Chemotherapy is a process in medical science which is extensively used as a treatment for cancer. Rising prevalence if cancer is fueling demand for chemotherapy globally. According to the American Cancer Society, around 1.7 million new cancer cases are expected to be registered in the U.S. in 2019. Market Research Future (MRFR) has asserted in its study that the global chemotherapy market is anticipated touch USD 56,491.59 Mn mark by 2024 exhibiting a robust CAGR of 11.50% during the projection period 2019 to 2024.
Rising oncology expenditure is projected to boost the growth pattern of the chemotherapy market in the years to come. In addition, the aids provided by governments and organizations for making the process more accessible to underprivileged class is poised to have a favorable influence on the growth trajectory of the market over the next couple of years.
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The easy reimbursement policies offered by the insurance companies is anticipated to favor the expansion of the chemotherapy market across the assessment period. In addition, the growing research & development for making the process more effective is prognosticated to accelerate revenue generation of the market across the projection period. Other factors such as drug patent expiry, rising awareness, government initiatives, etc. are anticipated to catapult the chemotherapy market on upward trajectory.
Market Segmentation:
By drug class, the global chemotherapy market has been segmented into mitotic inhibitors, alkylating agents, topoisomerase inhibitors, antimetabolites, and antitumor antibiotic. The alkylating agents segment is anticipated to strike a comparatively higher CAGR of 11.83% to reach a valuation of USD 20,360.32 Mn by 2024.
On the basis of indication, the chemotherapy market has been segmented into breast cancer, colorectal cancer, lung cancer, stomach cancer, lymphoma, prostate cancer, ovarian cancer, and others. Among these, the lung cancer segment is projected to account for the dominant share of the market and expand at 11.88% during the assessment period.
The chemotherapy market, by route of administration, has been segmented into oral, intravenous, subcutaneous, intravesicular, topical, intramuscular, intraperitoneal, and intraventricular/intrathecal. The intravenous segment is poised to hold the maximum market share in the forthcoming years. On the other hand, the oral segment has been projected to strike a higher CAGR through the forecast period.
Based on end-user, the chemotherapy market has been segmented into hospitals & clinics, specialty centers, and others.
Regional Analysis:
By region, the global chemotherapy market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa (MEA). Americas had a major share of the market in 2018, accounting for 41.04% share. It is prognosticated to strike a CAGR of 10.88% during the assessment period. The region is expected to witness a growing patient population. It is projected to aid the expansion of chemotherapy market in the forthcoming years.
Europe is an important growth pocket anticipated to reach a valuation of USD 18,292.73 Mn by 2024. The introduction of advanced healthcare services in the region is likely to encourage the growth of the chemotherapy market. Meanwhile, Asia Pacific is forecasted to strike a comparatively higher CAGR over the review period. China and India are projected to contribute to the development of the market in the region.
Competitive Dashboard:
The noted players participating in the share analysis of the global chemotherapy market are Johnson & Johnson Services Inc (US), Eli Lilly and Company (US), GlaxoSmithKline PLC (UK), F. Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc. (US), Novartis AG (Switzerland), Merck & Co. Inc. (US), Celgene Corporation (US), Sanofi S.A. (France), and Bristol-Myers Squibb Company (US).
Industry News:
In May 2019, Seattle Genetics, a biotechnology company, has received approval from Health Canada Adcetris (brentuximab vedotin) in combination with chemotherapy or patients with advanced Hodgkin’s lymphoma.
In May 2019, Novocure, an oncology company, has received the FDA approval for NovoTTF-100L in Combination with Chemotherapy to treat Malignant Pleural Mesothelioma.
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