Globally, cancer supportive care products market is estimated to account for a market value of US$ 24,620 Mn by the end of 2015, and it is projected to witness stable growth across all global regions, due to rising incidences of cancer, leading to increasing demand for effective cancer supportive care products.
Albany, NY -- (SBWIRE) -- 07/29/2016 -- Globally, cancer supportive care products market is estimated to account for a market value of US$ 24,620 Mn by the end of 2015, and it is projected to witness stable growth across all global regions, due to rising incidences of cancer, leading to increasing demand for effective cancer supportive care products.
The primary growth driver for the cancer supportive care products market are the rising incidences of various forms of cancers worldwide. According to Globocan 2012, there were 14.1 Mn cancer cases estimated worldwide in 2012. Lung cancer was seen to be the most common cancer worldwide among men, accounting for nearly 17% of the total number of new cases diagnosed in 2012. Furthermore, greater effectiveness of anti-cancer drugs, such as anti-emetics drugs, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), opioid analgesics drugs, etc., has been driving the growth of the global cancer supportive care products market over the last few years. These drugs help prevent side-effects of cancer treatment on the patient, due to which adoption rate of these cancer supportive care drugs has been on the rise.
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Manufacturers of cancer supportive care products are more focused on innovation and development of new drugs to maintain a competitive advantage in the market. Many manufacturers have introduced various new drugs for the treatment of cancer and for therapeutic approaches, including preventive vaccines and cancer supportive care products. Over the last two years, 21 new molecular entities have been launched. These new medicines have increased the possibility of treating cancer, leading to more combination therapies and additional lines of therapy.
The rise in overall healthcare expenditure is also expected to contribute to the overall growth of the cancer supportive care products market in the coming years. Healthcare expenditure in the U.S. is projected to grow at an average annual rate of 5.8% during the forecast period. By 2022, healthcare spending in the country is projected to account for around 19.9% of its GDP. This is expected to boost the overall healthcare spending by patients suffering from cancer in the country.
Globally, the market in North America is expected to expand at the strongest CAGR in terms of value throughout the forecast period. The U.S. market in North America is estimated to witness a single digit growth during the forecast period. Higher healthcare spending and rising number of initiatives by the government to improve access to various drugs and increase adherence, along with direct-to-consumer marketing in the U.S., are factors that are expected to continue to further drive demand for the cancer supportive care products and, thus, lead to standardization of the market in the region. Currently, erythropoietin stimulating agents segment dominates the region in terms of drug class popularity. However, cost issues and lack of reimbursement policies are expected to slightly hamper the growth of the market in North America during the forecast period.
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Europe is the second-most lucrative destination for cancer supportive care products currently. Absence of post-treatment patient care in Eastern Europe is expected to affect the overall market for supportive cancer care products in the region over the next few years. The Europe market is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to growing global demand for cancer supportive care products.
Brazil is expected to contribute the largest market share in the Latin America cancer supportive care product market and is expected to witness stable growth in terms of market value during the forecast period. However, late diagnosis of cancer that leads to epidemiological transition, wherein the cancer shifts from being an infectious disease to a chronic disease, is a factor expected to restrict the growth of the overall cancer supportive care products market in Latin America.
Globally, the Asia-Pacific market is expected to expand at the highest CAGR, followed by North America, Europe, and Latin America. The Middle East & Africa accounts for a nominal share of the overall cancer supportive care products market currently but is expected to evolve over time with the expansion of infrastructural healthcare facilities and skill base of pharmacists in the region.
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Key market participants covered in the report include Amgen Inc., Johnson & Johnson, Novartis Ag., Baxter International Inc, Fagron Group BV, Teva Pharmaceuticals Industries Ltd, Hoffmann LA- Roche Ltd, APR Applied Pharma Science Research S.A., Acacia Pharma Ltd, and Kyowa Hakko Kirin Co Ltd.
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