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Urothelial Cancer Drugs Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Urothelial Cancer Drugs Global Market Report 2024
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According to The Business Research Company's, The urothelial cancer drugs market size has grown exponentially in recent years. It will grow from $2.34 billion in 2023 to $2.84 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to awareness and early detection initiatives, physician education and training, patient advocacy groups, evolving standard of care, biomarker identification.
The urothelial cancer drugs market size is expected to see exponential growth in the next few years. It will grow to $5.92 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to advancements in diagnostic imaging, artificial intelligence in drug development, patient-centric care, investment in research & development, regulatory changes. Major trends in the forecast period include advances in imaging technologies, patient-centric care, healthcare reimbursement, genomic profiling, regulatory frameworks.
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Market Drivers and Trends:
The increasing demand for chemotherapy is expected to propel the growth of the urothelial cancer drugs market going forward. Chemotherapy is a systemic treatment, meaning it circulates throughout the body via the bloodstream which makes it effective against cancer cells that may have spread to distant sites. Chemotherapy is used in the management of urothelial cancer by inhibiting the growth of cancer cells, to treat metastatic disease, targeting rapidly dividing cells, and can be used for palliative care which aims to relieve symptoms, improve the patient's quality of life, and prolong survival. For instance, in February 2022, according to Healthcare IT News, a US-based recognized source of news and information in the field of healthcare information technology (IT), by 2040, the demand for cancer chemotherapy will increase from 10 million to 15 million stated by UICC (Union for International Cancer Control). Therefore, the increasing demand for chemotherapy is driving the growth of the urothelial cancer drugs market.
Novel combination therapies are the key trends gaining popularity in the urothelial cancer drug market. Combination therapy combines two or more therapeutic agents for the treatment. Major players are concentrating on creating combination therapies to sustain their position in the urothelial cancer drug market. Combining immunotherapy with targeted drugs is an appealing treatment to reduce the emergence of resistance and improve response in cancer management. For instance, in July 2022, the United States Food and Drug Administration, a US-based federal agency of the Department of Health and Human Services, accepted the biologics license application (BLA) for an IL-15 superagonist, ImmunityBio's N-803 in combination with Bacillus Calmette-Guerin (BCG) vaccine for bladder cancer. N-803 in combination with BCG would be the first immunotherapy combination that can be delivered directly to induce natural killer cells and T cells in the bladder.
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Major Key Players of the Market:
F Hoffmann La Roche AG, The Bristol-Myers Squibb Company, Merck & Co Inc., Pfizer Inc., Genentech Inc., GSK plc, UroGen Pharma Inc., Johnson & Johnson Inc., Astellas Pharma Inc., Sesen Bio Inc., Gilead Sciences Inc., Seagen Inc., Eisai Co. Ltd., Agensys Inc., AstraZeneca, Novartis AG, GlaxoSmithKline plc, Sanofi SA, Janssen Pharmaceuticals Inc., Seattle Genetics Inc., Eli Lilly and Company, Bayer AG, AbbVie Inc., Exelixis Inc., Ipsen Biopharmaceuticals Inc., Millennium Pharmaceuticals Inc., Takeda Pharmaceutical Company Limited, Kyowa Kirin Co. Ltd., Spectrum Pharmaceuticals Inc., Zydus Lifesciences Ltd.
Urothelial Cancer Drugs Market 2024 Key Insights:
• The urothelial cancer drugs market size is expected to see exponential growth in the next few years. It will grow to $5.92 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Urothelial Cancer Drug Market Poised For Growth Amidst Rising Prevalence
• Emerging Trends In Urothelial Cancer Drug Market Through Focus On Novel Combination Therapies For Enhanced Treatment Efficacy
• North America was the largest region in the urothelial cancer drugs market share in 2023
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