The attenuated familial adenomatous polyposis (AFAP) drugs market is estimated to garner a sizeable revenue by growing at a moderate CAGR over the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to the growing number of incidences of colorectal diseases, inheritance of adenomatous polyposis coli (APC) gene and history of AFAP in someone’s family. It is calculated that the United States alone will have approximately 105,000 new cases of colon cancer and more than 45, 000 cases of rectal cancer by the end of 2021. Apart from these, growing technological advancements for developing effective treatment for the disease in developed nations and increasing prevalence of familial adenomatous polyposis (FAP) are also expected to drive growth to the market in the upcoming years. Furthermore, change in dietary preference, unhealthy lifestyle changes and lack of physical activities are projected to offer lucrative opportunities to the market in the near future.
The market is segmented by drug class into cox-2 inhibitors, nonsteroidal anti-inflammatory drugs, and others, out of which, the segment for nonsteroidal anti-inflammatory drugs is anticipated to hold the largest share in the attenuated familial adenomatous polyposis drugs market on account of their effectiveness in relieving pain, reducing inflammation and efficiency in controlling processes such as irregular blood flow and formation of blood clots. Additionally, on the basis of distribution channel, the hospital pharmacy segment is assessed to occupy a larger market share during the forecast period, which can be ascribed to the fact that a hospital facility promotes frequent interactions of prescriber and other health professionals and improved input in making efficient drugs related decisions.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 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.
On the basis of geographical analysis, the attenuated familial adenomatous polyposis drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to acquire the largest market share over the forecast period on the back of strong presence of major market players and high healthcare expenditure. In addition, increasing incidences of FAP in the United States is also expected to boost market growth in the region in the upcoming years. It is evaluated that on an average, every 1 in 7000 to 10,000 persons in the United States is suffering from FAP. In totality, more than 49,000 families in the country are affected by the repercussions of the disease. Moreover, the market in Europe is also estimated to occupy a notable share owing to the rising number of R&D activities in the medical sector and growing investments of key industry players to develop and commercialize their drug candidates in the region.
The attenuated familial adenomatous polyposis drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the attenuated familial adenomatous polyposis drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing occurrence of colorectal disorders and rising technological advancements for developing cure for AFAP are the major growth drivers for the market.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021 – 2030.
Lack of awareness about the disease in lower income economies is estimated to hamper the market growth.
North America will provide more business opportunities owing to the strong presence of major market players and high healthcare expenditure.
The major players in the market are Adhera Therapeutics, Inc., Cancer Prevention Pharmaceuticals, Inc., Haihe Biopharma Co., Ltd., StemSynergy Therapeutics, Inc., and others.
The company profiles are selected based on the 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 product type, drug class, distribution channel, and by region.
The hospital pharmacy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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