Gynecological Cancer Drugs Market to Reach $21.8 Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research
Increase in the incidence of gynecological cancers and surge in awareness about cancer and early screening of cancer drive the growth of the global gynecological cancer drugs market
PORTLAND, Ore., May 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gynecological Cancer Drugs Market by By Therapeutic Modality (Chemotherapy, Targeted Therapy, Hormonal Therapy), by By Indication (Cervical Cancer, Uterine Cancer, Ovarian Cancer, Vaginal & Vulvar Cancer): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global gynecological cancer drugs industry generated $11.6 billion in 2020, and is estimated to reach $21.8 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in the incidence of gynecological cancers, rise in investments from the governments and public & private sectors for cancer treatment, and surge in awareness about cancer and early screening of cancer drive the growth of the global gynecological cancer drugs market. However, high cost involved in new drug development and the threat of failure & adverse effects associated with gynecological cancer drugs therapies restrain the market growth. On the other hand, high number of potential drugs in the pipeline presents new opportunities in the coming years.
Covid-19 Scenario
- The demand for gynecological cancer drugs reduced considerably due to lowered number of diagnoses during the Covid-19 pandemic. There was a decrease in the diagnoses of different types of cancer types by 46%.
- The demand is estimated to recover steadily post-pandemic as the number of diagnoses for various types of cancer is expected to increase.
The targeted therapy segment to maintain its leadership status during the forecast period
Based on therapeutic modality, the targeted therapy segment held the highest market share in 2020, contributing to nearly half of the global gynecological cancer drugs market, and is projected to maintain its leadership status during the forecast period. This is due to adoption of targeted therapy, fewer adverse effects of the therapy, and availability of a number of targeted therapeutics. However, the chemotherapy segment is estimated to manifest the largest CAGR of 7.1% from 2021 to 2030, owing to surge in demand of chemotherapy drugs for the treatment of cancer and rise in prevalence of cancer across the world.
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The cervical cancer segment to maintain its lead position throughout the forecast period
Based on indication, the cervical cancer segment contributed the highest market share in 2020, accounting for nearly two-fifths of the global gynecological cancer drugs market, and is expected to maintain its lead position throughout the forecast period. This is attributed to rise in the prevalence of cervical cancer across the globe and increase in the cases of HPV virus, as HPV is major causing agent of the cervical cancer. However, the vaginal & vulvar cancer segment is expected to witness the fastest CAGR of 8.2% from 2021 to 2030, owing to rise in the prevalence of vaginal cancer and surge in geriatric population across the world.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America accounted for the highest market share in terms of revenue in 2020, holding around two-fifths of the global gynecological cancer drugs market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to the presence of large patient population, strong presence of key players, ease in drug availability, well-developed healthcare infrastructure, and favorable reimbursement policies in the healthcare system. However, Asia-Pacific is estimated to register the fastest CAGR of 7.5% during the forecast period, owing to increase in the number of cancer-affected patients and rise in awareness related to different cancers.
Leading Market Players
- Apotex Inc.
- AstraZeneca Plc
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- GlaxoSmithKline Plc
- Merck & Co., Inc.
- Novartis AG
- Pfizer, Inc.
- Teva Pharmaceutical Industries Ltd.
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