The global Head and Neck Cancer Drugs Market is estimated to be valued at US$ 1986.3 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Head and neck cancer drugs are used for treatment of cancers occurring in oral cavity, larynx, throat, sinuses, and salivary glands. These drugs kill cancer cells or slow their growth. They include immunotherapy drugs, chemotherapy drugs and targeted therapy drugs. The increasing incidence of head and neck cancers globally is propelling the demand for effective treatment drugs.
Market key trends:
The growing incidence of head and neck cancer across the world is one of the major factors contributing to the robust growth of the head and neck cancer drugs market size. According to the Global Cancer Observatory, there were over 900,000 new cases of head and neck cancer reported in 2020 worldwide. The prevalence is increasing primarily due to rising consumption of tobacco and alcohol globally. Tobacco usage is responsible for over 90% of head and neck cancers. Increased exposure to risk factors is expected to translate into higher disease diagnosis, driving the need for effective treatment drugs over the forecast period.
SWOT Analysis
Strength: Head and neck cancer drugs such as chemotherapy and targeted therapy have proven effective in treating cancer.
Weakness: Side effects of head and neck cancer drugs can significantly impact the quality of life of patients including hair loss, mouth sores, nausea etc.
Opportunity: Increasing incidence of head and neck cancer worldwide presents opportunities for companies to develop more effective and safer drugs with lesser side effects.
Threats: Stiff competition in the market from existing and emerging players poses pricing pressure on companies.
Key Takeaways
The global head and neck cancer drugs market is expected to witness high growth.
Regional analysis: North America dominates the head and neck cancer drugs market currently due to higher diagnosis rates and availability of advanced treatments in the US and Canada. Asia Pacific is poised to grow at the fastest pace during the forecast period due to rising healthcare expenditure and growing awareness.
Key players operating in the head and neck cancer drugs market are Johnson & Johnson Services, Inc. (DePuy Synthes), Double Medical Technology Inc., Orthofix Holdings, Inc., Ortho-SUV Ltd., Response Ortho LLC, Smith & Nephew, Stryker Corporation, Zimmer Biomet, Auxein Medical, Acumed, Tasarimmed T?bbi Mamuller San. Tic A.?, Orthopaedic Implant Company (€œOIC€), Gexfix SA, WishBone Medical, Inc., and Matrix Meditech. The major players are focusing on new product launches and strategic collaborations to expand their share in the lucrative market.
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- Source: Coherent Market Insights, Public sources, Desk research
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