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Cancer Supportive Care Drugs Market Share, Future Trends, Size And Growth 2024
Cancer Supportive Care Drugs Market Share
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According to The Business Research Company's, The cancer supportive care drugs market size has grown steadily in recent years. It will grow from $19.93 billion in 2023 to $20.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to rising geriatric population, increasing prevalence of chemotherapy, growing demand for antiemetics, growing preference for online pharmacies and drug stores, increasing awareness of supportive care, increasing adoption of personalized medicine, growing emphasis on palliative care.
The cancer supportive care drugs market size is expected to see grown steadily in the next few years. It will grow to $24.97 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rising awareness about adverse effects of cancer treatment, growing cases of breast cancer among females, the availability of specific medication plans, demand for online doctor consultations, an improved supply chain in the pharmaceutical sector, increasing the population of cancer survivors. Major trends in the forecast period include advancements in targeted therapies, integration of biobehavioral interventions, implementation of survivorship care plans, integration of nutritional support, advancements in pain management strategies, implementation of symptom monitoring platforms.
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Market Drivers and Trends:
The rising focus on personalized medicine is expected to propel the growth of the biomarker discovery outsourcing services market going forward. Personalized medicine refers to healthcare that tailors medical treatment to the individual characteristics of each patient. The rise of personalized medicine is due to individual genetic, lifestyle, and environmental factors, resulting in precise healthcare outcomes that ultimately improve patient care and reduce adverse effects. Outsourcing biomarker discovery services facilitates the advancement of personalized medicine by providing tailored diagnostic and therapeutic solutions based on individual patients' biological markers. For instance, in February 2024, according to a report published by the Personalized Medicine Coalition, a US-based organization, in 2023, the FDA approved 16 new personalized treatments for rare disease patients, up from six in 2022. The newly approved personalized treatments for 2023 include seven cancer drugs and three for other diseases and conditions. Therefore, the increasing focus on personalized medicine drives the growth of the biomarker discovery outsourcing services.
Major companies operating in the cancer support care drugs market are developing combination therapies to address the complexity and challenges of cancer treatment. Combination therapies involve the strategic use of two or more therapeutic agents to target different aspects of cancer growth and survival, aiming to achieve deeper and more durable responses compared to monotherapy. For instance, in November 2023, Merck, a US-based pharmaceutical company received approval from the Food and Drug Administration, a US-based federal agency, for KEYTRUDA, an anti-PD-1 therapy, in combination with gemcitabine and cisplatin, for the treatment of patients with locally advanced unresectable or metastatic biliary tract cancer (BTC). The combination therapy showed promising results in improving overall survival and providing a new treatment option for patients with this challenging condition.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Merck & Co.Inc., AbbVie Inc., Bayer AG, Sanofi SA, Bristol Myers Squibb Company, AstraZeneca plc, Novartis AG, F Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Eli Lilly and Company, Amgen Inc., Teva Pharmaceutical Industries Ltd., Baxter International Inc., Otsuka Pharmaceutical Co. Ltd., Astellas Pharma Inc., Eisai Co. Ltd., Incyte Corporation, Exelixis Inc, Fagron Group, Heron Therapeutics Inc., Athenex Inc., Acrotech Biopharma LLC
Cancer Supportive Care Drugs Market 2024 Key Insights:
• The cancer supportive care drugs market size is expected to see grown steadily in the next few years. It will grow to $24.97 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Rising Cancer Survival Rates Drive Growth In The Cancer Supportive Care Drugs Market
• Development of Combination Therapies in the Cancer Support Care Drugs Market
• North America was the largest region in the cancer supportive care drugs market in 2023
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