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(Health-NewsWire.Net, November 02, 2021 ) Chemical Compounding Injectable Anticancer Market size was valued at $140,315 million in 2020, and is anticipated to grow at a CAGR of 6.05% during the forecast period 2021-2026. The chemical compounding injectable anticancer industry growth rate is attributed to the increasing health care awareness followed by a rapid growth in chronic diseases across the world and are poised in bringing new opportunities. Chemical compounding injectable anticancer refers to the intravenous drugs that are infused in the body during cancer treatment. These injectable affect the development of cancer-inducing proteins while also destroying cancerous cells. Injectable oncology medications, which are commonly used to treat different cancers, offer improved effectiveness, higher bioavailability, less gastrointestinal discomfort, and greater compliance. The factors driving the growth of the market for chemical compounding injectable anticancer include increased global prevalence of cancer, along with a greater awareness of early diagnosis, which is encouraging manufacturers of injectable anticancer drugs to invest heavily in research and development could affect the growth of the market for chemical compounding injectable anticancer. Apart from this, the widespread availability of modern medical infrastructure, as well as simple access to chemotherapy treatments followed by faster drug approvals from various regulatory bodies, such as the U.S. Food and Drug Administration (FDA) is also offering the manufacturers lucrative growth opportunities over the forecast period 2021-2026. However, challenges in storage, packaging, and distribution of anticancer chemical injectable coupled with the stringent rules and regulations for manufacturing in certain regions are also poised to be one of the factors negatively affecting the chemical compounding injectable anticancer market penetration.
Chemical Compounding Injectable Anticancer Market Segment Analysis – By Role
In 2020, on the basis of role, injectable segment accounted for the largest segmental revenue of the chemical compounding injectable anticancer market. The injectable segment held the largest market as these drug delivery systems use technologically advanced and smarter systems, on account of wider scope such as injecting the drug at the target site allowing it to be more localized. Moreover, injectable is the fastest growing segment by role with a CAGR of 6.8% during the forecast period of 2021-2026 as there is an increasing demand for effective and convenient drug delivery system by consumers, which is poised to create lucrative opportunity for the manufacturers to manufacture such effective injectable thereby, responsible for their high demand.
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Chemical Compounding Injectable Anticancer Market Segment Analysis – By Class
On the basis of class, alkylating agents segment accounted for the largest segmental revenue of the chemical compounding injectable anticancer market in 2020. The large share can be attributed to the rich promising pipeline of drugs coupled with rising trend amongst the market players for the ample availability of such injectable products is attributed to positively affect market growth during the forecast period 2021-2026 owing to launches of drugs annually and advances in pharmaceuticals and biotechnological sectors or industries.
Chemical Compounding Injectable Anticancer Market Segment Analysis – By Geography
North America is the major region dominating the chemical compounding injectable anticancer market with a market share of 37.90% in the year 2020. This is owing to the region witnessed steady developments coupled with rising health consciousness amongst the customers demanding innovative medical technologies. Furthermore, there is also a rise in the geriatric population which is followed by a surge in chronic and autoimmune diseases in the region, to contribute significantly to the growth of the chemical compounding injectable anticancer market in North America.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026. This is attributed to the untapped opportunities in developing countries that are projected to encourage the growth of the Asia Pacific market for chemical compounding injectable anticancer drugs owing to growing health care expenditure. Furthermore, governments in these nations have put on a focus regarding the increasing awareness about novel drugs followed by targeting global pharmaceutical companies towards investing in the developing economies has also contributed significantly to the region’s growth.
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Chemical Compounding Injectable Anticancer Market Drivers
Increasing Launches Of Drugs
The chemical compounding injectable anticancer market is poised to receive upswing owing to the rapid increase in demand for chemical injectable anticancer owing to the increasing health care awareness, consumers are shifting their focus toward development for effective and convenient drug delivery system that have contributed significantly to the growth of the demand for chemical compounding injectable anticancer market.
Greater Effort From Government
The growth in the chemical compounding injectable anticancer industry is owing to the fact that governments in the developing nations have put on a focus regarding the increasing awareness about novel drugs followed by targeting global pharmaceutical companies towards investing in the developing economies which is projected to foster the market growth of chemical injectable anticancer drugs.
Chemical Compounding Injectable Anticancer Market Challenges
Stringent Rules And Regulations
One of the major factors lowering the chemical compounding injectable anticancer is owing to the stringent rules and regulations for manufacturing in certain regions which might pose a big challenge for the key players. Furthermore, manufacturing challenges in storage, packaging, and distribution of chemical injectable drugs are factors restraining the global market growth.
Chemical Compounding Injectable Anticancer Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the chemical compounding injectable anticancer market. In 2020, chemical compounding injectable anticancer market share is fragmented by the top ten players present in the market. The Chemical Compounding Injectable Anticancer market top 10 companies are Eli Lilly & Company, Biocon Ltd., Baxter International Inc., Hikma Pharmaceuticals PLC., Mylan N.V., Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Pfizer Inc. and others.
Acquisitions/Product Launches
In December 2019, Dr. Reddy’s Laboratories Ltd. launched Bortezomib for Injection 3.5 mg/vial, indicated for the treatment of certain types of cancers in adult patients, in the U.S. market. The company launched Bortezomib for Injection 3.5 mg/vial, approved by the United States Food and Drug Administration via a new drug application pathway for intravenous use only, Dr. Reddy’s Laboratories.
In September 2019, Mylan N.V. launched Fulvestrant Injection, 250 mg/5 mL (50 mg/mL) per single-dose prefilled syringe, a generic version of AstraZeneca’s Faslodex Injection, for the treatment of advanced breast cancer in the U.S. On the other hand, antimetabolite segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.34%. The antimetabolite segment is to witness a surge in growth owing to the increase in research and developmental activities worldwide over the last decade as presence of these drugs has a negative impact on cell cycles owing that these drugs stop the cell growth and division. Apart from this, there are initiatives to create awareness about the usage of this drug in the cancer diagnosis through increased government funding for R&D is anticipated to positively impact the growth of this segmental market during the forecast period 2021-2026.
Key Takeaways
The factors such as increasing demand for effective and convenient drug delivery system by consumers are amongst the major factor projected to impel growth of chemical compounding injectable anticancer market.
Additionally, factors such as availability of modern medical infrastructure, as well as simple access to chemotherapy treatments followed by faster drug approvals from various regulatory bodies create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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