A new research study by Future Market Insights (FMI) pegs global cancer supportive care products market to reach USD 32 Bn by 2030. The report titled, ‘Cancer Supportive Care Products Market’ offers in-depth insights on the future market growth, laying out strategies and recommendations that stakeholders can benefit from.
High growth and unmet needs have attracted various new players to cancer supportive care products market. About 23% of compounds in the preclinical drug pipeline were in oncology in 2000, and the number increased to 38% in 2019.
This is increasing the market competition with regards to clinical-trial recruitment – for instance, the number of breast-cancer patients needed for active clinical trials is surpassing the yearly figure of diagnoses.
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Efforts to manage drug expenditure have channelized the focus towards cancer supportive care products, especially in developed regions, where value-based health-technology assessments (HTAs) are prevalent.
The cancer supportive care products market is characterized by rapidly growing and globalized standard of medical care. Case in point, in non-small-cell lung cancer, the number of approved therapies was estimated to rise from 14 in 2009 to 22 by 2019.
This, coupled with limited data during accelerated approvals, implies that manufacturers are working in close collaboration with payers to create value proposition of cancer supportive care products.
Key Takeaways of Cancer Supportive Care Products Market Study
- Incidences of cancer have surged by around 26% among geriatric demographics compared to 10% among the remaining population
- Adoption of cancer supportive care products to remain prominent in treating lung cancer
- Pharma companies to invest 30% of their spending in cancer R&D to launch novel drugs and therapies in marketplace
- Market in Asia Pacific (APAC) to experience meteoric growth through 2030
COVID-19 Impact on Cancer Supportive Care Products Market
The COVID 19 pandemic has touched every facet of human life including, healthcare delivery for chronic disorders.
As such, these patients are highly susceptible to getting infected from COVID-19 due to their compromised immunity, putting cancer specialists and patients in a dilemma.
Several healthcare facilities are deferring “elective” screenings, surgeries, and other methods that are considered not urgent or not immediately fatal.
Such important decisions are taken on a case-to-case basis to make sure patients diagnosed with cancer are protected from contracting the coronavirus as well as to ensure that healthcare facilities are equipped with resources necessary to treat cancer patients who do get affected by the virus.
The COVID-19 crisis has disturbed the treatment pathways and in-progress care, thus, resulting in temporary drop in demand for cancer supportive care products.
“In an effort to address the untapped sections of the society, several regulatory bodies are showing immediacy in granting approvals to certain cancer supportive care products. Case in point, the US Food and Drug Administration (FDA) has approved Pfizer’s Nyvepria to help prevent infections in patients undergoing myelosuppressive chemotherapy,” says the analyst at FMI.
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