New York, USA, June 01, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global gastric cancer market is anticipated to rise at a stable CAGR of 17.9%, thereby garnering a revenue of $10,737.00 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the gastric cancer market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Rising prevalence and incidence of gastric cancer across the world is predicted to be the primary growth driver of the gastric cancer market in the forecast period. Additionally, advancements in diagnostic and treatment technologies are expected to further drive the market forward.
Opportunities: Rising healthcare expenditure around the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, an overall increase in the global aging population is anticipated to augment the growth rate of the market.
Restraints: However, the high cost of treatment of gastric cancer may restrict the growth of the gastric cancer market in the forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the gastric cancer market in a negative way. The pandemic saw a huge breakdown of global supply chains which affected the steady supply of medical equipment required for diagnosis and treatment of gastric cancer. Also, many patients postponed their gastric cancer treatment therapies due to fear of Covid-19 infection which further brought down the growth rate of the market.
Segments of the Market
The report has fragmented the gastric cancer market into segments based on disease type, treatment type, drug class outlook, route of administration, distribution channel, and region.
Disease Type: Adenocarcinoma Sub-segment to be One of the Most Lucrative
The adenocarcinoma sub-segment is expected to have a dominating share by 2031. Adenocarcinoma is the most common type of gastric cancer, accounting for around 95% of cases worldwide which is anticipated to help in the growth of this sub-segment.
Treatment Type: Chemotherapy Sub-segment to be Highly Dominant
The chemotherapy sub-segment of the gastric cancer market is expected to garner a huge market share by 2031. Increasing use of chemotherapy as the main treatment for gastric cancer is predicted to be the primary growth driver of the sub-segment in the forecast period.
Drug Class Outlook: PD-1/PD-L1 Inhibitors Sub-segment to Have a Huge Market Share
The PD-1/PD-L1 inhibitors sub-segment is expected to witness significant growth by 2031. The increasing use of PD-1/PD-L1 inhibitors to boost the immune system for mounting a more effective response against cancer cells is anticipated to help in the growth of this sub-segment.
Route of Administration: Oral Sub-segment to Have a Significant Growth Rate
The oral sub-segment is expected to flourish immensely by 2031. A rising need for early detection of gastric cancer and effective treatment options is anticipated to help in the growth of this sub-segment.
Distribution Channel: Specialty & Retail Pharmacies Sub-segment to Flourish Immensely
The specialty & retail pharmacies sub-segment of the gastric cancer market is expected to garner a huge market share by 2031. The growing role played by specialty and retail pharmacies in offering gastric cancer treatments is predicted to be the primary growth driver of the sub-segment in the forecast period.
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Region: Asia-Pacific Market to be the Most Dominant
The gastric cancer market in Asia-Pacific region is predicted to grow rapidly in the 2022-2031 timeframe. The growing incidence of gastric cancer in this region and increasing awareness and diagnosis of the disease are expected to become the main growth drivers of the market in this region.
Prominent Market Players
Some leading players in the gastric cancer market are
- Novartis AG
- Eli Lilly and Company
- Celltrion Healthcare Co. Ltd.
- Pfizer Inc.
- Merck & Co. Inc.
- Samsung Bioepis
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Bristol Myers Squibb Company
- F. Hoffmann La Roche Ltd.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in March 2021, Amgen, a leading biotechnology company, announced the acquisition of Five Prime Therapeutics, another global biotechnology firm. This acquisition is predicted to boost the market share of the acquiring company, i.e., Amgen in the near future.
Finally, this comprehensive report also summarizes many crucial aspects of the gastric cancer market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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Gastric Cancer Market Size Projected To Generate A Revenue Of $10,737.00 Million By 2031
