Market Trends of Global Doxorubicin Industry
This section covers the major market trends shaping the Doxorubicin Market according to our research experts:
Doxorubicin Market in Breast Cancer Segment is Expected to Witness Better CAGR Over the Forecast Period
Although doxorubicin is used to treat several types of cancers, breast cancer is the most common cancer that can be treated with the same. According to data published by the International Agency for Research on Cancer (IARC) in December 2020, breast cancer represents 1 in 4 cancers diagnosed among women globally.
According to an article published by the World Health Organization in April 2021, in 2020, there were 2.3 million women diagnosed with breast cancer and 685,000 deaths globally. By the end of 2020, there were 7.8 million women diagnosed with breast cancer in the past five years, making it the world's most prevalent cancer. The American Cancer Institute stated that doxorubicin is used as a chemo drug during advanced breast cancer treatment.
The study titled "Controlled release of doxorubicin from polyethylene glycol functionalized melanin nanoparticles for breast cancer therapy: Part I. Production and drug release performance of the melanin nanoparticles," published in October 2019, suggests that the application area of melanin nanoparticles (MNPs) in controlled and prolonged drug release could be extended for treating breast cancer. Thus, growing R&D procedures for proving the efficacies of doxorubicin for treating breast cancer may drive the market.
Due to the rising burden of disease, many people are opting for this type of treatment, which may boost the market. Therefore, it is estimated that the breast cancer segment will show rapid growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market during the forecast period. The growing number of cancer cases and subsequently increasing usage of doxorubicin in mono and combination chemotherapies may impact the market. The increasing number of mergers and acquisitions and partnerships for clinical trials with technologically advanced doxorubicin formulations are the crucial factors driving the market in the North American region.
According to the American Cancer Society Inc., in 2021, there were an estimated 1.9 million new cancer cases and 608,570 cancer deaths in the United States. This factor may drive the market during the forecast period.
According to Johns Hopkins Medicine, the elderly population is at high risk of getting affected by cancer. According to World Ageing Report 2019, the senior population is expected to increase from 53.340 million in 2019 to 83.813 million in 2050. Thus, the growing geriatric population may result in a high cancer incidence, contributing to the market's growth.
New product launches in the country may also drive the market. For instance, in September 2020, Zydus Cadila received the final approval from the US FDA to market its generic Doxorubicin Hydrochloride Liposome injection, used for treating certain cancers, in the United States. Thus, due to such factors, the market is expected to grow during the forecast period.
