An up-to-date business publication by Persistence Market Research notifies that the shares in the global cancer supportive care products market is consolidated among a handful of players. There are only a few companies that can be ascribed as market leaders whereas the competition is much stiff among mid-level and emerging players. Hoffman LA-Roche, Novartis AG, Amgen, Baxter, and Teva Pharmaceuticals are a few notable names in the market for cancer supportive care products. Most of these players are enhancing their business operations in international markets by launching new products. In addition to this, making equity investments in companies that have the potential to devise niche technologies, expanding into emerging economies to tap new customers, and indulging in mergers and acquisitions are some of the other strategies frequently adopted by these players.
Global Cancer Supportive Care Products Market to be Worth US$ 31,700.0 Mn by 2021
As the PMR report foresees the future of the cancer supportive care products market, the demand will expand at a notable CAGR of 4.8% during the forecast period of 2017 to 2021. In terms of revenue, the concerned market is poised to attain a valuation of US$ 31,700.0 Mn by the end of 2021, considerably more than its evaluated 2017 worth of US$ 26,285.5 Mn in 2017.
On the basis of drug class, the report segments the market for cancer supportive care products into nonsteroidal erythropoietin stimulating agents, opioid analgesics, anti-imflammatory drugs, anti-infective drugs, bisphosphonates, anti-emetics drugs, monoclonal antibodies, and granulocyte colony stimulating factor. Indication-wise, the market has been bifurcated into lung cancer, prostate cancer, breast cancer, leukemia, ovarian cancer, bladder cancer, liver cancer, melanoma, and others.
Chronicity of Cancer Driving Demand
The strong prevalence of cancer and the chronicity of the disease is the primary driver of the global cancer supportive care products market. There will be nearly 24 million cancer patients across the world by 2035 according to a recent report by the WCRF and most of them will need care for quite a number of years as cancer does not cause sudden death in most cases. A number of healthcare organizations have recognized the escalating demand from cancer patients and are opening specialized care centers as well as investing in the research and development of products that serve them adequately. Some of the other factors augmenting demand in the global cancer supportive care products market are: increasing geriatric population who are more prone to the disease, greater effectiveness of anti-cancer treatments, rising prevalence of several forms of cancer, high demand for improved cancer supportive care therapies, increasing focus on maintaining superior quality of life, and availability in alternative dosage forms in compounding pharmacies.
On the other hand, loss of brand exclusivity of various generic drugs, entry of biosimilars, rising costs of innovation holding R&D investments, and regulatory barriers are some of the key factors restraining the cancer supportive care products market. Therefore, lack of blockbuster drugs would mean that in the next five years, the market would be defined in part by development of new formulas, combinations, and delivery devices.
That being said, the report also notifies of a few opportunities such as emerging products and therapeutic areas and high investment for R&D by pharmaceutical companies. Some of the trends of this market include a growing focus on biosimilars, a highly competitive environment that is egged to escalate care to cancer patients, and merger and acquisition activities by major players.
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