy Market
- In January 2022, Tislelizumab, produced by BeiGene, Ltd., was authorised by the China National Medical Products Administration (NMPA) as a second or third line treatment for people with locally advanced or metastatic non-small cell lung cancer.
- In January 2021, Food and Drug Administration (FDA) gave Pfizer's XALKORI approval for use in treating ALK-positive anaplastic large cell lymphoma in adolescents and young adults.
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