The Global Cytotoxic Drugs Market Anticipated to Register a Revenue of $14,885.2 Million, Growing at a CAGR of 1.2% from 2021 to 2028Download Sample Reports Overview
The global cytotoxic drugs market is expected to be valued at $14,885.2 million by 2028, surging from $13,425.0 million in 2020, at a noteworthy CAGR of 1.2%.
Covid-19 Impact on Cytotoxic Drugs Market
The corona virus pandemic has had significantly disrupted the growth of the industries worldwide creating a mass disturbance for sellers as well as and buyers. The global pandemic has also impacted the global cytotoxic drugs industry in a negative way. Furthermore, multiple manufacturers and cancer treatment providers are facing challenges in supply of their products, thereby the global cytotoxic drugs market witnessed declined growth, during the analysis period.
However, in October 2021, NanoString Technologies, Inc., a publicly held biotech firm that specializes in development of translational research tools, announced the official release of the nCounter® ADC Development Panel. It is an integrated gene expression tool which plays key role in the speedily manufacturing of cytotoxic drugs. These product developments are further expected to demand the cytotoxic drugs, post COVID-19 pandemic.
Global Cytotoxic Drugs Market Analysis
The global cytotoxic drugs market growth is mainly driven by the presence of strong pipeline, availability of novel drugs, and supportive government policies for disease awareness. Furthermore, the extensively rising incidence of cancer, along with growing geriatric population, is expected to flourish the cytotoxic drugs market. In addition to this, as per the World Health Organization (WHO), the agency of the United Nations (UN) responsible for public health, cancer is the 2nd main cause of death worldwide and was responsible for almost 9.6 million deaths in 2018. All such facts and figures are further expected to drive demand for cytotoxic chemotherapy drugs such as cytotoxic anticancer drugs and cytotoxic antibiotics which may ultimately flourish the global cytotoxic drugs market.
Contrary to this, high cost associated with cytotoxic drugs like enzalutamide cytotoxic and dutasteride cytotoxic is projected to restrain the growth of the global market, throughout the projected period. Moreover, lower penetration of cytotoxic drugs across the pharmacies in middle or low-income nations is also hampering the global cytotoxic drugs market growth.
Cytotoxic drugs has experienced the massive surge in demand within healthcare establishments owing to its durable and encouraging anti-tumor activities. In addition to this, recent launches of cytotoxic drugs may create positive impact on the global market. For instance, in July 2021, Tevogen Bio, a biotech company specialized in cell therapies in oncology, got clearance from U.S. Food and Drug Administration (FDA) for TVGN-489. This is a cytotoxic drug which has shown strong antiviral activity against COVID-19. Such novel innovations may further expected create opportunities in the global cytotoxic drugs market.
Global Cytotoxic Drugs Market, Segmentation
The global cytotoxic drugs market is segmented based on drug type, route of administration, application, and region.
The drug type segment is further classified into antitumor antibiotics, alkylating agents, plant alkaloids, antimetabolites, and other drug types. Among these, the antimetabolites drugs sub-segment is projected to have the largest share of the cytotoxic drugs market size and generate a revenue of $6,908.1 million by 2028.
The growth of antimetabolites drug sub-segment of cytotoxic drugs market is mainly attributed to its’ significant role in the treatment of leukemia, gastrointestinal, and ovarian cancers. Antimetabolite is the best chemotherapeutic agent that inhibits metabolic pathways by enzymatic reaction. Also, the presence of these antimetabolites has a negative impact on cell cycles as these drugs obstruct the cell growth as well as its proliferation; hence, these antimetabolites are mainly utilized as chemotherapeutics in cancers, which can accelerate the sub-segment’s growth, in the projected period.
Route of Administration:
The route of administration segment is further classified into oral and parental. Among these, the parental sub-segment is expected to have the dominating share and surpass $11,273.0 million by 2028, with the increase from $10,076.4 million in 2020.
Parenteral drug delivery can gain easy access to the systemic circulation with drug absorption and hence reach the site of drug action quickly. Also, extensively increasing prevalence of cancer across the globe is one of the foremost reasons propelling the sub-segment’s growth. Moreover, notable players such as F. Hoffmann-La Roche AG, Bristol-Myers Squibb, and AbbVie Inc. are heavily investing in the research and innovations which may further foster the sub-segment’s growth.
The application segment is further classified into prostate cancer, breast cancer, pancreatic cancer, lung cancer, and other applications. Among these, the breast cancer sub-segment is expected to have the dominating share and surpass $5,011.5 million by 2028, with the increase from $4,598.6 million in 2020.
Initiatives undertaken by multiple organizations to educate people, raise funds, and create awareness for the breast cancer are anticipated to augment the sub-segmental growth. For instance, in October 2019, the Ministry of Health and Family Welfare, an Indian government ministry of health policies, announced to run the breast cancer awareness month campaign in order to educate people regarding breast cancer. This is likely to fuel the growth of the sub-segment, thereby, growing the need for cytotoxic.
The cytotoxic drugs market for the Asia-Pacific region is anticipated to have a lucrative growth. Cytotoxic drugs market in Asia-Pacific region is competitive and key players operating in the region have adopted numerous strategies to gain largest Asia-Pacific cytotoxic drugs market share. Asia-Pacific cytotoxic drugs market accounted $1,427.1 million in 2020 and is expected to register a revenue of $1,760.9 million by 2028.
The enormously growing demand for advanced and innovative cancer disease therapeutics specifically in India, South Korea, and China is one of the prominent factors boosting the development of the cytotoxic and cytostatic drugs industry. Also, some of the main factors behind this market growth can be the rising prevalence of breast & lung cancer and the developing healthcare infrastructure across the region. Further, aging population across the China and Australia is raising the chances of cancer disease, which is further expected to boost the demand for cytotoxic drugs market, in the region.
Key Players in the Global Cytotoxic Drugs Market
Some of the leading global cytotoxic drugs market players are
- Pfizer Inc.
- AbbVie Inc.
- Johnson & Johnson
- GlaxoSmithKline PLC
- F. Hoffmann-La Roche AG
- Bristol-Myers Squibb
- Merck & Co. Inc.
- Novartis AG
- Eli Lilly and Company.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Cytotoxic Drugs Market
- Bargaining Power of Suppliers: The suppliers of global cytotoxic agents/drugs are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of liver disease medication provider decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced cytotoxic drugs at lower cost. Thus, multiple suppliers are providing best yet cost-efficient cytotoxic drugs. Hence, the buyers can select the product that best fits their preferences.
The bargaining power of the buyers is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no substitute available for the cytotoxic drugs.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global cytotoxic drugs industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc., and Sanofi are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.