by The global Head and Neck Cancer Drugs Market is estimated to be valued at US$ 1,986.3 Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Head and neck cancer refers to a group of cancers that start in the mouth, nose, throat, larynx, sinuses, or salivary glands. The drugs used for treating head and neck cancer include immuno-oncology drugs, epidermal growth factor receptor (EGFR) inhibitors, antioxidant inflammation modulators, and other molecularly targeted agents. Drugs such as immunotherapy drugs and targeted drug therapy are introducing fewer side effects and better survival rates in patients. Immunotherapy drugs helping boost body’s natural defenses to fight cancer are gaining popularity.
Market key trends:
Emerging immunotherapy drugs is a key trend in the head and neck cancer drugs market. Immuno-oncology therapies boost the body’s natural defenses (immune system) to fight cancer. Drugs such as Keytruda (pembrolizumab), Opdivo (nivolumab) are immune checkpoint inhibitors that have shown promise in head and neck cancer treatment. They help unleash the immune system on cancer cells by blocking proteins called PD-1 and PD-L1 that help tumors evade immune detection. Additionally, drugs combining immunotherapy with targeted drug therapy or chemotherapy are offering potential synergistic benefits with improved survival rates and fewer side effects for patients. This has fueled their demand thus driving growth of the head and neck cancer drugs market.
Porter’s Analysis
Threat of new entrants: The market requires high R&D investments and regulatory approvals which make it difficult for new companies to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several drugs manufacturers. However, the serious condition of cancer increases the demand.
Bargaining power of suppliers: A few major players dominate the supply side, giving them significant bargaining power over buyers.
Threat of new substitutes: There are limited treatment substitutes for head and neck cancer currently. However, alternative treatment methods can be a threat.
Competitive rivalry: The market is competitive with major players investing heavily in R&D to develop innovative products. Market consolidation can further intensify competition.
Key Takeaways
The Global Head And Neck Cancer Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing incidence of head and neck cancers. As per WHO estimates, head and neck cancers account for over 650,000 new cancer cases globally each year.
North America is expected to dominate the head and neck cancer drugs market during the forecast period. This is attributed to rising awareness about early cancer detection in the region. According to Cancer Research UK, in 2018, around 8,300 new head and neck cancer cases were diagnosed in the UK.
Key players operating in the head and neck cancer drugs market are Merck & Co., Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Astrazeneca Plc., Fresenius Medical Care AG & CO. KGAA, and F. Hoffmann-la Roche Ltd. (Genentech, Inc.), among others. Major players are focusing on strengthening their product pipeline through collaborations and mergers & acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
