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.
January 22, 2022: Exelixis Inc. announced the successful results for Cabozantinib in combination with immunotherapies in patients with advanced colorectal cancer.
November 22, 2021: Merck & Co. announced the complete acquisition of Acceleron Pharma Inc., to explore the opportunities in medical research.
The global neoplasm treatment market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2031. Neoplasm can be cancerous or non-cancerous growths in different organs of the body. Unlike tumors, neoplasm are not swelling, but a new unwanted growth. The growth of the market can be attributed to the increasing prevalence of cancer, coupled with the rising awareness for the treatment of cancer. According to the data by the World Health Organization (WHO), over 10 million people died due to cancer in 2020, up from 9.6 million in 2018. Moreover, there were 2.26 million new cases of breast cancer, 2.21 million cases of lung cancer, and 1.41 million cases of prostate cancer in 2020 itself. Moreover, government initiatives to provide efficient healthcare to the people, along with increasing individual disposable income are anticipated to boost the market growth.
The market is segmented by type into benign, and malignant, out of which, the malignant segment is anticipated to hold the notable share in the global neoplasm treatment market over the forecast period on account of growing prevalence of malignant, i.e., cancerous neoplasm across the globe. Moreover, the higher exposure to carcinogens, backed by poor lifestyle habits in present times, is estimated to fuel the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 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 global neoplasm treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness modest growth over the forecast period on the back of higher prevalence of cancer and other diseases, along with growing investment in the development of new treatment methods.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising cases of cancer in the region. According to the US National Cancer Institute, an estimated of 1,806,590 new cases of cancer were diagnosed in the United States in 2020. Moreover, the presence of major research institutes in the region, combined with high healthcare expenditure are estimated to boost the market growth.
The global neoplasm treatment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global neoplasm treatment market includes the following segments:
Ans: The increasing prevalence of cancer, and rising cancer awareness is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing prevalence of cancer in the region.
Ans: The major players in the market are Exelixis, Inc., Thermo Fisher Scientific Inc., Boehringer Ingelheim GmbH, Bayer AG, Abbott Laboratories, Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Siemens Healthcare GmbH, Novartis AG, and others.
Ans: 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.
Ans: The market is segmented by type, end-user, and by region.
Ans: The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: High cost of cancer treatment is estimated to hamper the market growth.