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Esophageal Cancer Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033
Esophageal Cancer Market Analysis
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According to The Business Research Company's, The esophageal cancer market size has grown rapidly in recent years. It will grow from $1.25 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increased number of cancer, improvement in healthcare infrastructure, rise in alcohol consumption, growth in demand for preventive healthcare solutions, increase in prevalence of esophageal adenocarcinoma.
The esophageal cancer market size is expected to see strong growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to rising prevalence of esophageal cancer, increasing public understanding of healthcare, improvements in healthcare infrastructure, chronic consumption of smoking and alcohol, increasing prevalence of esophageal adenocarcinoma. Major trends in the forecast period include technological advancements in treatment options, increased investment in research and development, increasing utilization of precision medicine, development of targeted therapies, increased participation in clinical trials and collaborations between academia, pharmaceutical companies, and healthcare institutions.
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Market Drivers and Trends:
An increase in esophageal cancer is expected to propel the esophageal cancer market growth. Esophageal cancer is a malignancy that affects the esophagus, the tube-like structure connecting the throat to the stomach. As the incidence of esophageal cancer increases, there will be a higher demand for diagnostic procedures, such as endoscopy, imaging tests, and biopsies, to detect and confirm the presence of the disease. For instance, in February 2023, according to the National Library of Medicine, a US-based medical library operated by the American government, the incidence rate of esophageal adenocarcinoma among individuals aged 40-65 is projected to rise from 2.12 per 100,000 persons in 2021 to 3.86 per 100,000 persons in 2040. This represents an 82% increase over 19 years, equivalent to a yearly growth rate of 3.2%. Therefore, the increase in esophageal cancer is expected to drive the growth of the esophageal cancer market.
New drug approval is a key trend gaining popularity in the esophageal cancer market. Major companies operating in the esophageal cancer market are focused on obtaining new drug approvals to strengthen their position and gain a competitive advantage. For instance, in May 2022, Bristol Myers Squibb, a US-based pharmaceutical company, received U.S. Food and Drug Administration (FDA) approval for its two products, including Opdivo (nivolumab) (injection for intravenous use) and Opdivo plus Yervoy (ipilimumab). Its primary therapeutic approaches are for individuals diagnosed with advanced or metastatic esophageal squamous cell carcinoma (ESCC). The authorization was granted following the Phase 3 clinical trial evaluation, which demonstrated enhanced overall survival rates among patients who received these medications.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd., Merck & Co. Inc, AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A, Bristol-Myers Squibb Company, AstraZeneca PLC, GlaxoSmithKline Plc., Takeda Pharmaceutical Company Limited, Eli Lilly and Co Ltd., Boehringer Ingelheim International GmbH, Gilead Sciences Inc., Amgen Inc., Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Daiichi Sankyo Company Limited, Servier Pharmaceuticals, Eisai Co. Ltd., Sun Pharmaceutical Industries Limited, Otsuka Pharmaceutical Co. Ltd., Ipsen SA, Dr. Reddy's Laboratories Ltd., Seagen Inc., Exelixis Inc., BeiGene Ltd., Clovis Oncology Inc., Aslan Pharmaceuticals Ltd.
Esophageal Cancer Market 2024 Key Insights:
• The esophageal cancer market size is expected to see strong growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Rising Incidence Of Esophageal Cancer Fuels Market Growth
• Drug Approvals Propel Advancements In The Esophageal Cancer Market
• North America was the largest region in the esophageal cancer market in 2023
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