Paclitaxel Injection Market to Grow at a CAGR of -3.4% from 2023 to 2031, reaching US$ 484.5 million: As per TMR Study
Increasing awareness and screening programs is a major factor that is anticipated to escalate the paclitaxel injection market growth. Technological advancements in drug delivery system, is another factor that is anticipated to stimulate the market share in the coming years
Wilmington, Delaware, United States, June 17, 2023 (GLOBE NEWSWIRE) — The global paclitaxel injection market stood at US$ 811.0 million in 2022, and the global market is projected to reach US$ 484.5 million by 2031. The global industry is anticipated to record a CAGR of -3.4% between 2023 and 2031.
The market value is increasing, owing to the increasing prevalence of cancer. Cancer is a leading cause of mortality worldwide, and the demand for effective chemotherapy drugs such as paclitaxel remains high. The market for paclitaxel injections is expected to experience steady growth, as the number of cancer cases continues to rise, especially in developing countries.
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Advancements in cancer treatment, is another significant factor contributing to the market growth. The advancements in cancer treatment and diagnosis techniques have significantly improved patient outcomes and survival rates. Paclitaxel is a widely used and effective drug in the treatment of several cancer types. The demand for paclitaxel injections is projected to increase, thus contributing to market growth, as research and development efforts continue to enhance the effectiveness of paclitaxel and its formulations.
The market prospects have been driven by factors such as growing aging population. The world’s population is experiencing a notable demographic shift, with an increasing number of elderly individuals. Advanced age is a significant risk factor for cancer, and as the geriatric population expands, the incidence of cancer is expected to rise.
The growth of the paclitaxel injection market is also rising, attributed to technological innovations. Technological advancements in drug delivery systems and formulations have played a crucial role in the growth of the paclitaxel injection market. Novel drug delivery approaches, such as nanoparticles and liposomal formulations, have enhanced the efficacy and safety profile of paclitaxel. The innovations have widened the scope of applications for paclitaxel injections and are expected to accelerate the market’s expansion.
Key Findings of the Market Report
- On the basis of application, breast carcinoma segment is likely to be most preferred, expected to expand at a significant share, attributed to the high prevalence of breast cancer, and adoption of multimodal treatment approaches.
- Other factors driving the segmental growth include advances in targeted therapies, and rising awareness and early detection.
- By distribution channel, hospital pharmacies segment is expected to boost the market growth, attributed to the factors including high volume of cancer cases treated in hospitals, as well as availability of comprehensive cancer care.
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Global Paclitaxel Injection Market: Growth Drivers
- The global paclitaxel injection market is projected to expand at a steady pace from 2023 to 2031, owing to increasing healthcare expenditure, and strategic collaborations and partnerships among pharmaceutical companies.
- Other factors that are projected to augment the market growth include emerging economies including India, China, and Brazil, among others, and increasing ongoing research & development activities.
- Increasing awareness & screening programs, and supportive government regulations, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Paclitaxel Injection Market: Regional Landscape
- North America is expected to dominate the paclitaxel injection market during the forecast period, attributed to increasing cancer incidence, and technological advancements and research initiatives in the region.
- The regional market is witnessing an increase, due to the factors such as favorable regulatory environment, as well as growing adoption of personalized medicine.
- Strong oncology care infrastructure, and high disposable income & affordability in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Paclitaxel Injection Market: Key Players
Some of the key market players in the global paclitaxel injection market are:
- Accord Healthcare Ireland Ltd.
- Alembic Pharmaceuticals Limited
- American Regent, Inc.
- Dash Pharmaceuticals LLC
- Dr. Reddy’s Laboratories Ltd
- Fresenius Kabi India Pvt. Ltd
- Gland Pharma Limited
- Intas Pharmaceuticals Ltd.
- MSN Laboratories
- Panacea Biotec
- Pfizer, Inc.
- Sandoz International GmbH
- Teva Pharmaceutical Industries Ltd.
- Zydus Group
- Apotex Corp.
Prominent players in the paclitaxel injection industry are taking advantage of the rapidly increasing demand for paclitaxel injection. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In October 2021, Pfizer Inc. announced positive results from a Phase 3 clinical trial evaluating a combination therapy of paclitaxel and immunotherapy in patients with advanced or metastatic triple-negative breast cancer. The study demonstrated improved progression-free survival and overall response rates, potentially expanding the application of paclitaxel in breast cancer treatment.
- In August 2021, Hikma Pharmaceuticals launched paclitaxel injection, a generic version of Abraxane®, in the United States. The product is indicated for the treatment of breast cancer, non-small cell lung cancer, and pancreatic cancer. The launch provides a more affordable alternative for patients and contributes to the availability of paclitaxel in the market.
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Global Paclitaxel Injection Market: Segmentation
- Ovarian Carcinoma
- Breast Carcinoma
- Pancreatic Cancer
- Advanced Non-small Cell Lung Carcinoma
- Others (AIDS-related Kaposi’s sarcoma, gastric cancer, etc.)
- Hospital Pharmacies
- Online Pharmacies
- Retail Pharmacies
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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