The global cytotoxic drug market is expected to grow primarily due to increasing prevalence of cancer. Antimetabolites sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, May 30, 2023 /PRNewswire/ — Global Cytotoxic Drug Market Forecast Analysis:
As per the report published by Research Dive, the global cytotoxic drug market is expected to register a revenue of $21,644.10 million by 2031 at a CAGR of 5.7% during the forecast period 2022-2031.
Segments of the Cytotoxic Drug Market
The report has divided the cytotoxic drug market into the following segments:
- Drug Type: antimetabolites, antitumor antibiotics, alkylating agents, plant alkaloids, and others
- Antimetabolites– Dominant market share in 2021
The increasing use of antimetabolites to treat a variety of malignancies, including leukemia, lymphoma, and solid tumors is predicted to boost the growth of this sub-segment by 2031. - Route of Administration: oral and intravenous
- Oral– Significant growth rate by 2031
The advantages associated with oral medications such as enhanced patient compliance and adherence to treatment has led to an increase in their popularity which is expected to aid the sub-segment to register significant growth numbers by 2031. - Application: breast cancer, lung cancer, prostate cancer, pancreatic cancer, and other
- Other– Significant market share by 2031
Cytotoxic medicines are used in combination with other chemotherapeutic treatments, targeted therapies, and radiation therapy to treat many forms of cancer which is expected to aid the sub-segment to register significant growth numbers by 2031. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Most dominant by 2031
The high rate of incidence of cancer in this region is expected to help the cytotoxic drug market to flourish immensely in the forecast period.
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Dynamics of the Global Cytotoxic Drug Market
Growing prevalence of different types of cancer across the globe is expected to make the cytotoxic drug market highly lucrative in the forecast period. Furthermore, the rising focus on cancer screening programs and public health initiatives is anticipated to help the market reach new heights. However, according to market analysts, the high cost of developing cytotoxic drugs might become a restraint in the growth of the market.
Rising demand for personalized medicine and targeted therapies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the growing focus of the healthcare sector to develop new and more potent cytotoxic medications is expected to propel the cytotoxic drug market forward in the coming period.
COVID-19 Impact on the Global Cytotoxic Drug Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The cytotoxic drug market, too, experienced a negative growth during the pandemic. The disruptions in the global supply chains affected the overall production and supply cycles which hampered the growth rate of the market in the pandemic period.
Key Players of the Global Cytotoxic Drug Market
The major players of the market include
- Pfizer Inc.
- F. Hoffmann-La Roche AG
- Novartis AG
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Merck & Co. Inc.
- Johnson & Johnson
- Sanofi
- Baxter
- GlaxoSmithKline plc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in November 2020, Merck, a leading pharmaceutical company, announced the acquisition of VelosBio, a next-generation oncology company. This acquisition is predicted to help the acquiring company, i.e., Merck, to increase its footprint in the cytotoxic drug market in the next few years.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Cytotoxic Drug Market:
- How Nanotechnology is Revolutionizing Cytotoxic Drug Delivery?
- Global Cytotoxic Drug Market to Experience Noteworthy Growth with Growing Need for Personalized Medicine and Targeted Therapies
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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