Market Challenges And Opportunities

Cervical Cancer Drugs Market Drivers

Increasing number of drug approval done by U.S. Food and Drug Administration (FDA) for the treatment of cervical cancer is expected to drive growth of the cervical cancer drugs market over the forecast period. For instance, in September 2017, U.S. Food and Drug Administration (FDA) approved Mvasi (bevacizumab-awwb) as a biosimilar to Avastin (bevacizumab) for the treatment of multiple types of cancer, which includes cervical, lung, brain, colorectal and kidney cancer. Mvasi is indicated for use in persistent, recurrent, or metastatic cervical cancer. In August 2014, U.S. FDA approved Genentech’s Avastin, which is bevacizumab solution for intravenous infusion in combination with paclitaxel for the treatment of persistent, recurrent, or metastatic cervical cancer.

Furthermore, increasing funding for cancer research, rising insurance coverage, and increase in the number of new targeted cancer drugs are expected to support the revenue growth of cervical cancer drugs market. For instance, National Cancer Institute, in 2015, spent around US$ 4,480 million on cancer research, which include cervical cancer, lung cancer, colorectal cancer, liver cancer, breast cancer, leukaemia, ovarian cancer, and uterine cancer. Furthermore, according to the American Cancer Society, U.S. invested around US$ 87.8 billion in 2014 on cancer research, in which the major cost accounting for around 44%, was paid by private insurance companies.

Increasing incidence of cervical cancer among the global population, rise in incidence of HIV in women, lack of awareness regarding the diagnosis for prevention of invasive cancer is expected to drive growth of the cervical cancer drugs market. Moreover, American cancer Society, in March 2018, funded around 22 grants for cervical cancer, which accounted for around US$ 9.3 million. The funding value is offered to a single or group of research, which includes a specific type of a cancer or area of cancer. For instance, according to Cancer Research UK, 2015 data findings, around 3,200 new cervical cancer cases were registered in the UK annually from 2013 to 2015.

Moreover, according to the same source, in 2015, cervical cancer accounted for around 2% of all cancer cases in females in the UK. A joint study conducted on cervical cancer by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and National Institute of Cancer Prevention and Research (NICPR), published in January 2018, reported that India alone has one fourth of the global burden of cervical cancer, which accounts for 17% of the all cancer deaths in women aged between 30 and 69 years in India. Moreover, according to the same source, it is estimated that around 1 in 53 Indian women are expected to be diagnosed by cervical cancer during their lifetime.