Megestrol Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global megestrol market is anticipated to grow at a significant CAGR of 5.2% during the forecast period (2022-2028). Megestrol is a synthetic Progesterone hormone, used to treat breast and endometrial cancer. It alters female hormones that contribute to cancer growth and aids in weight gain by increasing hunger. Breast cancer is one of the most prevalent type of cancer globally. According to the World Health Organization (WHO), 2.26 million new breast cancer cases were registered globally in 2020, which accounts for 11.7% of all new cancer cases registered in 2020. Furthermore, according to US Breast Cancer Statistics, around 1 in every 8 US women (13%) may acquire invasive breast cancer during their lifetime. According to the same source, an estimated 287,850 new cases of invasive breast cancer and 51,400 new instances of non-invasive breast cancer will be identified in women in the US alone during 2022, with a fatality of around 43,250 women. As a result, the global megestrol market is being driven by the increased prevalence of breast cancer among women. Based on type, the oral suspension segment holds prominent market share as compared to other types, as oral suspensions can relieve the discomfort of patients in swallowing. This drives their demand among patients with AIDS and women with womb and breast cancer.

The rising funding by the government for breast cancer treatment and awareness programs related to AIDS and its treatment can create significant scope for market growth. For instance, in October 2021, the state government of Goa, India in partnership of YouWeCan and SBI foundation had initiated 'Swasth Mahila, Swasth Goa' campaign for free breast cancer screening of 1 lakh women in Goa. This will ensure that 50% of the state's age-eligible female population is screened. This screening will be performed through 'iBreast' devices during the next two years.

Moreover, the market growth is driven by the increased FDA approvals to megestrol drugs, for instance, in December 2021, Takeda announced the launch of LIVTENCITY (maribavir), second new molecular entity approved by the US FDA in FY2021, following the EXKIVITY (mobocertinib) approval and launch in Q2 FY2021. LIVTENCITY is a novel molecular entity that inhibits viral DNA replication, encapsidation, and nuclear egress by targeting CMV at pUL97.

Among regions, Asia-Pacific is anticipated to hold the major share in the global megestrol market. Asia-Pacific major countries such as China, India, Japan have been recognized as promising locations for low-cost drug research due to their rapidly increasing healthcare infrastructure along with supportive government initiatives, low operating expenses, and growing patient population. For instance, In March 2018, the central government in India approved the implementation of PM-JAY. This flagship public health initiative offers hospital coverage for the 40% of the country's population that is poor or low-income.

The rest of world region is likely to show notable growth in the market during the forecast period. The presence of large number of HIV patients in South Africa is the key factor driving the demand for megestrol in this region. South Africa has the highest number (7.5 million) of people living with HIV across the globe. Eswatini (formerly known as Swaziland) has the highest prevalence of 27%. An estimated 20.7 million people are living with HIV in Eastern and Southern Africa, more than half (54%) of all people living with HIV.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Pfizer Inc. Ltd., Novartis International AG, Abbott Laboratories, Par Pharmaceutical, Takeda Chemical Industries, Ltd., and others.

A full report Megestrol Market of is available at:  https://orionmarketreports.com/megestrol-market/94923/

Global Megestrol Market Report by Segment
By Type
•Oral Suspension
•Tablet
•Injection
•Others
By Application
•Hospital
•Clinic
•Others

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.