Cancer Supportive Care Products Market - Global Industry Analysis, Size and Forecast, 2016 to 2021
With growing prevalence of cancer, the demand for cancer treatments, such as chemotherapy has also been consistently on the rise since the past decade. However, radiation therapy brings with it a host of side effects that are challenging for cancer patients to face while they undergo the course of treatment. While the cancer treatment realm is tremendously progressing, the incidences of side effects are increasing as well, which are addressed by cancer supportive care. The advent of technology in cancer supportive care has enabled to treat different signs and symptoms following the chemotherapy procedure, in addition to chemotherapy-induced vomiting, nausea, neutropenia, and anemia.
The global market for cancer supportive care products is currently thriving at a sound pace and is anticipated to see steady growth over the next few years. In 2016, the global cancer supportive care products market will possibly attain a value of over US$ 25.0 Bn, which may ramp up by 2021 end to US$ 29.87 Bn. Burgeoning need for effective supportive care products will continue to drive the market during 2016-2021.
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Prominence of Cancer Incidences Spurs Adoption of Supportive Care
Pronounced incidences of different types of cancers will remain a primary factor driving the demand for quality supportive care. In addition, higher effectiveness of available anti-cancer drugs and a wide range of side-effects of various cancer treatments collectively support the market for cancer supportive care products on a global basis. The recent past has been observing increasing adoption of cancer supportive care drugs in order to deal with adverse effects of anti-cancer drugs. This will continue to provide a strong impetus to the demand for cancer supportive care products.
Increasing Availability of Supportive Care Products and Rising Healthcare Spending Favour Market Growth
Increasing awareness about the availability of supportive care products is expected to play a key role in promoting cancer supportive care products, especially in developing countries. Moreover, several governments have been proactively amplifying their healthcare expenditure, which is another driver the market growth. Consistent R&D activities related to cancer treatment and cancer supportive care are also foreseen to collectively fuel the market growth over the next few years.
New Product Launches Persist to Fuel Global Demand
Manufacturers are constantly focusing on developing innovative drugs and other supportive care products, such as vaccines; over 20 molecular entities have been introduced to the market recently with an aim to implement an additional, more effective therapy or a combination therapy. This is identified as a major booster to the market growth for the forecast period, 2016-2021.
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Chemotherapy-induced Neutropenia Incidences Push Demand for Erythropoietin Stimulating Agents
The global cancer supportive care products market is segmented on the basis of several classes. Erythropoietin stimulating agents segment is predicted to represent the largest market share of over 26% by 2021 end. This growth is attributed to increasing prevalence of chemotherapy-induced neutropenia. Granulocyte colony-stimulating factors are expected to maintain the second largest segment, expanding at a CAGR of 4.2% over 2016-2021.
Lung Cancer Remains Leader in Terms of Disease Condition
On the basis of disease indication, there are nine segments, including lung cancer, breast cancer, prostate cancer, liver cancer, bladder cancer, leukemia, ovarian cancer, melanoma, and others. Lung cancer segment is projected to remain dominant over the forecast period with maximum market value share by 2021 end. However, breast cancer segment will witness a higher CAGR during 2016-2021.
APAC Projected for the Strongest Growth Rate, Followed by North America
By regional analysis, North America is foreseen to witness robust growth at a CAGR of 4.7% over 2016-2021, led by the U.S. Healthcare spending of the U.S. is estimated to rake in at an average rate of 5% over the next few years. This will be a strong factor bolstering the existing expenditure of cancer-inflicted patients across the country. Europe, the second most attractive market, will possibly capture around 22% share of the global market by 2021 end. Asia Pacific is likely to witness the highest CAGR, attributed to improving healthcare infrastructure and spending. The market in Latin America will gain a slight uptick, attributed to stable growth of the cancer supportive care products market in Brazil. MEA will also exhibit improved growth over the forecast period.