Global Head and Neck Cancer Therapeutics Market to Grow at a CAGR of 12.6% during Forecast Period

Published | 01 January 2023

Global Head and Neck Cancer Therapeutics Market is growing at a high CAGR because of the rising use of biosimilars and early diagnostic methods as well as positive healthcare reforms.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Head and Neck Cancer Therapeutics Market was worth USD 1.1 billion in the year 2021. The market is projected to grow at a CAGR of 12.6% from 2022-2028 (forecast period), earning revenues of around USD 2.6 billion by the end of 2028. The Global Head and Neck Cancer Therapeutics Market is booming because of the rising demand for consumer electronic items like smartphones, televisions, and digital cameras, as well as the increased manufacturing of electric cars. In addition, rising demand for IoT devices is emerging as a significant driver of market expansion. However, high dependence on other countries for semiconductor chip imports may act as a huge restraining factor for market growth.

Increased demand for a combination treatment for head and neck cancer care

Increases in the prevalence of specific diseases and the availability of better healthcare thanks to public and private sector initiatives are all expected to propel the industry forward in the next years. The global market for head and neck cancer treatments is growing as a result of several factors, including the rising incidence of this disease worldwide, the rising preference for multimodal approaches to care, and the rising emphasis on research and development to identify the most effective clinical therapy.

In addition, an increase in risk factors such as alcohol, cigarette smoking, and tobacco use is anticipated to contribute to the growing worldwide need for head and neck cancer treatments.

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Challenge

High treatment costs

Market growth is anticipated to be stymied by the high expenses associated with the treatment plan, the unfavorable reactions of alternative treatment alternatives, the dearth of insurance services, and the inadequate healthcare system in low- and middle-income countries. Moreover, this patient population faces major issues, such as morbidity and bad quality of life, as a direct result of the incapacitating impact of normal healthcare practices.

Segmental Coverage

Global Head and Neck Cancer Therapeutics Market – By End-User

On the basis of end-user segmentation, the Global Head and Neck Cancer Therapeutics Market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. Whereby hospitals and specialty clinics take a sizable amount in market share. Due to simple access to medications and inexpensive distribution costs, producers are very likely to distribute their goods, which explains the dominance. According to the Drug Channels Institute's research, the top five specialty pharmacies in the globe in 2021 were Humana specialty pharmacy, Accredo, CVS Specialty, Walgreens stores, and Optum specialty pharmacy.

Global Head and Neck Cancer Therapeutics Market – By Region

The global market for head and neck cancer therapies is divided into five primary regions based on geographical presence. These regions are North America, Europe, The Asia Pacific, Latin America, the Middle East, and Africa. The high frequency of HPV-induced malignancies and the high smoking rate in North America will continue to provide the region with a dominant position in the worldwide head and neck cancer treatment market. It is anticipated that Europe will hold the second biggest market share in the global market for head and neck cancer therapies.

Impact of COVID-19 on Global Head and Neck Cancer Therapeutics Market

The severe acute respiratory syndrome coronavirus 2 (SARS-Cov-2) that produced the 2019 coronavirus disease (COVID-19) pandemic poses a unique challenge to the world's healthcare infrastructure, including the Global Head and Neck Cancer Therapeutics Market. Standardized treatment for cancer patients was a part of this difficulty. During this time, most in-hospital cancer treatments were discontinued, and only select patients were given radiation therapy with the goal of curing them in accordance with strict protocols to ensure their safety, thereby leading to disturbances and inconveniences in the Global Head and Neck Cancer Therapeutics Market.

Competitive Landscape

Pfizer Inc., Eli Lilly and Company, Sun Pharmaceutical Industries Limited, Intas Pharmaceuticals Ltd., GlaxoSmithKline PLC, Novartis International AG, Sanofi, Bayer AG, Hoffmann-LA Roche AG, Merck & co., INC., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., and Other Prominent Players are active in this industry. AstraZeneca and Pfizer are expected to benefit from the approval of Imfinzi and Bavencio during the projection period. Sanofi and Eli Lilly have been affected by expiring patents and biosimilar medicine competition. Several market participants are expected to collaborate on meeting unmet requirements, discovering novel targets, and developing stronger treatment pipelines.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Head and Neck Cancer Therapeutics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Head and Neck Cancer Therapeutics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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