Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Chemotherapy Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global chemotherapy market has grown rapidly in recent years. It will grow from $30.89 billion in 2023 to $34.38 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. During the historical period, the growth in chemotherapy can be attributed to several factors. These include the increase in cancer incidence rates, advancements in cancer diagnosis techniques, innovations in drug development facilitating the creation of more effective treatments, heightened clinical trial activity leading to the discovery of new therapies, improved access to healthcare allowing more patients to receive treatment, and awareness campaigns increasing understanding and recognition of cancer and its treatments.
The chemotherapy market size is expected to see rapid growth in the next few years. It will grow to $54.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. Anticipated growth in the upcoming period within chemotherapy is expected to be influenced by several factors. These include the integration of immunotherapy into treatment methodologies, increased adoption of biosimilar drugs, growth in emerging markets, the utilization of genomic profiling for more targeted treatments, advancements in supportive care for better patient outcomes, and regulatory facilitation to streamline treatment protocols. Key trends projected in the forecast period encompass the implementation of digital health solutions in cancer care, the advancement of personalized medicine tailored to individual patient needs, ongoing research in the field of oncology, the integration of Artificial Intelligence (AI) for improved diagnostics and treatment planning, developments in nanotechnology for targeted therapies, and the trend towards home-based administration of chemotherapy for enhanced patient comfort and convenience.
North America was the largest region in the chemotherapy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the chemotherapy market report during the forecast period.
The anticipated rise in cancer prevalence is poised to drive growth in the chemotherapy market. For instance, projections from the American Cancer Society Inc. indicate an expected 1.9 million new cancer cases in the US in 2023, marking an increase from 1.8 million cases diagnosed in 2020. The corresponding forecast for cancer-related deaths in 2023 is 609,820, compared to 606,520 in 2020. Consequently, the rising prevalence of cancer is a driving force in the chemotherapy market.
The growth trajectory of the chemotherapy market is further fueled by an upswing in healthcare spending. Notably, a report from the UK's Office for National Statistics in May 2023 revealed a nominal and real increase of 9.4% and 9.7%, respectively, in healthcare spending between 2020 and 2021. The allocation for preventive care in 2021 reached $45.72 billion, more than doubling from the previous year. Hence, heightened healthcare spending propels the chemotherapy market's growth.
Leading players in the chemotherapy market are strategically concentrating on the introduction of innovative solutions, such as chemotherapy infusion pumps, to establish a competitive advantage. A case in point is Shanghai MicroPort Lifesciences Co. Ltd., a China-based medical technology developer and manufacturer, which unveiled AutoEx, its independently developed chemotherapy infusion pump, in March 2022. In clinical applications, specialized infusion pumps are frequently employed for precise and continuous infusion to maintain optimal blood medication concentration during chemotherapy, enhancing anti-cancer cell activity while mitigating side effects. AutoEx, designed for intravenous medication administration, serves the purpose of flushing or sealing PICCs, CVCs, and ports during chemotherapy, offering both intermittent and continuous usage options.
Major players in the chemotherapy market are actively pursuing strategic partnerships as a key avenue to facilitate the commercialization of cutting-edge medical devices aimed at enhancing chemotherapy services. These collaborative ventures are designed to capitalize on the unique strengths and resources of each partner, expediting advancements in cancer treatment, elevating patient outcomes, and addressing unmet medical needs. A notable example occurred in March 2023 when EVERSANA, a US-based provider of global services to the life sciences industry, joined forces with ChemoMouthpiece LLC, a US-based medical device company. This collaboration was forged to support the launch and commercialization of the Chemo Mouthpiece, an innovative intraoral ice pack delivering cryotherapy to the oral cavity of chemotherapy patients. The device plays a crucial role in preventing and treating oral mucositis, a prevalent and painful side effect of chemotherapy.
In October 2021, Amgen Inc., a prominent US-based global biotechnology company, completed the acquisition of ChemoCentryx Inc. for a substantial $3.7 billion. This strategic acquisition is anticipated to bolster Amgen's portfolios in inflammation and nephrology by incorporating ChemoCentryx's TAVNEOS. Through this integration, the companies are poised to actively contribute to the expansion and innovation of advanced treatments, catering to patients grappling with severe diseases. ChemoCentryx, Inc., the acquired entity, is a US-based biopharmaceutical company specializing in the treatment of autoimmune diseases, inflammatory disorders, and cancer.
Report Scope
Markets Covered:
- By Product Type: Pump; Cannula; Catheter; Other Product Types
- By Service: Blood Cancer; Throat Cancer; Lung Cancer; Ovarian Cancer; Stomach Cancer
- By Drugs: Alkylating Agents; Antimetabolites; Anti-Tumor Antibiotics; Topoisomerase Inhibitors; Mitotic Inhibitors; Other Drugs
- By Route of Administration: Oral; Intravenous
- By End User: Hospitals; Research Institutes; Other End Users
Key Companies Mentioned: GlaxoSmithKline plc; Eli Lilly and Company; F. Hoffmann-La Roche Ltd.; Novartis AG; Pfizer Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- GlaxoSmithKline plc
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- Pfizer Inc.
- Merck & Co Inc.
- Sanofi SA
- Celgene Corporation
- Bristol-Myers Squibb Company
- Amgen Inc.
- Bayer AG
- Almatic Pharma LLC
- AstraZeneca Pharmaceuticals
- Astellas Pharma Inc.
- Puma Biotechnology Inc.
- Clovis Oncology Inc.
- Takeda Pharmaceutical Company Limited
- Johnson & Johnson Services Inc.
- Mylan NV
- Teva Pharmaceutical Industries Ltd.
- AbbVie Inc.
- Gilead Sciences Inc.
- Biogen Inc.
- Eisai Co. Ltd.
- Ipsen SA
- Spectrum Pharmaceuticals Inc.
- Seattle Genetics Inc.
- Exelixis Inc.
- Karyopharm Therapeutics Inc.
- Incyte Corporation
- Agios Pharmaceuticals Inc.
- Epizyme Inc.
- Blueprint Medicines Corporation
- Array BioPharma Inc.
- BeiGene Ltd.
- Halozyme Therapeutics Inc.
- MacroGenics Inc.
- Immunomedics Inc.
- TG Therapeutics Inc.
- Verastem Inc.
For more information about this report visit https://www.researchandmarkets.com/r/k61rf
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