Market Challenges And Opportunities

Global Cancer Supportive Care Product Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic had a negative impact on the Global Cancer Supportive Care Market because it leads to increased risk for the people suffering from cancer and dying from SARS-COV-2 infection. For instance, in June 2020, the National Health Service (NHS) released statistics for April 2022 indicating that 60% of the urgent diagnosis of cancer had fallen also some cancer surgical procedures have been postponed.

Global Cancer Supportive Care Product Market: Restraint

Loss of brand exclusivity of various generic drugs is expected to hinder the growth of the global cancer supportive care products market. Moreover, the entry of biosimilars is also expected to limit the growth of the global cancer supportive care products market. Patents for certain major drugs used in cancer supportive care products have expired or are expected to expire in the near future. This is projected to open the gateway for biosimilars for anti-cancer therapy, which would lead to a drastic decrease in the prices of patent-expired drugs.

Global Cancer Supportive Care Product Market Opportunities:

Increasing investment in the pharmaceutical sector is expected to offer lucrative growth opportunities for players in the global cancer supportive care products market. Moreover, R&D in cancer pain care is also expected to offer lucrative growth opportunities for players in the global cancer supportive care products market. For instance, in September 2020, EMD Serono the healthcare business of Merck KGaA, Darmstadt, Germany, in the US and Canada, presented its oncology portfolio and pipeline in supportive care in multiple cancers at ESMO 2020.

Global Cancer Supportive Care Product Market- Driver

Increasing Demand for Cancer Supportive Care Product Market - High prevalence of cancer is likely to boost the demand for cancer-supportive care products. This in turn drives the growth of the market. For instance, In 2022, 1,918,030 new cancer cases and 609,360 cancer deaths are projected to occur in the United States, including approximately 350 deaths per day from lung cancer, the leading cause of cancer death. Moreover, increasing funding in cancer Research & Development is also expected to aid in the growth of the global cancer supportive care products market. For instance, according to the National Cancer Research Institute (NCRI), cancer research funding by NCRI partners reached around US$ 750 mn in 2018/19. North America held a dominant position in the global cancer supportive care products market in 2022, accounting for a 36.5% share in terms of value, followed by Europe and Asia Pacific, respectively.