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Anti-Neoplastic Agents Market Growth, Trends And Analysis Report To 2033
Anti-Neoplastic Agents Market Growth
According to The Business Research Company's, the anti-neoplastic agents market size has grown rapidly in recent years. It will grow from $118.03 billion in 2023 to $130.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increasing cancer incidence, growing demand for therapies, rising demand for minimally invasive cancer treatments, demand for affordable anti-neoplastic treatments.
The anti-neoplastic agents market size is expected to see strong growth in the next few years. It will grow to $184.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to patient education and awareness, government initiative, growing demand for personalized cancer treatment, growing focus on quality of life in cancer treatment. Major trends in the forecast period include advancements in oncology research, development of targeted therapies, biotechnology innovation, advancements in diagnostic tools.
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Market Drivers and Trends:
The increasing number of cancer cases is expected to propel the growth of the antineoplastic agent market going forward. Cancer is a category of illnesses that can develop in nearly any organ or tissue in the body when aberrant cells proliferate uncontrollably, cross their normal boundaries and either spread to other organs or invade neighboring body parts. Antineoplastic agents play an essential role in cancer treatment by inhibiting cancer cell growth and division through various mechanisms, including DNA (Deoxyribonucleic acid) damage, cell cycle disruption and interference with crucial cellular pathways. For instance, in 2023, according to the American Cancer Society Inc., a US-based non-profit health group, 1.9 million new cancer cases are expected to be diagnosed in the US, an increase from 1.8 million new cancer cases diagnosed in 2020. Further, 609,820 cancer-related deaths are anticipated in 2023, an increase from 606,520 in 2020. Therefore, the increasing number of cancer cases is driving the growth of the antineoplastic agent market.
Major companies operating in the anti-neoplastic agent market are focused on developing clinical practices to sustain their position in the market. For instance, in March 2022, Novartis AG, a Switzerland-based pharmaceutical corporation, announced the Food and Drug Administration's (FDA) approval of Pluvicto, a first targeted radioligand therapy for the treatment of progressive, PSMA (Prostate-specific membrane antigen) positive metastatic castration-resistant prostate cancer (mCRPC). It is recommended to provide 7.4 GBq (200 mCi) of Pluvicto intravenously every six weeks for a maximum of six doses or until disease progression or intolerable toxicity, whichever comes first. Based on PSMA expression in tumors, patients with previously treated mCRPC should be chosen for treatment with Pluvicto utilizing Locametz or another authorized PSMA-11 imaging agent.
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Major Key Players of the Market:
Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Fresenius SE & Co. KGaA, Takeda Pharmaceutical Company Limited, Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Eisai Co. Ltd., Sun Pharmaceutical Industries Limited, Ipsen SA, Cipla Limited, Dr. Reddy's Laboratories Ltd., Intas Pharmaceuticals Limited, Hikma Pharmaceuticals PLC, Gland Pharma Limited, Zydus Lifesciences Limited, Glenmark Pharmaceuticals Ltd., Jubilant Life Sciences Ltd., Lantheus Holdings Inc., Hutchison Medipharma Ltd., Natco Pharma Ltd., Accord Healthcare Limited, Qilu Pharmaceutical Co. Ltd.
Anti-Neoplastic Agents Market 2024 Key Insights:
• The anti-neoplastic agents market is expected to grow to $184.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Increased Cancer Research Investment Drives Growth Of Anti-Neoplastic Agent Market
• Leading Companies Drive Antineoplastic Agent Market Through Clinical Advancements
• North America was the largest region in the anti-neoplastic agents market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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