Global Desmoid Tumors Market, by Drug Type ( Non-steroidal anti-inflammatory drugs (NSAIDs) Targeted Therapy, Chemotherapy, Hormone Therapy and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa) is estimated to be valued at US$ 2,494.1 Mn in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in market include regulatory body approvals for desmoid tumor products which is expected to drive the growth of global desmoid tumors market over the forecast period. For instance, in September 2019, SpringWorks Therapeutics, a clinical-stage biopharmaceutical company, announced the European Commission had granted Orphan Drug Designation for nirogacestat, an oral, selective, small molecule, gamma-secretase inhibitor, for the treatment of soft tissue sarcoma. Desmoid tumors are type of soft-tissue tumors.
Global desmoid tumors market – Impact of Coronavirus (COVID-19) Pandemic
Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments, restricted movement, and other COVID-19 safety precautions. The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors which is majorly impacted by the COVID-19 pandemic. Moreover, the coronavirus pandemic has had a negative impact on the development, production, and supply of pharmaceutical products used in the treatment of various diseases in North America, Europe, and Asia Pacific. The supply and production of pharmaceutical products were affected due to the imposition of lockdown during the COVID-19 pandemic. This lockdown has resulted in the closure of industrial establishments, except the manufacturing of essential commodities, and disruption in the supply chain of pharmaceutical products. Moreover, according to a review article published by the European Pharmaceutical Review Journal in November 2020, the COVID-19 pandemic has caused major challenges with respect to drug shortage and increased manufacturing costs across the globe. The same source stated that the COVID-19 pandemic has led to problems such as stockpiling drugs, transportation delay, and others.
Browse 79 Market Data Tables and 47 Figures spread through 457 Pages and in-depth TOC on “Global desmoid tumors market”- Forecast to 2030, Global Desmoid Tumors market, Global desmoid tumors market, by Drug Type (Non-steroidal anti-inflammatory drugs (NSAIDs) Targeted Therapy, Chemotherapy, Hormone Therapy and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/desmoid-tumors-market-5449
Moreover, initiatives by the government for the awareness and treatment of rare diseases are expected to drive the Global desmoid tumors market over the forecast period. For instance, the Government of India launched the National Policy for Rare Diseases (NPRD), in March 2021 for the treatment of rare disease patients. It includes provision for financial support of up to US$ 6,296.5 to patients suffering from any rare disease and for treatment in any of the Center of Excellence (CoE) mentioned in NPRD-2021.
Key Takeaways of the Global desmoid tumors market:
- Global desmoid tumors market is expected to exhibit a CAGR of 7.3% during the forecast period due to presence of desmoid tumor foundation providing funds for desmoid tumor research, is expected to drive the market growth in the country over the forecast period. For instance, Desmoid Tumour Foundation of Canada (DFC) is a registered Canadian charity dedicated to funding research for cure for desmoid tumors. DFC is dedicated to funding desmoid tumor research and finding a cure for this rare disease. DFC supports the collaboration between researchers from different institutions to expedite the development of cure.
- In terms of distribution channel, hospital pharmacies segment is estimated to hold a dominant position in global desmoid tumors market over the forecast period owing to growing healthcare spending by governments and increasing prevalence of desmoid tumors. For instance, according to the U.S. Centers for Medicare and Medicaid Services’ 2021 findings on the National Health Expenditure (NHE) in the U.S., the hospital expenditure grew by 6.4% to US$ 1,270.1 billion in 2020 as compared to hospital expenditure in 2019. Additionally, prescription drug spending increased by 3.0% to US$ 348.4 billion in 2020, as compared to 2019.
- Among region, North America is estimated to dominate the global desmoid tumors market over the forecast period, owing to increasing product approvals. For instance, In August 2019, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy designation for nirogacestat to SpringWorks Therapeutics for the treatment of adult patients with progressive, unresectable, recurrent or refractory desmoid tumors or deep fibromatosis. Nirogacestat is an oral, selective, small molecule gamma-secretase inhibitor that works by blocking proteolytic activation of Notch receptors
- Major players operating in the global desmoid tumors market include Horizon Therapeutics Plc, Strides Pharma Science Limited, Teva Pharmaceutical Industries Ltd., Amneal Pharmaceuticals LLC, Hikma Pharmaceuticals PLC, Natco Pharma Ltd, Lupin, Zydus Lifesciences, Mylan N.V., Assertio Holdings, Inc., Mayne Pharma Group Limited, Alembic Pharmaceuticals Limited, Aprazer, Ayala Pharmaceuticals, SpringWorks Therapeutics, Inc., Iterion Therapeutics, Novartis AG, Apotex Inc., Bayer AG., Sun Pharmaceutical Industries Ltd, Dr. Reddy’s Laboratories Ltd., Endo International plc, Abbott, and Getwell Pharmaceuticals
