Global Osimertinib Drugs Market is forecast to notice an increase in revenue from US$ 4,828.6 Mn in 2021 to US$ 11,829.8 Mn by 2027. The market is growing at a CAGR of 16.1% during the forecast period 2022-2027. On the basis of volume, the market is registering a CAGR of 15.4% during the forecast period.
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A receptor tyrosine kinase inhibitor called osimertinib has demonstrated potential in the treatment of several cancers. When used as directed, the medication has been demonstrated to be safe and efficient and is currently being used to treat small-cell lung cancer. Osimertinib medications have witnessed a sharp increase in demand in recent years owing to the promising therapeutic outcomes observed in cancer patients. This development is thought to be a result of the drug’s low cost, tolerable side effects when used as directed, and growing public awareness of the drug’s potential advantages.
The researchers came to the conclusion that Osimertinib’s special abilities as a double tyrosine kinase inhibitor contributed to its high demand for pharmaceuticals. Osimertinib is effective against tumors that include ALCL, and non-small cell lung cancer (NSCLC), and other cancers. Osimertinib is a better therapeutic choice for some people because it doesn’t need radiation or surgery.
Factors Pushing the Growth of the Global Market
Osimertinib is becoming more and more well-liked among NSCLC patients for a variety of reasons.
First, compared to other medications accessible to patients, osimertinib has a comparatively low risk of side effects.
Second, when combined with other treatments like radiation therapy or chemotherapy, osimertinib has demonstrated little to no side effects, if any efficacy in clinical trials. Particularly, mutated non-small-cell lung carcinomas are treated with the drug osimertinib. In addition, lung cancer is the leading reason for almost 25% of cancer-related fatalities in women and men. Lung cancer divides into non-small-cell lung cancer and small-cell lung cancer.
Finally, compared to other medications on the market, osimertinib is also affordable.
Low drug efficacy: Osimertinib has a low efficacy rate, which means that only a few patients benefit from treatment. This indicates that although there is a large demand for medicine, not enough people can use it to their advantage. There is frequently only radiotherapy or chemotherapy remaining for many people.
Lack of knowledge: Osimertinib medications and their possible advantages are mostly unknown to patients and physicians. Therefore, even if they are aware of this therapeutic option, they are unlikely to use it. An additional barrier for people trying to acquire these medications is that insurers frequently do not cover them.
Study of the COVID-19 Pandemic
The COVID-19 impacts on the worldwide osimertinib market were positive. The companies observed a significant boost in the sales of oncology drugs during COVID-19 as it remains one of the most efficient treatments for lung cancer. Coronavirus is an infectious disease caused by the coronavirus that has an effect on lung health and causes the severe acute respiratory syndrome. Osimertinib (tagrisso), which treats lung cancer and improves survival and quality of life, is now more important due to COVID-19. However, because of the global curfew, jerky supply chains, and paucity of raw materials, the company faced a variety of challenges.
North America is the leading consumer of lung cancer medicines such as Osimertinib. In actuality, the area accounts for 40% of global market income. In 2021, the medicine earned a revenue of US$ 2037.2 million as lung cancer is the main cause of cancer deaths in men and women in North America. By 2025, in North America, as per the American Cancer Society, lung cancer will make up almost 25% of all cancer cases.
More than 540,000 Americans currently have lung cancer, and more than 238,000 more are given cancer diagnoses each year. In addition, drug cancer claims the lives of roughly 130,180 Americans annually. According to our research, the US spent almost US$ 147.5 billion on cancer treatment. Out of which, more than US$ 13.5 billion is spent annually on lung cancer. The US producers of the medicine Osimertinib now have tremendous potential. Drugs for lung cancer are pricy and need a doctor’s prescription. The American Cancer Society predicts that in 2025, the cost of treating lung cancer will be US$18.1 billion.
Due to the high cancer prevalence in India and China, the Asia Pacific region is likely to expand at the highest growth rate of more than 20% in the coming years. China alone has more than half the world’s lung cancer patients. Drug producers can expand their operations in the area by producing Osimertinib.
AstraZeneca, Incepta Pharmaceuticals Limited, Everest Pharmaceuticals, Beacon Pharma, and Drug International are a few of the major companies in the market for osimertinib medications. Through in-depth investigation, it was discovered that major competitors have used a variety of competitive techniques, like mergers and acquisitions, to seize control of the developing market. Notable firms are also acquiring local and small brands in order to widen their regional reach.
Type Segment Overview
In 2021, the 40mg segment dominated the worldwide osimertinib drugs industry, reaching a revenue of US$ 8,500 million by 2027, recording a lucrative annual growth rate over the predicted time. In order to take this tablet effectively, patients must drink water with it and swallow it whole without chewing or crushing it.
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Application Segment Overview
The hospital market accounted for the largest proportion of the worldwide osimertinib medicine market in 2021 and is predicted to develop at a profitable rate during the forecast period. Hospitals fill the majority of the prescriptions written for pharmaceuticals used to treat lung cancer, including Osimertinib, as they are also the primary users of these products.
In reality, hospitals perform pneumonectomy using more than 80% of all prescribed drugs. The majority of these medications are used to treat advanced lung cancer. Since it was licensed for the treatment of cancer, hospitals have indicated a marked increase in demand for osimertinib. Hospitals have used osimertinib successfully to treat many cancers, including lung cancer. Because osimertinib is a targeted drug that specifically kills cancer cells, there is a high demand for it. Medical practitioners are continuously looking for fresh ways to treat cancer patients since cancer cells can resist conventional medications like chemotherapy.
By Type Segment
- 40 mg
- 80 mg
By Application Segment
- Drug Stores
By Region Segment
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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