by The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Head and neck cancer refers to a group of cancers that starts in the mouth, nose, throat, larynx, sinus, or pharynx. The common types of head and neck cancer are oral cavity cancers, laryngeal cancer, oropharyngeal cancer and nasopharyngeal cancer. Head and neck cancer drugs are mainly used for treatment of these cancers through chemotherapy, targeted therapy and combination of chemotherapy and targeted therapy. Drugs like cetuximab, methotrexate, carboplatin are widely used for chemotherapy and targeted therapy drugs like pembrolizumab, nivolumab are gaining traction in treatment of head and neck cancer.
Market Dynamics:
The head and neck cancer drugs market is driven by growing geriatric population worldwide and increasing smoking practices. According to WHO, nearly 736,000 new cases of head and neck cancers are diagnosed every year. Also, the percentage of population aged 65 years or older is expected to rise from 15% to 24% by 2050. Older population is at high risk of head and neck cancers due to various health conditions. Additionally, tobacco smoking increases the chances of developing head and neck cancer. More than 75% of head and neck cancer cases are linked to smoking and heavy drinking. This contributes to overall disease prevalence rate. Further, advancements in targeted therapies and combination treatments are offering growth opportunities in head and neck cancer drugs market. Combined chemotherapy and targeted drug regimens have improved survival rates, encouraging drug manufacturers to invest more in R&D. The introduction of more combination therapies will drive market revenue during forecast period.
Segment Analysis
The global Head and Neck Cancer Drugs market is segmented into Squamous Cell Carcinoma, Verrucous Carcinoma, Lymphomas, Salivary Gland Carcinomas and other. Among them, Squamous Cell Carcinoma is the dominating segment accounting for around 70% of total head and neck cancers. It is dominating as squamous cell carcinoma accounts for over 90% of all head and neck cancers.
PEST Analysis
Political: Governments across various countries are undertaking initiatives to spread awareness about head and neck cancer which is positively impacting the market growth.
Economic: Rising healthcare expenditure and growing per capita income is fueling the demand of advanced treatment therapies for head and neck cancer.
Social: Increasing cases of tobacco consumption and alcoholism is leading to rising risk of head and neck cancer pushing the market growth.
Technological: Advancements in drug development and treatments such as targeted therapies and immunotherapy are spurring the market growth.
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 awareness about risk factors and treatment options. The market size was valued at US$ 1,986.3 Mn in 2023.
On the regional front, North America is expected to dominate the head and neck cancer drugs market over the forecast period owing to growing prevalence of head and neck cancer and availability of advanced treatment options. According to American Cancer Society, in 2023 around 63,630 new cases of oral cavity and pharynx cancers will be diagnosed in U.S.
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. These players are focusing on developing innovative products to strengthen their product portfolio and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
