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Cancer Supportive Care Products Market is expected to grow from USD 15 billion in 2022 to USD 17.5 billion by 2030 : GreyViews

Pune India, Jan. 20, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the cancer supportive care products market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the cancer supportive care products market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the drug class, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.

The significant players operating in the global cancer supportive care products market are Teva Pharmaceuticals Industries Ltd., Kyowa Hakko Kirin Co Ltd., Acacia Pharma Ltd.,  Fagron Group BV., APR Applied Pharma Science Research S.A.,  and Hoffmann LA- Roche Inc. among others. To achieve a substantial market share in the worldwide cancer supportive care products market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Cancer-supportive care items are those that are primarily used to address the side effects of cancer therapy as well as the symptoms and signs of cancer, such as nausea, vomiting, hair loss, low blood counts, and others. It is projected that the introduction of biosimilars and the approval and use of targeted medications, which have fewer side effects than traditional chemotherapy drugs, will constrain market growth. The market is being driven by factors including the aging population’s rising cancer incidence and the extensive use of chemotherapy in low- and middle-income areas. The global COVID-19 epidemic has had a profound impact on cancer therapy. According to the American Society of Clinical Oncology, there was a significant drop in visits, cancer testing, operations, and therapy throughout the epidemic. The overall number of hospital outpatient evaluation and management (E&M) visits (74%), visits for new patients (70%), and visits for current patients (60%) all decreased significantly. However, around the second quarter of 2021, the situation generally started to normalize in most places. Two of the main drivers of market expansion are the rising cancer prevalence and the growing senior population. According to Globocan, there will probably be 28.4 million additional cases of cancer in the following 20 years, an increase of 47% from 2020.

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Scope of Cancer Supportive Care Products Market Report:

Report Metric Information
Study Period 2022-2030
Base Year           2022
Forecast Period 2023-2030
Market Share Unit USD Billion
Segments Covered Drug Class, Distribution Channel, and Regions.
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Teva Pharmaceuticals Industries Ltd., Kyowa Hakko Kirin Co Ltd., Acacia Pharma Ltd., Fagron Group BV., APR Applied Pharma Science Research S.A.,  and Hoffmann LA- Roche Inc. among others.

Segmentation Analysis

Non-steroidal anti-inflammatory drugs is expected to be the fastest-growing segment in 2022. 

The drug class segment is granulocyte colony-stimulating factor, erythropoiesis stimulating agent, antiemetics, bisphosphonates, opioids, non-steroidal anti-inflammatory drugs, topical, and others.  The non-steroidal anti-inflammatory drugs segment is expected to witness the highest growth rate during the forecast period.The use of NSAIDs (non-steroidal anti-inflammatory medicines) in the treatment of cancer has been the subject of numerous research studies. For example, a study titled “Non-Steroidal Anti-Inflammatory Drugs in Colorectal Cancer Chemoprevention” that was released in February 2021 noted that there is growing evidence from epidemiologic, preclinical, and clinical studies that non-steroidal anti-inflammatory drugs (NSAIDs) have a beneficial effect on colorectal cancer chemoprevention. By inhibiting cyclooxygenase-2, they primarily reduce the risk of colorectal polyps.

Hospital pharmacies are expected to be the fastest-growing segment in 2022. 

The distribution channel segment is retail pharmacies, hospital pharmacies, and compounding pharmacies. The hospital pharmacies segment is expected to witness the highest growth rate during the forecast period. Because the pharmacy market is always changing, hospital pharmacists are working hard to keep up with the increased demand for cancer supportive care products and the consistent growth in healthcare costs. The high import costs of oncology drugs are a continuing challenge for hospital pharmacists in terms of cost reduction and budgetary management. Hospital pharmacists are keeping an eye on trends relating cancer supportive care goods that have a noticeable impact on pharmacy spending in order to ensure that hospitals may save as much money as feasible on their prescription drug expenses. The market for cancer supportive care products is currently dominated by hospital pharmacists, but new players are already creating new revenue streams in retail pharmacies.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the cancer supportive care products market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The North America region witnessed a major share. The country’s market under study is anticipated to grow as a result of elements including the rising incidence of diseases and the expansion of both the public and private sectors’ operations. The US and Canada have established healthcare systems and as a result, invest extensively in oncology-related treatment and research, despite the fact that high prevalence burdens the population. As a result, these countries attract lots of market players. The market is also growing as a result of increased financing for research and development over time. In April 2022, scientists from the NYU Grossman School of Medicine published a paper on the intricate protein network that sustains organs and helps to mend damaged tissue in the Proceedings of the National Academies of Sciences.

Country Analysis

Germany’s cancer supportive care products market size was valued at USD 0.12 billion in 2022 and is expected to reach USD 0.34 billion by 2030, at a CAGR of 2.8% from 2023 to 2030. Because the disposable income of the urban population is increasing. Additionally, the area’s need for this industry has grown as a result of the region’s rising cancer prevalence and the severe side effects associated with cancer treatment.

China’s cancer supportive care products market size was valued at USD 0.25 billion in 2022 and is expected to reach USD 0.45 billion by 2030, at a CAGR of 2.4% from 2023 to 2030. Because the average cost of biologics has doubled, leading to a surge in biosimilars. Additionally, the expansion of pharmaceutical drug research and development would cause the market for cancer supportive care products in the region to significantly increase over the course of the forecast period.

India’s cancer supportive care products market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.48 billion by 2030, at a CAGR of 2.7% from 2023 to 2030. since the number of biosimilars has increased over the past few years. The region’s market for cancer supportive care goods is also anticipated to grow in the approaching years as a result of the rising cancer prevalence, as well as the numerous side effects and cancer treatments.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of the cancer supportive care products market is mainly driven by the increase in cancer.

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