Cancer Supportive Care Drugs Market Growth & Trends
The global cancer supportive care drugs market size is expected to reach USD 12.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to decline at a CAGR of -1.26% from 2023 to 2030. This decline is due to factors, such as the launch of biosimilar and approval & uptake of targeted treatments for cancer, which have lesser side effects than traditional chemotherapy drugs. The growing cancer prevalence, high adoption & dependency on traditional treatments, such as chemotherapy, in the developing region, and the rising geriatric population are some of the prominent factors that drive the market growth. According to Globocan, the number of new cancer cases is expected to reach 28.4 million within the next two decades, with a rise of 47% from 2020.
In addition, in developing regions, such as Asian and African countries, due to less disposable income levels and lack of proper reimbursement scenarios, chemotherapy is the most widely preferred cancer treatment compared to other costly targeted therapies. However, the growing adoption of targeted therapies and biosimilars in Europe and the U.S. impedes the market growth. The patent expiration of blockbuster drugs, such as Amgen Inc.’s Neupogen and Neulasta and Johnson & Johnson Services, Inc.’s Procrit/Eprex, is another factor that hampers the market growth. Furthermore, the COVID-19 pandemic has had a significant impact on cancer care. There was a substantial decline in hospital visits, cancer screenings, surgeries, and therapy amid the pandemic.
However, the impact of the pandemic has declined and conditions are getting back to normal in many regions from the second quarter of 2021. Key players are addressing the opportunity of drug patient expiration and thus, are launching biosimilars in the market. The launch of biosimilars has supported expanded access to affordable care for cancer patients. For instance, in June 2020, Pfizer Inc. received the U.S. FDA approval for NYVEPRIA (pegfilgrastim-apgf), a biosimilar to Neulasta. It reduces the incidence of febrile neutropenia in patients with non-myeloid malignancies undergoing myelosuppressive anticancer medications. In November 2019, Novartis AG received the FDA approval for Ziextenzo, its biosimilar version of pegfilgrastim. The product was commercialized in Europe in 2018.
Request a free sample copy or view report summary: Cancer Supportive Care Drugs Market Report
Cancer Supportive Care Drugs Market Report Highlights
The G-CSFs (Granulocyte-colony Stimulating Factors) segment accounted for the highest share in 2022. It is a primary treatment option for cancer-related neutropenia
The antiemetics segment is expected to show positive growth during the forecast period due to the launch of newer drugs, such as Cinvanti, Sustol, and Varubi
North America and other developed regional markets are expected to decline over the forecast period
The declining sales in developed markets can be attributed to the launch & rapid uptake of multiple biosimilar & restrictions on opioid prescription
Comments