With the help of research and development activities for cancer treatment, many breakthroughs and advances implicated the role of tyrosine kinases in the pathophysiology of cancer. The inhibition of tyrosine kinases provides new therapies for cancer. Receptor Tyrosine Kinase (RTK) has become an attractive therapeutic target that regulates many key processes including cell growth and survival. The number of RTKs, identified as valuable molecular targets, has greatly increased due to the enormous progress that has been made in the past few years in the identification of the human genome.
The global receptor tyrosine kinase treatment market was valued at approximately USD 54 Billion in 2020 and is estimated to be worth more than USD 102 Billion by the end of 2030, by growing at a CAGR of nearly 7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to rise in the occurrence of cancer and related diseases, increasing acceptance of kinase inhibitors, increasing product approvals, and more and more investment from pharmaceutical companies.
However, the high cost of tyrosine kinases therapies and the lack of funds for R&D activities are likely to restrain the growth of the market. Furthermore, clinical trials for commercialization of tyrosine kinase inhibitors in cancer treatment is facing challenges due to strict rules and lack of volunteers.
The market is segmented by product type into epidermal growth factor receptor (EGFR) tyrosine kinase inhibitors, vascular endothelial growth factor receptor (VEGFR) tyrosine kinase inhibitors, platelet-derived growth factor receptor (PDGFR) tyrosine kinase inhibitors, and others, out of which, the VEGFR-TKIs segment is anticipated to hold the largest market share owing to their efficiency in treatment of lung cancer, which is the most common type of cancer globally.
Based on application, the global receptor tyrosine kinase treatment market is segmented into lung cancer, breast cancer, renal cell cancer, and others, among which the breast cancer segment is estimated to hold the largest share by growing at the highest rate. Breast cancer is the second most common type of cancer and the most common in females, with about 20% of all cases to be HER-2 positive. 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.
Global Receptor Tyrosine Kinase Treatment Market Regional Synopsis
Regionally, the global receptor tyrosine kinase treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is projected to grow at a significant rate during the forecast period and hold the largest market share on account of high prevalence of cancer in the region, increasing R&D activities with tyrosine kinase inhibitors, and the presence of prominent market players, with the U.S. dominating over the region. In 2020, approximately 1.8 million new cases of cancer were diagnosed in the U.S. with a mortality rate higher among men than women.
Asia-Pacific region is expected to witness the fastest market growth owing to the rise in research and development activities for cancer and related diseases. Moreover, increased use of kinase inhibitors for newer applications in emerging economies such as China and India would provide new opportunities for market players to invest in the region, further boosting the market growth.
The global receptor tyrosine kinase treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global receptor tyrosine kinase treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rise in the occurrence of cancer diseases, increasing acceptance of kinase inhibitors, increasing product approvals, and more and more investment from pharmaceutical companies are the major factors driving the market growth of the global receptor tyrosine kinase treatment market.
The global receptor tyrosine kinase treatment market is estimated to grow at a CAGR of nearly 7% over the forecast period, i.e., 2022 – 2030.
The high cost of tyrosine kinases therapies and the lack of funds for R&D activities, and challenges faced by clinical trials for commercialization of tyrosine kinase inhibitors due to strict rules and lack of volunteers are estimated to hamper the market growth.
Asia-Pacific region is expected to provide significant business opportunities for the growth of the global receptor tyrosine kinase treatment market.
The major players in the market are Bristol-Myers Squibb Company, Boehringer Ingelheim GmbH, Eton Bioscience, Inc., GlaxoSmithKline plc, Merck KGaA, AstraZeneca, Johnson & Johnson Services, 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, application, distribution channel, and by region.
The VEGFR-TKIs segment is anticipated to hold largest market size in value and is estimated to witness modest growth rate over the forecast period.
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