Malignant Neoplasm Therapeutics Market Share and Industry Trends 2024
Malignant neoplasm is believed to be one of the extended conditions of neoplasm. It is a form of cancer that develops an abnormal growth of tissues usually leading to the formation of a tumor. The primary cause of this disease is understood as damaging of DNA under certain circumstances that further escalates to a stage of cancer. The very beginning of malignant neoplasm is the occurrence of abnormal patterns of growth in the tissue known as dysplasia or metaplasia.
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Higher Prevalence of Malignant Neoplasm in Geriatric Population Driving the Market Growth
The global cancer incidences have increased to a considerable number over the past few decades owing to a rise in the geriatric population, increasing life expectancy and changing lifestyle. In addition, factors such as advanced cancer diagnostics and early initiation of the treatment are fuelling the global malignant neoplasm therapeutics market. Development of targeted therapies are revolutionizing the conventional concepts of cancer treatment and are likely to get higher preference in the coming years. Moreover, a higher success ratio of these latest cancer drugs compared to traditional anti-carcinogenic treatment is expected to further drive the market growth in the near future. These latest drugs are capable of countering more than one type of cancer. For example ‘imatinib’, which was first developed for treating a single type of cancer was later found effective on multiple cancer types.
Novelty in cancer treatment has significantly influenced the present treatment models. However, a complete cure for the disease is still not ascertained. Further, many of the advanced treatment models are often expensive and only available in developed regions of the world. In some case, delay in integration of the novel drugs into current treatment methods limit the options for the patient. Other factors such as price risk and credibility of the drugs are few of the other concerns for the market.
Over the years, the subject of oncology has received paramount attention from biomedical researchers, health care experts and pharmaceutical manufacturers. Owing to a severe need for effective treatment of cancer, heavy investments are being made in further research and development of the particular subject. Many of the pharmaceutical companies such as Novartis International AG and Pfizer Inc. are introducing a range of anti-carcinogenic drugs under their brand names promising to be more efficient. The global malignant neoplasm treatment market has become increasingly competitive in the recent years with more player joining in. Currently, most drug manufacturers offer two primary cancer therapeutic programs, namely cytostatic hormonal treatments and antineoplastics.
Malignant Neoplasm Therapeutics Market: Regional Segmentation
On the basis of region, the global malignant neoplasm therapeutics market has been segmented into six key regions namely North America, Western Europe, Eastern Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. North America is considered as one of the largest market of malignant neoplasm therapeutics owing to a strong presence of drug manufacturers in the region and availability of advanced healthcare facilities. In terms of value, the U.S accounts for a healthy portion of the global malignant neoplasm therapeutics market attributed to the growing demand for cancer treatment in the country. In addition, Europe is one of the other regions where the market is growing at a considerable rate and is expected to continue a similar in trend in the coming years.
Few of the key players identified in the global malignant neoplasm therapeutics market include F. Hoffmann-La Roche AG, Novartis International AG, Sanofi S.A., AstraZeneca plc, Eli Lilly and Company, Takeda Pharmaceutical Company Ltd, Pfizer Inc. Bayer AG, Amgen, AbbVie Inc and Celgene Corporation.
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