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DUBLIN, Feb. 15, 2024 /PRNewswire/ -- The "Paclitaxel Injection Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The paclitaxel injection market size has grown rapidly in recent years. It will grow from $5.26 billion in 2023 to $6.02 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. It will further grow to $9.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
The anticipated growth in the forecast period can be attributed to the adoption of personalized medicine approaches, the development of biosimilars, the increasing burden of cancer in the aging population, advancements in drug delivery systems, and changes in healthcare policies. Key trends in the forecast period encompass the integration of artificial intelligence in oncology, the expansion of telemedicine and remote healthcare services, technological innovations in drug delivery, the incorporation of drug delivery technologies, and the rise of biosimilars.
The anticipated rise in breast cancer cases is poised to drive the growth of the paclitaxel injection market in the future. Breast cancer, characterized by abnormal cell growth in the breast, often forming tumors, is a prevalent condition. Paclitaxel injection, a chemotherapy drug, is instrumental in treating breast cancer by binding to microtubules, disrupting the growth of cancer cells. According to the American Cancer Society's January 2023 estimate, approximately 297,790 new cases of invasive breast cancer are expected in the US, leading to an estimated 43,700 deaths in 2023. Thus, the increasing incidence of breast cancer is a significant factor propelling the growth of the paclitaxel injection market.
The growing overall incidence of cancer is expected to further boost the paclitaxel injection market. Factors such as increased tobacco and alcohol consumption contribute to the rise in cancer cases globally. Paclitaxel, a chemotherapy medication, is commonly employed in treating various cancers, including breast, lung, and ovarian cancers. As cancer incidence continues to escalate, the demand for chemotherapy, with paclitaxel as a vital component, is expected to increase. The National Cancer Institute's 2021 report indicates that cancer is a leading cause of death worldwide, with an estimated 1,806,590 new cases and 606,520 deaths in the US alone. By 2040, the annual number of cancer cases is projected to reach 29.5 million, resulting in 16.4 million cancer-related deaths. Therefore, the rising cancer incidence is a key driver for the growth of the paclitaxel injection market.
The existence of alternatives to paclitaxel injection products may pose a limitation to market growth. The development of alternative Paclitaxel nano-delivery systems is driven by the severe side effects associated with existing formulations. Alternative delivery systems have the potential to reduce side effects, challenging the market for conventional paclitaxel injection products. For instance, the FDA granted accelerated approval to dabrafenib in combination with trametinib for the treatment of solid tumors with the BRAF V600E mutation. Thus, the availability of alternatives presents a challenge to the paclitaxel injection market.
Key companies in the paclitaxel injection market are focusing on innovation, introducing advanced products featuring materials such as protein-bound particles (PBPs) to meet consumer needs. PBPs represent a drug delivery system that utilizes albumin, a naturally occurring blood protein, to bind to drugs. Apotex Corp launched Paclitaxel protein-bound particles for injection (albumin-bound), a generic version of Abraxanes, offering an alternative for the treatment of non-small cell lung cancer and metastatic breast cancer.
The primary types of paclitaxel injection are natural paclitaxel and semi-synthetic paclitaxel. Natural paclitaxel is a tetracyclic diterpenoid initially extracted from sources such as the bark of the Pacific yew tree, Taxus brevifolia. It is available in various drug strengths, including 10mg/ml, 20mg/ml, and 30mg/ml, and is utilized for the treatment of various cancers such as breast cancer, prostate cancer, testicular cancer, non-small cell lung cancer, lung cancer, among others. These injections are distributed through various channels, including hospital pharmacies, online pharmacies, and retail pharmacies, and are used by end-users such as hospitals, clinics, and cancer research institutes.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- By Type: Natural Paclitaxel; Semi-synthetic Paclitaxel
- By Drug Strength: 10mg/mL; 20mg/mL; 30mg/mL
- By Indication: Breast Cancer; Prostate Cancer; Testicular Cancer; Non-Small Cell Lung Cancer; Lung Cancer; Other Indications
- By Distribution Channel: Hospital Pharmacies; Online Pharmacies; Retail Pharmacies
- By End User: Hospitals; Clinics; Cancer Research Institute
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled
- Pfizer Inc.
- Bristol-Myers Squibb Company
- Fresenius Kabi Oncology Ltd.
- Abbott Laboratories
- Viatris Inc.
- Teva Pharmaceutical Industries Limited
- Sandoz International GmbH
- Hospira Inc.
- Dr. Reddy's Laboratories Ltd.
- Apotex Inc.
- Intas Pharmaceuticals Ltd.
- Zydus Lifesciences Limited
- Torrent Pharmaceuticals Ltd.
- Luye Pharma Group
- Biological E Limited
- Alembic Pharmaceuticals Limited
- Khandelwal Laboratories Pvt. Ltd.
- Gland Pharma Limited
- Abraxis Bio Science Inc.
- Novasep Holding SAS
- Sagent Pharmaceuticals Inc.
- Hainan Haiyao Co Ltd.
- Accord Healthcare Ltd.
- Natco Pharma Limited
- Strides Pharma Science Limited
- Panacea Biotec Ltd.
- American Regent Inc.
- MSN Laboratories Pvt Ltd.
- Hetero Drugs Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/t6wfbh
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