In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Dexrazoxane hydrochloride is a cardioprotective drug. Dexrazoxane is used to protect the heart from cardiotoxic adverse effects of chemotherapeutic drugs, such as anthracyclines, daunorubicin, doxorubicin, etc. For the prevention of cardiomyopathy for adults and children aged 0 to 16 years, dexrazoxane was approved by the US FDA as an orphan drug for treatment with an anthracycline. Almost all children are required to receive dexrazoxane at the discretion of the care physician starting with the first dose of anthracycline.
With the rising cases of cancer around the globe, there is a significant increase in medical advances in the healthcare industry owing to the fact that it has the potential to improve healthcare and is considered to be the necessary solution for the clinical practice. Thus, there is a shift in towards using dexrazoxane in healthcare which will enhance the market growth. The dexrazoxane market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product, and by end-user. In the product type, it is segmented into 250mg and 500mg. By the end-user type, it is segmented into hospitals and drugstores. Among these, the hospital segment is likely to have the largest CAGR over the forecast period owing to the fact that many cancer operating hospitals have their own pharmacies or medicine outlets and hence they deliver the drug straight without going to the drugstore.
According to the International Agency for Research on Cancer (IARC), a Global Observatory on Cancer that provides an estimate of the incidence and mortality of 36 kinds of cancer in 185 countries and all cancer sites integrated, stated that according to estimates, the global cancer burden increased to 18.1 million new cases and 9.6 million deaths reported in 2018. Over their lifespan, one in five men and one in six women across the world grow cancer, and one in eight men and one in eleven women die from heart disease. The cumulative number of people living within 5 years of a diagnosis of cancer, called the 5-year preponderance, is approximated at 43.8 million worldwide
As there is a rise in the number of cancer patients around the globe, the usage of anthracycline has increased thus dexrazoxane an antimitotic, immunosuppressive agent is used to reduce the toxicity. Dexrazoxane, is the razoxane enantiomorph, provides for the cardioprotection against toxicity to anthracycline. The Food and Drug Administration has approved dexrazoxane as an approved medication to be used in the prevention and reduction of the incidence and severity of cardiomyopathy caused by anthracycline all these factors are the growth drivers and this is anticipated to significantly expand the dexrazoxane market. CLICK TO DOWNLOAD SAMPLE REPORT
Despite the growing market for the dexrazoxane, the drug might have some side effects after heavy dosage or being used by the pediatric patients which may lead to leukopenia, granulocytopenia, and thrombocytopenia and is likely to hamper the growth of the market.
Our in-depth analysis of the global dexrazoxane market includes the following segments:
Based on regional analysis, the dexrazoxane market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America, followed by Europe, holds a significant share of the world dexrazoxane market, owing to the native presence of more advanced institutions for cancer treatments, successful implementation of dexrazoxane in the medical field, improved healthcare facilities. Latin America is predicted to exhibit vital growth within the dexrazoxane market over the forecast period. Additionally, government initiatives to improve healthcare by the formation of enticing policies in countries like China and India are predicted to spice up the dexrazoxane business, which is predicted to considerably contribute towards the expansion of the dexrazoxane market throughout the forecast period.
The dexrazoxane market is further classified based on region as follows: