The Global Endocrine Therapy Drugs (Etds) Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Cancer
Endocrine Therapy Drugs (ETDs) are prescribed medications used as a part of cancer treatment to block the effect of estrogen or progesterone on cancer cells. They work by preventing hormones from fueling the growth of hormone-receptor-positive cancers like breast, prostate and ovarian cancer. The global Endocrine Therapy Drugs (ETDs) Market is estimated to be valued at US$ 30434.86 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of cancer across the globe is one of the key drivers propelling the growth of the endocrine therapy drugs market. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The disease burden is continuously rising due to rapidly growing and aging global population. Moreover, changing lifestyle practices such as increasing tobacco consumption, physical inactivity, and unhealthy diet have added to the cancer risk worldwide. With the growing cancer patient pool, demand for effective treatment options including endocrine therapy drugs is surging.
Another factor fueling the market growth is increasing approval and launch of novel endocrine therapy drugs. Major players are increasingly investing in R&D activities to develop advanced ETDs with better efficacy and tolerability. For instance, in May 2022, the FDA approved Lynparza (olaparib) for the treatment of advanced prostate cancer. Such approvals are expected to widen treatment options and boost adoption of endocrine therapy over the forecast period.
SWOT Analysis
Strength: The ETDs market has a large patient pool suffering from hormone-dependent cancers. Several drugs have received regulatory approvals, expanding treatment options. Research and development activities are ongoing to discover more effective drugs.
Weakness: High costs associated with drug development and marketing pose challenges. Patient non-compliance and resistance to drugs reduces effectiveness over time.
Opportunity: Emerging economies provide high growth potential due to rising incidence of cancer. Investments into development of novel drug-delivery methods can spur market opportunities.
Threats: Expiry of drug patents enables market entry of generics, intensifying competition. Stringent regulatory pathways for approvals delay market launches of new drugs.
Key Takeaways:
The global Endocrine Therapy Drugs (ETDs) market is expected to witness high growth. Rapid urbanization and changing lifestyles have increased the risk of various cancers including breast cancer. According to WHO, breast cancer was the most commonly occurring cancer in 2020 with over 2.3 million new cases. With rising disease prevalence, the demand for effective therapy drugs is surging globally.
Regional analysis
The Asia Pacific ETDs market is projected to witness the highest growth during the forecast period. This is attributed to the huge patient population, rising healthcare spending, and increased focus of key players on expanding product reach in emerging countries. China, Japan, and India have a high burden of breast and prostate cancers. Growing medical awareness combined with improving access to sophisticated healthcare infrastructure provides significant opportunities in this region.
Key players
Key players operating in the Endocrine Therapy Drugs (ETDs) market analysis are Novo Nordisk A/S, AstraZeneca, Generex Biotechnology, Orion Pharma AB, Sanofi, Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche, Hisamitsu Pharmaceutical Co.,Inc., Bayer AG, Eli Lilly and Company, Abbott, Tonghua Dongbao Pharmaceutical Co., Ltd., Merck & Co., Inc., TherapeuticsMD, Inc., Pfizer Inc., Allergan, BioSante Pharmaceuticals, Amgen Inc., Noven Pharmaceuticals, Inc., and QuatRx Pharmaceuticals. Major players are adopting strategies like new product launches, facility expansions and mergers & acquisitions to gain market share.
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