Selbyville, Delaware, March 25, 2020 (GLOBE NEWSWIRE) -- According to a new research report, the global platinum based cancer drugs market size is slated to surpass US$1,814.1 million by 2026. The U.S. National Cancer Institute forecasts that the number of new cancer cases will reach up to 23.6 million by 2030. The growing occurrence of different types of cancers among the global population highlights the need for effective screening and treatment options, which will augment platinum based cancer drugs demand in the upcoming years.
Following decades of robust developments in medical science, biotechnology, and oncology, platinum based drugs have become an integral part of cancer treatment. The application of these drugs in cancer therapy dates back to the 1960s when Barnett Rosenberg discovered the antineoplastic activity of cisplatin. Today, almost half of chemotherapy patients receive a platinum based medication.
However, the risk of numerous side-effects associated with the use of these drugs in the treatment of cancers and tumors may hamper the product adoption to some extent. Industry participants are investing significantly in developing advanced drug formulations to overcome these challenges. Recent research and developments have been focused around the formulation of analog drugs. For instance, the administration of platinum carrier molecule complexes could help improve targeted concentration of these drugs during chemotherapy and other cancer treatments.
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In terms of the regional landscape, North America had dominated global platinum based cancer drugs market share in 2018 and will continue to record notable growth throughout the forecast period. The regional growth can be attributed to substantial R&D activities and recent FDA approvals pertaining to these drugs.
The U.S. is among the largest drug consumers in the world and the nation’s pharmaceutical sector is considered as the largest domestic market, holding more than 45% share of the global pharmaceutical industry. The pharmaceutical sector was estimated to be worth US$446 billion during 2016. In addition, the country, along with Canada and Mexico, forms the biggest continental pharmaceutical market worldwide.
North America is home to some of the world’s most established pharmaceutical and biotechnology companies. Statistics suggest that 6 out of the top 10 companies were completely based on pharmaceutical income from the U.S. The region has witnessed growing number of cancer cases over the past few years. The presence of prominent healthcare firms in the country, a flourishing pharmaceutical sector, and ongoing drug formulation activities will bolster the regional outlook.
In the Asia Pacific, the product demand will be driven by growing awareness regarding the benefits and effectiveness of these drugs. Developing APAC countries are spending heavily on healthcare infrastructure to improve patient outcomes and experience. There has been an exponential rise in the number of cancer cases in the region. With rising disposable per capita income levels, more and more people are opting for advanced treatment options, including the use of platinum based cancer drugs.
Oxaliplatin, carboplatin, and cisplatin, among others are the different types of platinum based cancer drugs. Cisplatin product segment accounted for the largest industry share in 2018 and will witness notable growth through 2026. It is the most commonly used drug in the treatment of testicular cancer and is administered intravenously. Carboplatin is a derivative of cisplatin which is used in the treatment of ovarian, lung, and brain cancers.
On the basis of applications, platinum based cancer drugs industry is segmented into lung, ovarian, colorectal, testicular, and other cancers. Lung cancer application segment captured a substantial share of the market in 2018 and will likely drive the future product demand significantly. This can be attributed to the higher occurrence of pulmonary cancers among the global population.
Teva Pharmaceutical Industries Ltd., Accord Healthcare, Novartis AG, Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Jiangsu Hengrui Pharmaceutical Co., Ltd., Debiopharm Group, SK Chemicals, Qilu Pharmaceutical Co., Ltd., Guizhou YiBai Pharmaceutical Co., Ltd., Ask-Pharma, Pfizer, Inc., Mylan N.V., and Sanofi are the major players developing and supplying platinum based cancer drugs globally.
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Key insights from the report:
- North America dominated global platinum based cancer drugs market share in 2018 and will continue to record notable growth throughout the forecast period.
- Cisplatin product segment accounted for the largest industry share in 2018 and will witness notable growth through 2026.
- Lung cancer application segment dominated the market in 2018 and will likely drive the future product demand.
- Teva Pharmaceutical Industries Ltd., Accord Healthcare, Novartis AG, Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Guizhou YiBai Pharmaceutical Co., Ltd., Ask-Pharma, Pfizer, Inc., Mylan N.V., and Sanofi are some key providers of platinum based cancer drugs.
The analysis of global platinum based cancer drugs industry on the basis of drug type, application, and regional markets:
Platinum Based Cancer Drugs Market Drug Type Analysis (Revenue, 2019 – 2026, USD Billion)
- Cisplatin
- Oxaliplatin
- Carboplatin
- Others
Platinum Based Cancer Drugs Market Application Analysis (Revenue, 2019 – 2026, USD Billion)
- Colorectal Cancer
- Ovarian Cancer
- Lung Cancer
- Others
Platinum Based Cancer Drugs Market Regional Analysis (Revenue, 2019 – 2026, USD Billion)
Related Report:
Cancer Diagnostics Market Research Report 2019 to 2025
Cancer Diagnostics Market will exceed USD 170.0 billion by 2025; as per a new research report.Growing number of diagnostic as well as research laboratories coupled with rising awareness about early disease diagnosis will surge the demand for cancer diagnostics over the forecast timeline. Increasing healthcare spending, emerging healthcare infrastructure of developing countries and growing awareness about cancer will positively impact the industry growth.
Increasing number of people suffering from cancer will act as primary factor for driving cancer diagnostics market. According to the WHO, cancer is second leading cause of mortality in the world and responsible for around 9.6 million deaths globally in 2018. Unhealthy diet, tobacco and alcohol consumption along with physical inactivity are major causative factors for target disease. Thus, rising causative factors will escalate number of cancer cases thereby, stimulating the industry growth.
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