Chemotherapy Market to Observe Strong Development by 2019
According to the analysis offered by Market Research Future (MRFR), The Global Chemotherapy Market is Expected to register a CAGR of 11.50% to reach USD 56,491.59 Million by 2024.
Chemotherapy is one of the types of cancer treatment, which includes the use of one or more chemotherapeutic agents such as anti-cancer drugs. The treatment prevents the division of cancer cells and the growth of cancer cells by killing dividing cells. It is used for the treatment of various types of cancers such as lung cancer, breast cancer, leukemia, myeloma, sarcoma, lymphoma, ovarian cancer, and others.
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The increasing prevalence of cancer, increasing expenditure on oncology medicine and research, and reimbursements and growing health insurance are driving the growth of the global chemotherapy market.
The global chemotherapy market has been largely benefited by the increasing demand for chemotherapy products across the world. Increasing prevalence of cancer; increasing expenditure on oncology medicine and research, and reimbursements and growing health insurance are expected to spur market growth during the forecast period. Moreover, the patent expiry of leading drugs, government initiatives, and increasing public awareness about various diseases and treatment options are further expected to boost the growth of the global chemotherapy market during the review period.
The Global Chemotherapy has been segmented into major four segments, including drug class, route of administration, indication, and end user.
On the basis of drug class, the market is segmented into alkylating agents, mitotic inhibitors, antimetabolites, topoisomerase inhibitors, and antitumor antibiotic. The alkylating agents segment is expected to lead the market and register a substantial CAGR to reach USD 20,360.32 million by the end of 2024 and projected to exhibit the highest CAGR of 11.83% from 2019 to 2024.
Furthermore, based on indication, the market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach cancer, lymphoma, leukemia, ovarian cancer, and others. Lung cancer accounted for the largest market share and expected to grow with the CAGR of 11.88% during the forecast period.
On the basis of route of administration, the market is segmented into intravenous, oral, subcutaneous, intra-muscular, intravesicular, topical, intraperitoneal, and intraventricular/intrathecal. Intravenous accounted for the largest market share. However, the oral segment is expected to grow at the fastest CAGR of 11.95% during the forecast period.
On the basis of end user, the market is segmented into, specialty centers, hospitals & clinics, others
The prominent players in the global chemotherapy market are Johnson & Johnson Services Inc (US), GlaxoSmithKline PLC (UK), Eli Lilly and Company (US), F. Hoffmann-La Roche Ltd (Switzerland), Novartis AG (Switzerland), Pfizer Inc. (US), Merck & Co. Inc. (US), Sanofi S.A. (France), Celgene Corporation (US) and Bristol-Myers Squibb Company (US).
Geographically the chemotherapy market is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Americas accounted for the largest market share of 41.04% in 2018, and the regional market is projected to register a CAGR of 10.88%during the forecast period. North America is one of the leading markets in the region, accounting for the largest market share during the review period.
The European market is estimated to exceed USD 18,292.73 Million by 2024. The accessibility to advanced treatment facilities, rising government initiatives to promote research to find a cure to the increasing number of cancer cases, and growing healthcare expenditure are driving the growth of the chemotherapy market in the region. Germany is the major contributor to the growth of the regional market, followed by France.
The market in Asia-Pacific is expected to be the fastest growing market. This high growth is mainly attributed to the increasing R&D funding by developing countries such as China and India for the development of the healthcare sector. Various other factors that influence the growth of the market include growing incidence of cancer, aging population, increasing demand for advanced therapies, patent expiry of leading drugs, government initiatives, and increasing public awareness about various diseases and treatment options.
The Middle East & Africa commands the least market share of the chemotherapy market, owing to fewer developments and extremely low income but, is expected to grow with better chemotherapy treatments. As the population is rapidly aging, cancer treatment is expected to increase in this region
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