New York, USA, May 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cytotoxic drug market is projected to generate a revenue of $21,644.10 million and rise at a CAGR of 5.7% over the estimated timeframe from 2022 to 2031.
As per our analysts, the increasing use of cytotoxic medicines in a type of chemotherapy that slows down the dividing and developing nature of cancer cells is predicted to foster the growth of the cytotoxic drug market throughout the estimated timeframe. Besides, the increasing cases of cancer across the globe due to various factors including lifestyle changes such as unhealthy diets, alcohol consumption, and environmental factors are further expected to augment the growth of the market throughout the forecast period. Moreover, the increasing demand for customized medicine and targeted therapies for cytotoxic medicines to improve the efficacy and safety of chemotherapy drugs is expected to create immense growth opportunities for the cytotoxic drug market over the forecast period. However, the high cost of developing cytotoxic drugs, conducting clinical trials, and obtaining regulatory approvals may hamper the growth of the market throughout the estimated period.
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Segments of the Cytotoxic Drug Market
The report has divided the market into segments based on drug type, route of administration, application, and region.
Drug Type: Antimetabolites Sub-Segment to be Most Profitable
The antimetabolites sub-segment held the largest share of the market in 2021. This is mainly due to the increasing use of antimetabolite medications to treat a variety of malignancies, including lymphoma, leukemia, and solid tumors. Moreover, the high demand for antimetabolites for cancer treatment as they are frequently used in combination with several other chemotherapy medicines and targeted therapies is expected to boost the growth of the cytotoxic drug market sub-segment over the analysis period.
Route of Administration: Oral Sub-Segment to be Most Productive
The oral sub-segment registered the biggest revenue in 2021. This is mainly because of the growing use of oral cytotoxic drugs for the treatment of various cancers such as lung, breast, and colorectal cancer. Moreover, the increasing demand for oral-chemotherapy medications due to their various benefits such as reducing stress on patients and carers, allowing self-administration at home, and many more, is expected to fortify the growth of the market sub-segment during the estimated period.
Application: Others Sub-Segment to be Most Lucrative
The others sub-segment held the greatest market share in 2021. This is mainly due to the increasing cases of other forms of cancer apart from lung, breast, and prostate cancer. Furthermore, the availability of a wide range of cytotoxic medications for the treatment of different types of malignancies is expected to fuel the growth of the market sub-segment throughout the forecast period.
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North America Region Held the Maximum Revenue in 2021
The North America region of the cytotoxic drug market held the greatest share of the market over the estimated timeframe. This is mainly due to the rising number of cancer incidences among individuals in the region. Additionally, the presence of highly developed healthcare facilities with the most recent technologies and treatment alternatives, and the existence of leading market players, research institutions, and pharmaceutical companies in the region are expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Cytotoxic Drug Market
The outbreak of the Covid-19 pandemic has adversely impacted the cytotoxic drug market, likewise, several other industries. The reduced patient visits to healthcare facilities, delays in clinical trials, and disruptions in the global supply chain have decreased the growth of the market during the pandemic. Moreover, the transportation restriction imposed on several nations have delayed production and hampered the distribution and transportation of cytotoxic drugs. Additionally, the delay in the initiation of cancer treatment due to the spread of the deadly virus has further declined the market growth over the crisis.
Key Players of the Cytotoxic Drug Market
The major players of the cytotoxic drug market include
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche AG
- Sanofi
- GlaxoSmithKline plc
- Novartis AG
- Johnson & Johnson
- Merck & Co. Inc.
- AbbVie Inc.
- Baxter
- Pfizer Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in January 2023, AbbVie, a leading pharmaceutical company announced its collaboration with Immunome, Inc., a renowned biotechnology company that specializes in immunotherapy. With this collaboration, the companies aimed to work on the development and commercialization of oncology therapeutics for solid tumors.
Further, the report also summarizes other crucial aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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