It is expected to grow at a CAGR of 4. 2% from 2021 to 2028. The report highlights trends prevailing in the market and factors driving the metastatic cancer drug market growth. The growth in the metastatic cancer drug market is attributed to the increasing prevalence of metastatic cancer across the world and rising government initiatives to support research and developments in cancer treatment.
New York, May 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metastatic Cancer Drug Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Cancer Type, Route of Administration, Drug Class, Product, and End User" - https://www.reportlinker.com/p06279450/?utm_source=GNW
However, the high cost of oncology drugs restricts the market.
Metastatic cancer is defined as an advanced cancer stage that spreads to the other body parts, and the drugs used for the treatment of advanced-stage cancer are known as metastatic cancer drugs. These drugs are used through various therapies, such as chemotherapy, immunotherapy, and targeted therapy.
Governments of various countries are introducing missions and programs for quick and effective cancer treatment.In 2016, the US Government launched the Cancer Moonshot with three ambitious goals: To accelerate scientific cancer-related discovery, foster greater collaboration, and improve data sharing.
The cancer patient community and medical researchers responded with tremendous energy and ingenuity to this campaign.On February 2, 2022, the Cancer Moonshot project was relaunched by highlighting new goals of reducing the death rate of cancer by at least 50% over the next 25 years, improving the experience of people and their families living with and surviving cancer, and putting an end to cancer through these efforts.
By focusing on the areas of cancer research and encouraging new investments that are most likely to benefit patients, the Cancer Moonshot has brought together a large community of investigators and clinicians dedicated to expediting research to improve the lives of patients.
In 2020, 2.7 million people in the European Union were diagnosed with the disease, and another 1.3 million people lost their lives to it. The EU has been working to tackle cancer for decades and its actions, for example tobacco control and protection from hazardous substances, have saved and prolonged lives. Europe’s Beating Cancer Plan is the EU’s response to the need for cancer treatment. It reflects a political commitment to leave no stone unturned to take action against cancer. Mobilizing the collective power of the EU to drive change for the benefit of the citizens, the Cancer Plan contains concrete, ambitious actions that will support, coordinate and complement Member States’ efforts to reduce the suffering caused by cancer. Over the coming years, it will focus on research and innovation, tap into the process of digitalization and offer new technologies, and mobilize financial instruments to support the Member States.
The European Medicines Agency introduced and authorized a drug named Trodelvy that exhibits greater benefits than its risks.In January 2021, AstraZeneca and Daiichi Sankyo Company, Limited (Daiichi Sankyo)’s Enhertu (trastuzumab deruxtecan) were granted conditional approval in the European Union (EU) as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens.
In Europe, over 531,000 breast cancer cases in women are diagnosed per year, with approximately 1 in 5 patients being HER2-positive. The impact of the disease is significant, with breast cancer responsible for more than 141,000 deaths annually in Europe.
Based on cancer type, the metastatic cancer drug market is segmented into breast cancer, lung cancer, liver cancer, hematological cancer, brain cancer, prostate cancer, pancreatic cancer, and others.The breast cancer segment accounted for the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period.
Based on the route of administration, the metastatic cancer drug market is segmented into intravenous, intramuscular, oral, and others.The intravenous segment accounted for the largest market share in 2021 and is expected to register the highest CAGR during the forecast period.
Based on drug class, the metastatic cancer drug market is segmented into HER2 inhibitors, immune checkpoint inhibitors, PARP inhibitors, kinase inhibitors, and others.The PARP inhibitors segment accounted for the largest market share in 2021.
However, the HER2 inhibitors segment is expected to register the highest CAGR during the forecast period. Based on product, the metastatic cancer drug market is bifurcated into branded and generics and biosimilars. The branded segment accounted for a larger market share in 2021. However, the generics & biosimilars segment is estimated to register a higher CAGR during the forecast period. Based on end user, the metastatic cancer drug market is segmented into hospitals, specialty clinics, and others. The hospital segment accounted for the largest share in 2021, whereas the specialty clinic segment is estimated to register the highest CAGR during the forecast period.
With regular screening, consolations, and treatments, the market for metastatic cancer drugs in North America was constantly growing before the pandemic.The first wave of the COVID-19 crisis disrupted the consultations, follow-ups, and screenings of oncological cases.
Countries such as the US and Canada reported the highest number of COVID-19 positive cases.The US-registered highest number of deaths due to the COVID-19 crisis.
The chaotic situation created in the healthcare industry across the countries led to a reduced number of consultations and a smaller number of cancer cases diagnosed.For instance, international efforts suggest that the diagnoses of cancers were reduced by 40% between March 9 and May 17, 2020, compared to diagnoses averaged over the same period between 2018 and 2019.
The disruption of clinical trials and drug supply to patients resulted from the pandemic crisis, thus hampering the metastatic cancer drug market.
Various organic and inorganic strategies are adopted by companies in the metastatic cancer drug market.The organic strategies mainly include product launches and product approvals.
Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.These growth strategies have allowed the metastatic cancer drug market players to expand their business, enhance their geographic presence, and contribute to the overall market growth.
Additionally, various growth strategies, such as acquisitions and partnerships, helped them strengthen their customer base and extend their product portfolios. A few of the significant developments by key players in the metastatic cancer drug market are listed below.
In January 2022, AbbVie announced that the US FDA granted Breakthrough Therapy Designation (BTD) to investigate the telisotuzumab vedotin (Teliso-V) for the treatment of patients with advanced/metastatic epidermal growth factor receptor (EGFR) wild type, nonsquamous non-small cell lung cancer (NSCLC) with high levels of c-Met overexpression whose disease has progressed on or after platinum-based therapy.
A few of the major primary and secondary sources referred to while preparing the report on the metastatic cancer drug market are the National Center for Health Statistics (a department of the US Department of Health & Human Services), Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and Organization for Economic Co-operation and Development (OECD).
Read the full report: https://www.reportlinker.com/p06279450/?utm_source=GNW
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