Gemcitabine HCL Market is anticipated to grow at a substantial CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Gemcitabine HCL Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global gemcitabine HCL Market is estimated to be over US$ 680 Million in 2018. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
The significant growth of the gemcitabine HCL market can be attributed to the increasing number of various types of cancers, growing healthcare infrastructure, increasing awareness among people regarding cancer, and patent expiry of top branded drugs. All these factors are further driving the gemcitabine HCL market growth. In 2018, 1,735,350 new cases of cancer were diagnosed and around 609,640 people died from the disease in the US. Also, as per World Health Organization (WHO), in 2018, the most common causes of cancer death worldwide were lung cancer causing 1.76 million deaths, colorectal causing 862,000 deaths, stomach causing 783,000 deaths, liver causing 782,000 deaths, and breast causing 627,000 deaths. Furthermore, according to Cancer Research UK, the number of cancer patients will rise by 40% till 2035 when compared with 12% in 1990s, with a higher number of such cases among men. Also, patent expiry of the Elli Lilly and company branded drug called Gemzar has boosted the production of a generic version of the drug by manufacturers in Asia Pacific. These are some of the major factors contributing to market growth.
Other factors, including key players focusing more on the research & development of new cancer treatments are also fueling market growth. Eli Lilly and Company invests around 21.6% of its total revenue into research & development activities, which is far more than generic manufacturers investing in such activities. The company primarily focuses on developing new oncology products for the advanced treatment of cancer patients, further contributing to market growth.
Some factors impacting the market negatively include the cost of cancer treatments, and the risks/side effects associated with gemcitabine HCL. Even with insurance, cancer patients frequently face unpredictable or unmanageable costs. Couple with this, side effects associated with the use of gemcitabine HCL at times cause sudden numbness or weakness, sudden severe headache, confusion, problems with vision/speech/balance, white patches and sores inside the mouth, pain/swelling/skin changes where the needle was placed, hearing problems, blood in the urine, breathing problems, and others, these factors are expected to negatively impact market growth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Gemcitabine HCL Market by Type (Branded and Generic), by Application (Pancreatic Cancer, Breast Cancer, Ovarian Cancer, Non-small-cell Lung Cancer (NSCLC)), by End User (Hospitals, Cancer Centers) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/gemcitabine-HCL-market/186
Asia Pacific is estimated to account for the highest CAGR in the gemcitabine HCL market over forecast period owing to increasing incidences of cancer, growing medical tourism, rising awareness, and increasing disposable income. In addition, a high demand for cost-effective generic drugs over branded drugs, increasing number of hospitals and cancer centers, better healthcare policies, growing geriatric population, and rising healthcare awareness in India, China are positively impacting market growth in these countries. As a result, the gemcitabine HCL market is likely to expand in this region during the forecast period.
Some prominent players in the gemcitabine HCL market include Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Accord Healthcare, Pfizer, Inc., Mylan N.V., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, Dr. Reddy’s Laboratories Ltd., Medtronic, Biocon, and Cipla Inc., among others.
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