Chemotherapy Market Overview
The global market for chemotherapy is slated to expand at a CAGR of 11.50%, to reach USD 56.49 billion by 2024.
Market Dynamics
The medication market has exploded in the recent century as a result of increased investment in the oncology sector to develop a cure for cancer chemotherapy. Chemotherapy is often used in conjunction with other therapies such as radiation therapy and surgery to remove diseased tissues or cells, depending on the stage of cancer and the body part involved. Chemotherapy has a cumulative effect on human health, eroding the body’s ability to deal with future crises.
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Due to the global increase in cancer patients, it is vital to expand investment in the quest for effective cancer treatments. Only the type and stage of cancer can influence whether chemotherapy is effective or not.
Additionally, the COVID-19 pandemic had a significant effect on the global chemotherapeutic business. When tested against SARS-CoV-2, chemotherapy medicines such as azithromycin, omycin, and pralatrexate demonstrated progressive efficacy in killing COVID-19 virus (the COVID-19 virus). Chemotherapy medication producers have benefitted in COVID-19 by investing in corona research and are anticipated to increase their popularity and success in effective corona treatment.
Segmental Analysis
Chemotherapy market has been categorized globally by medication class, indication, method of administration, end user, and area.
The market has been segmented into alkylating agents, antimetabolites, mitotic inhibitors, antitumor antibiotics, and topoisomerase inhibitors on the basis of pharmacological class. The alkylating agents category captured the lion’s share of the market in 2018 and is expected to continue increasing at a rapid pace, followed by the mitotic inhibitors segment.
The lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach cancer, leukemia, lymphoma, and ovarian cancer segments of the market. In 2018, the lung cancer sector held the lion’s share of the market. However, the breast cancer sector is predicted to grow at a faster rate than the overall market throughout the projection period.
The market has been segmented into intravenous, oral, subcutaneous, intramuscular, intravesicular, topical, intraperitoneal, and intraventricular/intrathecal administration routes. In 2018, the intravenous sector held the lion’s share of the market. However, the oral sector is predicted to grow at a faster rate than the overall market throughout the forecast period.
The market has been segmented by end user into specialized centers, hospitals & clinics, and others. The specialty centers category held the largest market share in 2018 and is predicted to grow at a faster rate than the rest of the market during the forecast period.
Regional Overview
According to MRFR study, the Americas dominated the chemotherapy market in 2018 and is anticipated to continue to do so during the review period. North America and Europe are global leaders in adopting and investing in innovative chemotherapeutic methods, making them the market’s major shareholders.
Europe accounted for a considerable portion of the market and is expected to be the second-largest during the projection period. European countries such as Russia, Germany, and France have invested millions of dollars in departments that manufacture chemotherapy equipment in order to evaluate patients and develop more effective and minimally invasive cancer therapies. The government has been critical in these countries by sponsoring healthcare departments and maintaining the spending value necessary to promote the chemotherapy market’s research departments.
The Asia-Pacific countries’ research and development markets, such as China and India, have facilitated the growth of the chemotherapy industry, owing to the rising number of cancer patients, public awareness, and population growth, among other factors.
Africa and the Middle East have also seen growth in the chemotherapy sector in recent years and are anticipated to continue to do so in the foreseeable future, owing to the region’s growing elderly population.
Competitive Dynamics
Novartis AG, Almatic Pharma, Pfizer, AstraZeneca Pharmaceuticals, Astellas Pharma, Puma Biotechnology, Clovis Oncology, Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi, Bayer HealthCare Pharmaceutical, Jazz Pharmaceutical, EMD Serono, Celgene Corporation, GlaxoSmithLine PLC, AbbVie Inc., Eli Lily, and Company are few of the key market players of chemotherapy drugs manufacturers.
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