Awareness Campaigns Launched by Central Authorities to Underpin Anticancer Drugs Market Growth
The sales of anticancer drugs are gaining strength, as a large number of awareness campaigns are being initiated by governments and central authorities, at a global level.
The National Breast Cancer Foundation, Inc. runs an annual campaign by observing October as breast cancer awareness month, to spread information regarding the disease and encourage women to undergo screening tests.
Such initiatives are increasing the number of diagnoses, inadvertently creating a large patient pool for anticancer drugs.
Increase in funding to support the research & development of anticancer therapeutics is leading to advancements in treatment approaches and routes of administration.
Development of therapeutics with better patient outcomes and lesser side-effects than conventional ones is projected to increase patients’ trust in these drugs, thereby strengthening the growth prospects of the anticancer drugs market.
Besides this, the U.S. Food and Drug Administration (FDA) designates the status of 'orphan drugs' to medications that hold promising potential for the treatment of rare diseases.
To further support the development of highly-effective drugs for rare diseases such as cancer, the FDA offers incentives such as market exclusivity and tax credits for clinical trials.
On the backdrop of these dynamics, the demand and supply of these drugs is projected to rise, thereby boosting the growth of the global anticancer drugs market. As such, the sales of these drugs are projected to reach ~US$ 156 Bn by 2025.
Targeted Therapies to Gain Momentum as Treatment with Lesser Side-effects
Despite a rapid rise in cancer diagnostic rates, the sales of anticancer drugs are yet to realise their true potential. Increasing awareness regarding the side-effects of anticancer therapies such as hair loss, anaemia, constipation, infection and neutropenia, sexual health issues, and bleeding and bruising are projected to increase consumer inclination towards natural therapeutics.
In regions such as Southeast Asia, the Middle East and Africa, India, and China, patients are adopting alternative therapeutics such as Ayurveda medicines, homeopathic medicines, and herbal medicines, which could negatively impact the sales of anticancer drugs market during the forecast period (2020 - 2025).
To offset this impact, market players are entering into co-development partnerships aimed at leveraging mutual strengths to introduce advanced anticancer drugs, while significantly reducing time to market.
Targeted drugs are one such advancement, which take specific action against cancer cells and have no negative impact on the other cells. In 2020, targeted drugs are projected to account for ~44% of the total sales recorded in the cancer drugs market, which is indicative of shifting patients’ preference towards targeted therapeutics.
Market Players Experimenting with Combination of Drugs to Enhance Efficiency
In order to lower cancer mortality rates, companies are designing models of combination therapies, wherein, two or more therapeutic agents are combined to further increase the efficacy of drugs.
For instance, The U.S. Food and Drug Administration (FDA) approved a combination of Abraxane and gemcitabine to be used as the first-line of treatment of metastatic pancreatic cancer.
This combined drug therapy is specifically approved for adenocarcinoma of the pancreas, which accounts for around 95% of cancers of the pancreas. Growing information regarding the high efficiency of combined drug therapy is projected to drive profitability of the anticancer drugs market during the forecast period.
Besides this, advancements in targeted therapy - oral targeted therapy - offer convenience of treatment to patients. With the help of oral targeted therapies, small-molecule inhibitors are administered orally in an oncology setting, targeting and destroying cancer cells.
Such initiatives undertaken by players in the anticancer drugs market are projected to pave the way for the advancements of therapeutics, which will further boost the sales of these drugs.
Higher Market Share on the Horizon for Asia Pacific Anticancer Drugs Market
North America is projected to contribute a significant share, i.e. ~42% to the global anticancer drugs market by 2025. There has been an increase in the rate of early diagnosis, on the back of high awareness regarding the prevalence of cancer and its types among individuals in the U.S. and Canada.
Targeted efforts by the governments in these countries to fuel research & development activities of market players are projected to increase the availability of drugs, and, in turn, strengthen the pipeline in this region.
However, players are increasingly focused on entering into the highly lucrative Asia Pacific market, owing to progressive improvements in healthcare infrastructure and facilities. Besides this, Asia Pacific is also gaining prominence as a medical tourism destination, owing to cost-effective, yet quality healthcare services offered by private and public healthcare facilities. On account of this, the market share of Asia Pacific is projected to grow significantly by 2025.
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Anticancer Drugs Market - Assessment of Key Segments
With an aim to offer granular level insights into the cancer/oncology drugs market, authors of the report have segmented the landscape on the basis of drug type, therapy, cancer type, and region. This global research report also analyses the incremental opportunity available in the anticancer drugs market during the forecast period. Key segments of the anticancer drugs market include:
This detailed guide, based on the latest market movement, ensures that only precise information reaches stakeholders, so as to help them gain an upper hand over their competitors in the global anticancer drugs market. This exclusive guide offers crucial information about the current trends, pipeline drugs, unmet drugs, future scope, and government regulations for the anticancer drugs market.
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