The global 5-HT3 receptor antagonists market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rapidly increasing prevalence of cancer and other chronic diseases, such as, cardiovascular diseases are expected to fuel the growth of the market. The increasing number of chemotherapies and radiation therapies that induce nausea and vomiting surges the demand for the drug that aids in controlling nausea and vomiting post-chemotherapy and surgeries. HT3 receptor antagonists are used to control and curb the urge for vomiting, which is estimated to boost the market growth. Moreover, the geriatric population is more vulnerable to chronic diseases such as arthritis, stroke, and heart attack, leading to operations and surgeries, which is estimate to further promote the growth of the 5-HT3 receptor antagonist market. According the data by the WHO, in 2020, 9.318% of the total population of the world aged 65 years and above. Furthermore, the market development can also be attributed to the factors, such as, the increasing need for early diagnosis of the disease and increased research expenditure by governments and private organizations. In addition to this, the drug is also used in clinical trials to treat irritable bowel syndrome, arrhythmia, and schizophrenia, which is also expected to boost the market growth.
On the basis of indication, the market is divided into postoperative induced nausea and vomiting, radiation-induced nausea and vomiting, chemotherapy-induced nausea and vomiting, and others. The postoperative nausea segment is anticipated to grab the most significant share by the end of 2021 on account of an increasing number of surgeries due to the increase in chronic diseases. Moreover, the chemotherapy-induced nausea segment is also expected to grow significantly over the forecast period due to the rising prevalence of cancer globally. According to a report by the World Health Organization, more than 10 million deaths were caused by cancer in 2020.
Based on distribution channel, the hospital pharmacies segment in the 5-HT3 receptor antagonists’ market is projected to grow with a significant CAGR over the forecast period. The segment growth can be attributed surging adoption of technological medicines and drugs in hospitals, and increasing number of chemotherapy procedures being performed in hospitals. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.74 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.31 in 2008 to USD 1,110.84in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global 5-HT3 receptor antagonists market is segmented on the basis of region into five North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa region. The market in the Asia Pacific region is predicted to grow at the highest CAGR over the forecast period owing to increased healthcare expenditure and the expanding cancer patient pool in the region. Moreover, in 2021, the market in the North American region is evaluated to occupy the largest share in terms of revenue due to the ongoing technological advancement in the region and the presence of leading healthcare companies. Furthermore, rising cases of surgeries and the high prevalence of chronic diseases such as cardiovascular diseases in the region are estimated to boost the regional market growth. According to the data provided by Centres for Disease Control and Prevention (CDC) statistics, around 655,000 Americans die from heart diseases every year, that is, one in every four deaths is caused by CVDs.
The global 5-HT3 receptor antagonists market is further classified on the basis of region as follows:
Our in-depth analysis of the global 5-HT3 receptor antagonists market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increase in prevalence of cancer and advancement of pharmaceutical and medical technologies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Lack of necessary infrastructure in lower economic regions and side-effects associated with this drug are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased expenditure in healthcare infrastructure and, research and development in various antiemetic drugs in the region.
The major players dominating the 5-HT3 receptor antagonists market are Pfizer Inc., Novartis AG, Johnson & Johnson Services, Inc., AstraZeneca, Teva Pharmaceutical Industries Ltd. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by indication, distribution channel, and region.
The hospitals segment is anticipated to hold the largest market share over the forecast period owing to increasing number of chemotherapy procedures being performed in hospitals.
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