Ongoing Studies on Novel Treatment and Clinical Trials Are Creating Growth Prospects for BRAF-MEK Inhibitors: Fact MR
As per a study by Fact.MR, the Global BRAF-MEK inhibitors market is expected to grow due to increasing prevalence of cancer such as melanoma, metastatic, and colorectal cancer.
According to the Centers for Disease Control and Prevention provided, around 77696 new cases of melanoma cancer were diagnosed every year from 2012 to 2016 in the U.S. alone. Studies also suggest that men are more frequently affected by melanoma cancer than women. Rising incidence of melanoma cancer will fuel the demand for effective treatment, in turn creating growth opportunities for the market.
Approvals by regulatory bodies present in various countries are expected to propel the market growth. For instance, Roche announced the approval of Tecentriq, Cotellic, and Zelboraf for the treatment of BRAF V600 mutation-positive advanced melanoma patients in July 2020 by the U.S. Food and Drug Administration.
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Despite surging demand, the outbreak of the novel coronavirus has created disruption for the market across the globe. Product development and clinical trials have been severely affected. Nonetheless, the robust pipeline of BRAF-MEK inhibitor drugs is expected to significantly drive the growth of the market in the coming years.
- The U.S. has emerged as a leading BRAF-MEK inhibitors market owing to the rise in numbers of product approvals by the regulatory authorities.
- Rising incidence of NSCLC and melanomas is expected to drive the demand of BRAF-MEK inhibitors in the U.K.
- In the Asia Pacific, key players of BRAF-MEK inhibitors have been investing increasingly in China and India due to a large patient base.
- More than 4,000 patients are suffering from melanoma and around 700 deaths occur in Japan every year, as per a study by the Ministry of Health, Labor and Welfare of Japan. This will fuel the demand for BRAF-MEK inhibitor in the country.
- Developing countries are investing in advanced healthcare and research & development driving the demand of BRAF-MEK inhibitors.
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- Increasing focus on early diagnosis of cancer is a key strend, positively affecting the market of BRAF-MEK inhibitors.
- Global BRAF-MEK inhibitors market is soaring due to the increased spending on cancer research and drug development.
- Several experts have joined hands for better research and development activities across the medical research brotherhood. This has been driving the market for BRAF-MEK inhibitors globally.
- Adverse effects of BRAF-MEK inhibitors, such as peripheral edema, diarrhea, and dermatitis acneiform is negatively affecting the demand of BRAF-MEK inhibitors.
- Unfavorable reimbursement for approval for new melanoma therapies is hindering the growth of the market.
- Extensive R&D activities and manufacturing makes the drugs very expensive, hampering the growth of the BRAF-MEK inhibitors market.
Key players operating in the BRAF-MEK inhibitors market are SpringWorks Therapeutics, AstraZeneca, Pfizer Inc., ONO PHARMACEUTICAL CO.LTD, Novartis AG, BeiGene LTD, Atriva Therapeutics GmbH, F. Hoffmann-La Roche Ltd, and Bristol-Myers Squibb. The key players are focusing on participating in trade fairs and international conferences to encourage their distribution partnerships and potential R&D collaborations.
- Array BioPharma Inc. and ONO PHARMACEUTICAL CO., LTD. signed a license agreement to develop and commercialize MEKTOVI in the U.S., in May 2017
- In January 2019, Ono Pharmaceutical Co., Ltd. received manufacturing and marketing approval for MEKTOVI MEK inhibitors for the treatment of metastatic melanoma with BRAFV600 mutations in Japan.
More Insights on the BRAF-MEK inhibitors market:
In its latest report, Fact.MR offers an unbiased analysis of the BRAF-MEK inhibitors market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of drug (trametinib, cobimetinib, binimetinib, and others), distribution channel (hospital pharmacies, retail pharmacies, online pharmacies) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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