Rising Cases of Cancer to Boost the Market Growth
As per the World Health Organization, cancer is the second leading cause of death worldwide. It was predicted to cause about 9.6 million deaths in 2018. Further, approximately 1 in every 6 deaths is caused as a result of cancer. It has been observed that the number of cases of cancer are rising at a significantly high rate, which is predicted to continue to grow further in the coming years. On the back of this, the market for VEGF inhibitor drugs is anticipated to grow by the end of 2028.
Growing Demand for Monoclonal Antibodies as Therapy to Drive the Market Growth
The research and development on monoclonal antibodies for the purpose of developing various treatment methods is estimated to be a major growth factor for the market. Moreover, the rising demand for combination therapies on account of their higher effectiveness than monotherapy drugs, especially in the case of various cancers, the market is anticipated to witness a huge growth opportunity.
The VEGF inhibitor drugs market is anticipated to record a CAGR of around 9% over the forecast period, i.e., 2020-2028. The market is segmented by target, by inhibitor, by application, by distribution channel and region, out of which, the target segment is further segmented into VEGF-A, VEGF-B, VEGF-C, VEGF-D and others. The market for VEGF-A is anticipated to hold the largest share in the VEGF inhibitor drugs market on account of VEGF-A being responsible for inducing angiogenesis as well as regulating the cell division in endothelial cells.
On the basis of application, the market is segmented into oncology, ophthalmology and others, out of which, the segment for oncology is predicted to grow at the highest rate over the forecast period. This can be attributed to the rising cases of cancer globally, along with the increasing demand for effective cancer therapies which result in minimum side effects. The Centers for Disease Control and Prevention estimated the number of new cancer cases to increase by around 24% among men between 2010 and 2020 and by about 21% among women during the same period in the United States.
High Cost of VEGF Inhibitor Drugs to Restrict the Market Growth
As the market for VEGF inhibitor drugs is currently of a moderate size, there is limited availability of these drugs in the market. Moreover, this results in the drugs being expensive and not affordable for the middle and lower class in various countries. In addition to this, the side effects associated with the use of VEGF inhibitor drugs are predicted to be another growth restricting factor for the market.
Our in-depth analysis of the VEGF inhibitor drugs market includes the following segments:
By Distribution Channel
On the basis of regional analysis, the VEGF inhibitor drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is anticipated to hold the leading share globally as a result of rising investments by government and private entities in research and development of cancer therapies and treatments, including VEGF inhibitor drugs. According to the American Cancer Society, more than 1.8 million new cases are estimated to be diagnosed in the United States in 2020. Further, around 606,520 people in the region are predicted to die of cancer, i.e., about 1,660 deaths every day in the same year. Moreover, the growing elderly population in the region is another factor estimated to contribute towards the increasing demand for novel therapies in the market.
The VEGF inhibitor drugs market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing cases of cancer coupled with the rising demand for combination therapies are some of the major factors responsible for market growth.
Ans: The market is anticipated to attain a CAGR of 9% over the forecast period, i.e. 2020-2028.
Ans: Rising investments in research and development of VEGF inhibitor drugs and effective cancer therapies in North America will provide more business opportunities for market growth.
Ans: The major players in the global market are Pfizer, Inc., Novartis AG, GlaxoSmithKline plc, Sanofi, AstraZeneca plc, Bristol-Myers-Squibb Company, Genentech, Inc. (Roche), Merck & Co., Inc., Bayer AG and Eli Lilly & Company.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.