The Global Cancer Supportive Care Products Industry is poised for significant growth, with a projected valuation of US$32 billion by 2030, according to a new research study by Future Market Insights (FMI). This growth trajectory is highlighted in the report titled “Global Cancer Supportive Care Products Industry,” offering valuable insights for stakeholders looking to navigate this dynamic market.
Booming Market Attracts New Players:
The significant unmet needs and promising growth potential are attracting a surge of new players to the cancer-supportive care products market. This trend is evident in the oncology drug development pipeline, where the percentage of compounds in preclinical stages has risen significantly. In 2000, only 23% of preclinical drugs targeted oncological applications. This figure skyrocketed to 38% by 2019, reflecting the increased focus on developing novel supportive care solutions for cancer patients.
This is increasing the market competition about clinical-trial recruitment – for instance, the number of breast cancer patients needed for active clinical trials is surpassing the yearly figure of diagnoses.
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Efforts to manage drug expenditure have channeled the focus towards cancer-supportive care products, especially in developed regions, where value-based health-technology assessments (HTAs) are prevalent.
The Global Cancer Supportive Care Products Industry is characterized by a rapidly growing and globalized standard of medical care. Case in point, in non-small-cell lung cancer, the number of approved therapies was estimated to rise from 14 in 2009 to 22 by 2019.
This, coupled with limited data during accelerated approvals, implies that manufacturers are working in close collaboration with payers to create a value proposition for cancer-supportive care products.
Key Takeaways of Global Cancer Supportive Care Products Industry Study
- Incidences of cancer have surged by around 26% among geriatric demographics compared to 10% among the remaining population
- Adoption of cancer supportive care products to remain prominent in treating lung cancer
- Pharma companies to invest 30% of their spending in cancer R&D to launch novel drugs and therapies in the marketplace
- Market in Asia Pacific (APAC) to experience meteoric growth through 2030
COVID-19 Impact on Global Cancer Supportive Care Products Industry
The COVID-19 pandemic has touched every facet of human life including, healthcare delivery for chronic disorders.
As such, these patients are highly susceptible to getting infected by COVID-19 due to their compromised immunity, putting cancer specialists and patients in a dilemma.
Several healthcare facilities are deferring “elective” screenings, surgeries, and other methods that are considered not urgent or not immediately fatal.
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Such important decisions are taken on a case-to-case basis to make sure patients diagnosed with cancer are protected from contracting the coronavirus as well as to ensure that healthcare facilities are equipped with the resources necessary to treat cancer patients who are affected by the virus.
The COVID-19 crisis has disturbed the treatment pathways and in-progress care, thus, resulting in a temporary drop in demand for cancer-supportive care products.
“To address the untapped sections of society, several regulatory bodies are showing immediacy in granting approvals to certain cancer-supportive care products. Case in point, the US Food and Drug Administration (FDA) has approved Pfizer’s Nyvepria to help prevent infections in patients undergoing myelosuppressive chemotherapy,” says the analyst at FMI.
Global Cancer Supportive Care Products Industry – Competitive Intelligence
The Global Cancer Supportive Care Products Industry is highly competitive, with the presence of several small- and medium-sized players. Manufacturers are leveraging innovation into their best practices to have proper capabilities in place and stay ahead in the fast-growing and competitive arena.
- Baxter International Inc. develops products under the business categories of renal Care, Medication Delivery, and Pharmaceuticals. The company develops REGLAN Injection, which is a metoclopramide injection.
- Amgen Inc. makes and provides innovative human therapeutics – Neulasta, which is a PEGylated form of human granulocyte CSF.
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Want more insights?
Future Market Insights, in its new study, provides compelling insights about the Global Cancer Supportive Care Products Industry that encloses industry analysis for 2015 – 2019 and opportunity assessment for 2020 – 2030.
The report offers an unbiased assessment of the cancer-supportive care products market through four different categories – by drug class, by indication, by distribution channel, and by region.
The global cancer-supportive care products market research study delivers insights into pricing by different life cycle analyses, product life cycle, major market trends, and technologies that are being utilized in the development of cancer-supportive care products and product adoption in various end-use sectors
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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