According to a new report published by Allied Market Research, titled, Gynecological Cancer Drugs Market by Therapeutic Modality and Indication: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global gynecological drugs market was valued at $9,269 million in 2016, and is expected to reach $16,107 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023.
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Cancer progresses when normal body cells transform into abnormal cells and continue to grow in an uncontrolled manner. It is named after the body part in which it originates; thus, gynecological cancer refers to a group of cancers that affect the reproductive organs of a female, such as uterus, endometrium, ovary, peritoneum, fallopian tubes, vagina, vulva, cervix, and muscle & tissue supporting the uterus.
The growth of the global gynecological cancer drugs market is driven by factors such as high incidence of gynecological cancers, growth in importance of targeted drug therapies, increase in investment from government, public & private organizations for the development of novel drugs to treat cancer, and increase in risk factors that lead to cancer. However, the market growth is hampered by high cost of drug development and threat of failure & adverse effects of cancer drug therapy. Conversely, advancement of cancer drug research and advent of personalized medicine approach are expected to provide numerous opportunities for market growth during the forecast period.
The cervical cancer segment is expected to maintain its dominant position during the analysis period, owing to increase in prevalence of cervical cancer globally.
Targeted therapy segment is expected to grow rapidly, registering a CAGR of 8.9% throughout the forecast period, owing to increased benefits of targeted therapy over chemotherapy.
Key Findings Of Gynecological Cancer Drugs Market:
- The chemotherapy segment accounted for nearly two-thirds share of the global market in 2016.
- Cervical cancer segment accounted for more than two-fifths share of the market in 2016.
- The ovarian cancer segment is expected to grow at the fastest CAGR of 10.0% from 2016 to 2022.
- Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 9.8% during the forecast period.
North America accounted for more than one-third share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in cancer incidence, growth in geriatric population, rise in patient awareness about the availability of treatment options, and favorable reimbursement framework for cancer drugs in the region. In addition, high adoption rate of cancer drugs and presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.