A recent report published by Infinium Global Research on platinum based cancer drug market provides in-depth analysis of segments and sub-segments in the global as well as regional platinum based cancer drug market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional platinum based cancer drug market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global platinum based cancer drug market. The global platinum based cancer drug market was valued at approximately USD 1420 million in 2022 and is expected to reach nearly USD 1870 million in 2030, with a CAGR of over 3% during the forecast period 2023-2030.
Platinum based drugs contain coordinated complexes of platinum. These are widely utilized in the treatment of cancer as chemotherapeutic agents. Platinum acts as a cell-damaging agent for certain cancer treatments. Approximately 10% to 20% of patients treated with chemotherapy receive platinum based drugs. These drugs are used either alone or in combination with other drug treatments. The rise in the prevalence of cancer is a major driver of the global platinum based drugs market. As per the National Cancer Institute, the sum of recent cancer cases each year is anticipated to rise to 23.6 million by 2030. However, side effects associated with the drugs and the development of resistance to the drug are the major restraints of the global platinum based drugs market. Recent trends in platinum based drugs include the development of platinum drugs analog such as platinum complexes with carrier molecules in order to increase the targeted concentration of drugs in cancer tumors.
Increasing concerns over high death rates due to cancer are responsible for the growth of the cancer drugs market over the forecast period. Further, government aid and help from NGOs promote cancer care/treatment. The growing awareness about platinum-based treatment therapies for cancer is also boosting the demand for the same. The research and development in the platinum drug market to enhance the target concentration in the drug are projected to serve numerous opportunities in this market shortly. Furthermore, Different types of platinum based drugs are available including Carboplatin, Cisplatin, Oxaliplatin, and others. The rising utilization of drugs in the treatment of various cancers such as Lung, Brain, and others is boosting the market growth. The restrain of failure and the side effects of platinum based drugs, mostly in chemotherapy are expected to affect the growth of the cancer drugs market in the forecast period. The platinum based drugs used in chemotherapy have several side effects including Kidney toxicity, Nausea and Vomiting and, many others. Relative, carboplatin has fewer side effects as compared to the other platinum-based cancer drugs. The concern related to the side effect of platinum based drugs is restraining the growth of the platinum drug market.
Based on the region, the worldwide platinum based drugs market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa. North America holds the biggest market share of the platinum based cancer drug market and developments in platinum based drugs and recent FDA approvals. The increasing number of patients, growing investments in R&D activities, and thus the establishment of technically advanced research centers will contribute to the platinum based cancer drug market growth within the region. According to the National Cancer Institute, new cases of cancer will be diagnosed in the U.K. will increase in the forecast period. The market in the Asia Pacific is anticipated to expand at the highest CAGR owing to a rise in prevalence of diseases, surge in awareness, increase in per capita income, and improvement in health care infrastructure. The increasing number of patients, growing investments, and advanced research and development in the European region will boost the growth in the region.
The report on global platinum based cancer drug market covers segments such as type, application, and distribution channel. On the basis of type, the sub-markets include cisplatin, oxaliplatin, carboplatin, and others. On the basis of application, the sub-markets include colorectal cancer, ovarian cancer, lung cancer, and others. On the basis of distribution channel, the sub-markets include hospital-based pharmacies, retail pharmacies, and online pharmacies.
The report provides profiles of the companies in the market such as Novartis AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sanofi, Eli Lilly and Company, Accord Healthcare, Guizhou Yibai Pharmaceutical Co., Ltd., Bayer AG, Qilu Pharmaceutical Co., Ltd., and Dr. Reddy’s Laboratories Ltd..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the platinum based cancer drug market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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