PARP Inhibitor Market is projected reach US$ 8,818.4 Mn by 2027, Owing to Increasing Incidence of Cancer
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According to Global PARP Inhibitors Market Report, by Drug Type (Niraparib (Zejula), Olaparib (Lynparza), Rucaparib (Rubraca), and Talazoparib (Talzenna)), by Application (Ovarian Cancer, Breast Cancer, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights, the global PARP inhibitors market was valued at US$ 887.7 million in 2018, and is projected to exhibit a CAGR of 32.4% over the forecast period (2019–2027).
High incidence of cancer is expected to propel growth of the global PARP inhibitors market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. Moreover, R&D in oncology is also expected to aid in growth of the market. For instance, in June 2019, researchers from University of Montreal Hospital Research Centre (CRCHUM) developed a two-step combination therapy for treatment of ovarian cancer.
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Major players in the market are focused on investment in oncology, which is expected to aid in growth of the lobal PARP inhibitors market. For instance, in July 2019, Evotec formed a spinoff company Breakpoint Therapeutics, which will be responsible for development of first-in-class drugs targeting cancer cells by destroying their DNA repair mechanism. Moreover, Evotec raised around US$ 36 Mn for the development of drugs that can block DNA repair mechanism in drug resistant cancer.
Government initiatives to support the treatment and management of cancer patients is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2019, the government of Australia announced an investment of US$ 1.6 Mn in a project called the Ovarian Cancer Australia, which aims to provide psychosocial support and care to ovarian cancer patients in Australia through Telehealth.
Among drug types, the Olaparib (Lynparza) segment accounted for the largest market share in the global PARP inhibitor market in 2018. This is attributed to increasing number of product approvals in the segment. For instance, in May 2019, AstraZeneca plc. and Merck received the Health Canada approval for Lynparza as a monotherapy maintenance treatment for patients with advanced BRCA-mutated high-grade epithelial ovarian, fallopian tube, or primary peritoneal cancer.
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Among application, the ovarian cancer segment accounted for the largest market share in the global PARP inhibitor market in 2018. This is attributed to increasing adoption of PARP inhibitors in the treatment of ovarian cancer.
Among distribution channel, the hospital pharmacies segment accounted for the largest market share in the global PARP inhibitor market in 2018, as physician access as well as relevant medications are both available at hospital pharmacies.
Key players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in February 2019, Clovis Oncology, Inc. announced a research collaboration with Alkermes plc. for evaluation of Alkerme’s ALKS 4230 investigational interleukin-2 (IL-2) variant immunotherapy in combination with Clovis’ anticancer product rucaparib and lucitanib.
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The global PARP inhibitor market is expected to exhibit a CAGR of 32.4% over the forecast period
High incidence of cancer is expected to propel growth of the global PARP inhibitors market over the forecast period
Key players operating in the global PARP Inhibitor market include, AstraZeneca Plc., Johnson & Johnson, GlaxoSmithKline plc., Pfizer, Inc., Clovis Oncology Inc., AbbVie Inc., Bristol – Myers Squibb, Merck KGaA, Genentech, Inc., Repare Therapeutics Inc., Sierra Oncology, Inc., Karyopharm Therapeutics Inc., Ono Pharmaceutical Co., LTD., and Jiangsu Hengrui Medicine Co., Ltd.
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