The global doxorubicin market was valued at USD 0.81 billion in 2015 and is expected to reach a value of USD 1.38 billion by 2024, according to a new report by Grand View Research, Inc. The growing number of players in the market to control the shortage of the drug is one of the crucial factors that is expected to drive the market in the coming few years. Some of the doxorubicin manufacturers are Ortho Biotech Products, LP, Ben Venue Laboratories, Inc., and Bristol-Myers Squibb Company. The increasing indication of doxorubicin drug in various applications such as AIDS related Kaposi Sarcoma, multiple myeloma, neuroblastoma, osteosarcoma, and ovarian cancer signifies the growth in demand for the drug. The technological advancement in the drug formulations to overcome the adverse effects on health and also introduces various types of drug delivery systems such as nanoparticles or liposomal coated are some of the pivotal factors that are impelling the industry growth.
The U.S. government had issued an executive order to overcome the shortage of life saving drugs, chemotherapy agents, and critically needed drugs in the U.S. region, is one of the indicators accounted for the increasing number of players in this sector. Based on the estimates of Surveillance, Epidemiology, and End Results (SEER), the anticipated number of malignancy cases in 2016 are listed below: –
- Leukemia 60,140
- Breast cancer 2,46,660
- Endometrial cancer 60,050
- Gastric cancer 26,370
- Liver cancer 39,230
- Kidney Cancer 62,700
According to the estimates of the Leukemia & Lymphoma Society in 2016, about 60,140 people are anticipated to be diagnosed with leukemia. The growing prevalence and subsequently increasing survival is one of the factors that indicates the technological advancement and growing adoption of new treatment procedures.
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Further key findings from the study suggest:
- In 2015, breast cancer is the largest application of doxorubicin market, having a share of around 21.1%. The growing demand for the drug in combination therapy with cisplatin is one of the pivotal factors that are expected to impel the doxorubicin market.
- Liver cancer segment is the fastest growing application in this sector. The growing demand for the drug in combination and mono chemotherapies to treat liver cancer over other anticancer drugs is one of the crucial factors that is expected to boost the industry growth.
- In 2015, North America held majority of market share of over 48.8% in the global doxorubicin market. The presence of dominating market players such as Johnson & Johnson and Sun Pharmaceuticals Industries Ltd. and rising awareness regarding efficacious drug alternatives are few of the key factors attributed to the regions high market share.
- Asia Pacific is the fastest growing region in this market. The presence of unmet demand for anti-cancer treatment and rapidly growing pharmaceutical industries in countries such as China, Japan, and India are among some factors that are expected to drive the market in the coming few years.
- Some of the key market players are Sun Pharmaceutical Industries Ltd., Pfizer, Inc., Cipla, Inc., Cadila Pharmaceuticals, and SRS Pharmaceuticals Pvt. Ltd.