May 24, 2024
PARP Inhibitor Market

The PARP Inhibitor Market Growth Is Projected To Driven By Rising Cancer Prevalence

Poly (ADP-ribose) polymerase (PARP) inhibitors are medications used for treating cancer such as breast cancer, ovarian cancer and prostate cancer. They work by blocking an enzyme called PARP that helps repair damaged DNA within cancer cells, which makes them unable to effectively repair damage caused by certain anti-cancer therapies like chemotherapy and radiation therapy. This allows anti-cancer therapies to destroy cancer cells more effectively. PARP inhibitors can be used as a single anti-cancer treatment or in combination with other drugs like chemotherapy. Growing incidence of various cancers is increasing the demand for more effective treatment options like PARP inhibitors. As per recent statistics, around 18 million new cancer cases are reported globally each year.

The Global PARP Inhibitor Market Size is estimated to be valued at US$ 7.07 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the PARP inhibitor market is the development of new product formulations. Companies are investing heavily in R&D to develop PARP inhibitors with improved properties and better therapeutic effects. For instance, AstraZeneca launched Lynparza tablets in 2018 which only need to be taken twice daily as compared to existing formulations which require dosing four times a day. This helps in better patient compliance. Another trend is the strategic partnerships between pharmaceutical companies for co-development and commercialization of late stage PARP inhibitor drug candidates. For example, Clovis Oncology collaborated with Pfizer in 2018 for global development and commercialization of recently FDA approved Rubraca capsules, excluding Asia. Such partnerships help companies to maximise the market potential of their pipeline drugs.

Porter’s Analysis

Threat of new entrants: Low due to high capital requirements and established brand loyalty of existing players.

Bargaining power of buyers: Moderate as buyers have options to switch to substitutes however personalized cancer treatments keep bargaining power in check.

Bargaining power of suppliers: Low due to differentiated products and services offered by suppliers and fragmented supplier base.

Threat of new substitutes: Low as PARP inhibitors have strong efficacy in specific cancer indications with no close substitutes currently available.

Competitive rivalry: High due to increasing strategic partnerships and collaborations among key players to maintain leadership.

Key Takeaways

The global PARP Inhibitor market is expected to witness high growth. The global PARP Inhibitor Market is estimated to be valued at US$ 7.07 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

North America dominates the global PARP inhibitor market owing to rising awareness regarding targeted cancer therapies and availability of advanced healthcare facilities. Asia Pacific is anticipated to be the fastest growing region in the forecast period with increasing healthcare expenditure and presence of generic manufacturers.

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. Major players are focusing on new product launches, collaboration and geographical expansion to strengthen their presence in the market. For instance, in 2021 FLSmidth introduced new PARP inhibitor ALPHA to expand its mill portfolio with more automation and optimization features.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it