Global Cancer Supportive Care Products Market to be Worth US$ 32 Bn by 2030: Future Market Insights
The cancer supportive care products market is anticipated to reach a valuation of US$ 32 billion by 2030. The industry is expected to be marginally impacted by the ongoing crisis of the coronavirus outbreak. The critical nature of cancer treatment is a key factor that supports the production and sales of cancer supportive care products. On the other hand, potential risks of coronavirus on immunocompromised cancer patients can create challenges in the industry.
As the FMI report foresees the future of the cancer supportive care products market, the demand will expand at a notable CAGR of during the forecast period of 2020 to 2030. In terms of revenue, the concerned market is poised to attain a valuation of US$ 32 Bn by the end of 2030, Cancer supportive care products market is expected to grow at about 4% y-o-y in 2020. As per the World Cancer Research Fund International (WCRF), it has been projected that there will be more than 24 million cases of cancer by 2035 globally. These numbers do not include non-melanoma skin cancer. According to the National Cancer Institute (NIH), there were more than a million cancer cases in the U.S. itself
“Most prominent cancer treatment therapies have been known to cause a wide range of potentially serious side effects. Consequently, the role of cancer supportive care drugs is essential in reducing such side effects. So, increasing incidences of cancer has a direct impact on the growth of this market for the foreseeable future,” says the report by FMI.
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Cancer Supportive Care Products Market – Primary Takeaways
- Erythropoietin stimulating agents are accounting for major market share, owing to superior efficacy in supporting the patient’s immunity capacities during treatment.
- Supportive care for breast cancer is rapidly gaining ground, supported by high investments by private and public bodies toward breast cancer awareness campaigns.
- North America is a major market for cancer supportive care products, aided by favorable reimbursement policies, and better healthcare infrastructure.
Cancer Supportive Care Products Market – Growth Factors
- Steadily rising incidences of cancer, coupled with higher incomes and better healthcare facilities are key driving factors.
- High investments by governments and healthcare companies towards product development support adoption.
Cancer Supportive Care Products Market – Major Constraints
- The increasing use of targeted therapy drugs for cancer reduces side effects and the requirement of supportive care products.
- Strict regulations and slow approval of cancer supportive care products holds back market growth.
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The Projected Impact of Coronavirus
With the high level of contagiousness of the covid-19 virus, healthcare facilities are being forced to balance the need for cancer therapies, with the potential risk of severe complications arising from a coronavirus infection, particularly as most cancer patients are immunocompromised for the duration of the treatment. Supportive care products which can minimize clinic and hospital visits are gaining preference. As a result, telehealth options are likely to gain ground during the pandemic.
The cancer supportive care products market comprises players including but not limited to Teva Pharmaceutical Industries Ltd., Amgen Inc., Fagron, Johnson & Johnson Pvt. Ltd., Hoffmann La Roche Ltd., Baxter, Novartis AG, Heron Pharma, Bendalis Gmbh, Enlivity Corporation, and ARIAD Pharmaceuticals.
Participants in the cancer supportive care products market are largely displaying interest in setting up clinical trials, and acquiring regulatory approval for new offerings in development.
For instance, Pfizer announced the FDA approval for Bavencio – avelumab for supportive care in advanced bladder cancer. Similarly, Specialized Therapeutics Asia’s NERLYNX for early breast cancer care has received approval by the National Pharmaceutical Regulatory Agency of Malaysia. Javelin Pharmaceutical Inc. has set up a promising clinical trial for second-line immunotherapy for its bladder cancer supportive care drug.
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More About the Study
The FMI study provides detailed insights on cancer supportive care products market. The market is broken down in terms of drug class (non-steroidal anti-inflammatory drugs, anti-infective, anti-emetic, monoclonal antibodies, erythropoietin stimulating agent, opioid analgesics, bisphosphonates, and granulocyte colony stimulating factor), indication (lung cancer, breast cancer, prostate cancer, liver cancer, bladder cancer, leukemia, ovarian cancer, melanoma, and others), and distribution channel (Hospital pharmacy, retail pharmacy, and compounding pharmacy), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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