Fact.MR has recently added a new research report on the Global Track Pad Market to its repository. This report aims to help readers in understanding key technologies as well as product developments in this market during the forecast period of 2021 to 2031. This report intends to offer an in-depth analysis of various important aspects such as opportunities, drivers, challenges, and restraints of...
The past decade has witnessed substantial developments for the development of targeted therapy for the treatment of cancer, with a number of relevant gene mutations being identified, which has resulted in the finding of drug targets and anticancer drugs, which are propelling changes in terms of data base technologies, which are related to the changes in anticancer drugs.
The demand and supply in the worldwide anticancer drugs market is anticipated to rise, thereby supporting the growth in terms of anticancer drugs, with sales being projected to reach a staggering figure of USD 156 billion by the end of the forecast period in 2025.
This growth can be attributed the increased designations of orphan drugs for many of these medications, which provides manufacturers with extra incentives such as tax credits and market exclusivity in terms of clinical trials, and are expected to help support the industry for the foreseeable future.
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Governments Push for Awareness Campaigns to Prop Up Anticancer Drugs
The sales figures for anticancer drugs are rising rapidly, which can be attributed to a rising number of activities carried out by governments and regulatory bodies around the world, with the aim of spreading information about the different types of cancer and to push people to take part in regular screening tests.
These initiatives has resulted in the identifications of a larger number of people affected by the disease, consequently generating a substantial pool of patients who need anticancer drugs. This trend is supported by the frequent increases to investments into research and development activities, which has resulted in different therapeutics that are expected to generate better patient outcomes, while reducing side effects.
Lucrative Opportunities in Asia Pacific Attract Manufacturers
At present Europe and North America are projected to contribute a major share of more than 40 per cent of the worldwide anticancer drugs industry. This can be attributed to the higher levels of awareness, easier access to new technology, and faster diagnosis. In addition, governments in these regions have also been supporting research and development activities to increase the availability of drugs in these regions.
On the other hand, manufacturers are increasingly turning their attention towards countries in the Asia Pacific region, as emerging economies here have been making larger strides in terms of facilities and health care infrastructure. In addition, a number of countries in this region are becoming hotspots for medical tourism activities owing to the growing standards of health care coupled with low costs, and the rising number of private and public facilities to handle cancer cases.
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Reduced Side Effects Support Adoption of Targeted Therapeutics
Despite the growing number in cancer diagnoses, the sales of anticancer drugs are not as high as they can be. Current anticancer treatments have a substantial drawback of major side effects including bruising, hair loss, bleeding, anemia, sexual health issues, constipation, neutropenia, and infections among others.
To offset the impact of side effects on the revenue, manufacturers are pushing for research into the development of advanced alternatives including targeted drugs, which take action against cancer cells, without affecting healthy cells, and is expected to become the mainstay of the industry in the forecast period.
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