The global Head and Neck Cancer Drugs Market is estimated to be valued at US$ 1,986.3 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Head and neck cancer refers to a group of cancers that start in the mouth, nose, throat, sinuses or lymph nodes in the neck. These include cancers of oral cavity, larynx, nasal cavity, paranasal sinuses and pharynx. Head and neck cancer drugs help in shrinking cancer, slowing its growth and progression and increasing survival.
Market key trends:
The rising cancer burden owing to increasing consumption of tobacco and alcohol is driving the growth of head and neck cancer drugs market. According to WHO, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Head and neck cancer which includes cancers of oral cavity, pharynx and larynx account for approximately 3% of all cancers. In addition, immune-oncology drugs are increasingly being used for the treatment of head and neck cancers which is supporting market growth. These drugs help patient’s own immune system to fight cancer and have shown more effectiveness over conventional therapies.
SWOT Analysis
Strength: Growing prevalence of head and neck cancer globally due to rising smoking rates and alcohol consumption.
Weakness: High cost of targeted drugs and immunotherapy treatment.
Opportunity: Increasing FDA approvals and launch of novel drugs to treat recurrent/metastatic forms of head and neck cancer.
Threats: Late-stage diagnosis in majority of cases limits treatment outcomes. Strong competition from generic drugs limits sales of branded drugs.
Key Takeaways
The Global Head And Neck Cancer Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing FDA approval and launch of novel drugs. The market size for 2023 is estimated to be US$ 1,986.3 Mn.
Regional analysis: North America dominated the head and neck cancer drugs market in 2021 due to FDA approvals of novel drugs and availability of targeted therapies and immunotherapy in the region. Asia Pacific is anticipated to witness fastest growth over the forecast period attributed to growing geriatric population, lifestyle changes leading to rising cancer incidence, and increasing healthcare spending.
Key players operating in the market are Merck & Co., Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca Plc., Fresenius Medical Care AG & CO. KGAA, and F. Hoffmann-la Roche Ltd. (Genentech, Inc.), among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
