Ovarian Cancer Drugs Market With Current and Future Growth Analysis by Forecast From 2023 to 2030
Posted by Roger on December 7th, 2023
The ovarian cancer drugs market is estimated to be valued at US$ 3.59 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ovarian cancer drugs refers to specialty pharmaceuticals that are used to treat ovarian cancer. These include alkylating agents, mitotic inhibitors, anthracyclines, and PARP inhibitors. Ovarian cancer drugs help in controlling the growth of cancer cells and relieve symptoms. The increasing prevalence of ovarian cancer worldwide is driving the growth of this market.
Market key trends:
One of the key trends in the ovarian cancer drugs market is rising research and development activities. The leading market players are focusing on developing novel drugs with better efficacy and safety. For instance, in March 2020, Clovis Oncology announced plans to conduct a Phase I/II clinical trial to evaluate the combination of lucitanib and its PARP inhibitor rucaparib in advanced ovarian cancer. In 2019, AstraZeneca initiated FORTRESS trial of its drug Lynparza combined with bevacizumab versus bevacizumab alone as a front-line maintenance treatment for ovarian cancer. Furthermore, Avillion LLP and AbbVie announced a new Phase 1b/2 study testing veliparib, a PARP inhibitor, in combination with carboplatin and ADG16, an investigational ADCC-enhanced monoclonal antibody targeting MSLN, in ovarian cancer. Such ongoing R&D is expected to drive the demand for advanced ovarian cancer drugs over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to high capital requirement and stringent regulations for new drug approvals.
Bargaining power of buyers: The bargaining power is moderate due to availability of alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low as suppliers have to meet strict quality standards.
Threat of new substitutes: The threat is low as few drugs received approval in recent times.
Competitive rivalry: Intense owing to presence of large pharmaceutical companies.
SWOT Analysis
Strength: Wide product portfolio, strong R&D capabilities, robust geographic presence.
Weakness: High R&D costs, stringent regulatory environment, patent expiries.
Opportunity: Rising incidence rates, increasing awareness, government focus on women's health.
Threats: Price controls, availability of generic alternatives, longer approval timelines.
Key Takeaways
The global ovarian cancer drugs market size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing incidence of ovarian cancer cases. North America currently dominates the market attributed to supportive government initiatives and dominates nearly 40% of market share. The Asia Pacific region is expected to be the fastest growing market over the forecast period Asia Pacific region currently holds around 30% share and is growing due to rising awareness and improving healthcare facilities.
Key players operating in the ovarian cancer drugs market are AbbVie Inc., Pfizer, Inc., AstraZeneca, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Boehringer Ingelheim International GmbH, Clovis Oncology, ImmunoGen, Inc., Vivesto AB. AbbVie Inc and Roche AG are the market leaders due to their novel drug offerings and strong geographic presence across major markets.