by The PARP inhibitor market consists of pharmaceutical drugs belonging to the class of PARP inhibitors. These drugs are used for the treatment of various types of cancers including breast cancer, ovarian cancer, and prostate cancer. PARP inhibitors work by blocking the PARP enzyme that is involved in DNA damage repair. They help in sensitize cancer cells to radiotherapy and chemotherapy. Some widely used PARP inhibitor drugs include Olaparib, Niraparib, Rucaparib and Veliparib.
The global PARP inhibitor market is estimated to be valued at US$ 6.13 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The PARP inhibitor market is expected to be flourished by the rising prevalence of cancer across the globe. As per the statistics of World Health Organization (WHO), cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. It is anticipated that cancer cases will surge by over 60% in the next twenty years to reach 29.5 million new cancer cases in 2040. The increasing incidence of cancer will drive the demand for novel and targeted cancer therapies including PARP inhibitor drugs. In addition, development and regulatory approvals of combination therapies using PARP inhibitors with other cancer drugs is another major driver of this market. For instance, approval of Lynparza in combination with bevacizumab for the treatment of advanced ovarian cancer. Large number of ongoing clinical trials evaluating PARP inhibitors alone or in combination for new cancer indications will further aid the PARP inhibitor market growth during the forecast period.
Segment Analysis
The global PARP inhibitor market is dominated by the oncology segment. Over 80% of thePARP inhibitor drug clinical trials are focused on oncology applications such as breast cancer, ovarian cancer, prostate cancer, pancreatic cancer and others. PARP inhibitors are emerging as an important treatment option for patients with hereditary BRCA gene mutations and other cancers. Within oncology, the breast cancer and ovarian cancer sub-segments currently hold the largest market share as FDA has already approved PARP inhibitors for these cancer types.
PEST Analysis
Political: The PARP inhibitor market is governed by strict regulatory policies for drug approval. Recent changes in regulatory approval processes and insurance coverage policies impact the market growth.
Economic: Growth in the global healthcare spending, rise in cancer incidence, increasing R&D investments by pharma companies in cancer therapeutics are driving the economic growth of this market.
Social: Increased public awareness about cancer, availability of targeted therapies and demand for personalized medicine are the key social factors influencing this market.
Technological: Advancements in genetic testing technologies, combinatorial approaches with chemotherapy and improved PARP inhibitor drug formulations with better safety profiles are expanding the potential applications of PARP inhibitors.
Key Takeaways
The Global PARP Inhibitor Market Growth is expected to witness high at a CAGR of 6.8% during the forecast period of 2023 to 2030.
Regional analysis: North America currently holds the largest market share primarily due to high cancer incidence rates and availability of advanced treatment options in the region.
Key players operating in the PARP inhibitor market are FLSmidth & Co. A/S, Metso Oyj, Koppern Group, CITIC Heavy Industries Co. Ltd. (CITIC HIC), ThyssenKrupp Industrial Solutions AG (Polysius AG), SGS S.A., KHD Humboldt Wedag International AG, Outotec Oyj, and ABB Ltd. FLSmidth & Co. A/S and Metso Oyjare the leading players owing to their robust PARP inhibitor drug portfolios and global market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
