Market Trends of Infused Drugs Industry
Oncology is Expected to Have Significant Market Share During the Forecast Period
- The rising prevalence of cancer is expected to increase the demand for infused drugs because of their rapid action in cancer patients. For instance, according to the report published by the Spanish Network Of Cancer Registries in January 2023, about 295,675 new cases were reported in Spain in 2023, which represented 1.96% more compared to 2022. The increasing prevalence of cancer is expected to drive the demand for infused drugs.
- Moreover, the funding for research and development of novel medicines in oncology is increasing. For instance, in the United States, the National Institute of Health (NIH) invested USD 8,078 million in 2023 compared to 7,635 million in 2022 for its research activities associated with cancer. Such development activities in oncology are expected to increase the novel infused anti-cancer medicines in the market.
- Furthermore, the increasing strategic activities, such as product launches, are expected to drive the growth of the oncology segment. For instance, in October 2022, the United States Food and Drug Administration approved the Teclistamab-cqvy (Tecvayli), for the treatment of relapsed/refractory multiple myeloma.
- Therefore, the rising prevalence of cancer and increasing product launches are expected to drive the growth of the segment over the forecast period.
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North America Holds Significant Market Share
- The North American infused drugs market is expected to grow over the forecast period owing to factors such as the rising prevalence of chronic diseases, such as cancer and infectious diseases, coupled with the increasing investment in research and development activities. Increasing strategic activities such as product launches and acquisitions by key players are also expected to drive the market in the region.
- The rising prevalence of chronic diseases such as cancer is expected to increase the demand for specialty therapeutics that are used in oncology. For instance, according to the American Cancer Society’s updated data in 2023, the incidence of lung cancer is increasing in the United States, and the country reported 238,340 lung cancer cases in 2023 compared to 236,740 in 2022. Similarly, as per the Canadian Cancer Society's updated data from January 2024, it was estimated that in 2023, around 124,200 males and 114,900 females were diagnosed with cancer. Prostate cancer accounts for one-fifth (20%) of all new cancer cases in males in 2023. Hence, the significant prevalence of cancer cases in North America is projected to spur the demand for infused drugs.
- The increasing investments in research and development by governments and private organizations are also expected to drive the market in North America. For instance, in November 2023, the National Multiple Sclerosis Society invested USD 4.4 million in new research projects, aligning with the strategy to guide global MS research toward promising areas outlined in the Pathways to Cure's roadmap. Furthermore, in March 2023, in the United States, Bayer AG planned to invest USD 1.0 billion in the research and development of drugs. Such huge investments in research and development can lead to novel infusing product launches.
- Hence, the rising prevalence of cancer cases and increasing investments in research and development investments by governments and private organizations are expected to drive the market in North America over the forecast period.
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