by PARP inhibitors are a class of targeted drugs designed to combat cancer by interfering with the body’s natural ability to repair damaged DNA. They work by inhibiting the activity of poly (ADP-ribose) polymerase enzymes, which are involved in normal DNA repair. Without functional PARP enzymes, DNA damage caused by chemotherapy or radiation therapy is unable to be repaired, leading to cell death. PARP inhibitors are primarily used to treat cancers with faulty BRCA genes, including ovarian and breast cancers. The global market for PARP inhibitors has grown significantly in recent years due to the expanding approvals and use of innovative drugs like Lynparza, Zejula and Rubraca to treat later lines of ovarian, breast and prostate cancers associated with BRCA mutations.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the PARP inhibitor market is the rising incidence and prevalence of cancer worldwide. According to the World Cancer Research Fund, approximately 18 million new cancer cases were reported globally in 2020, with the burden expected to rise to 29.5 million new cancer cases by 2040. The high and growing prevalence of ovarian, breast and prostate cancers in particular is generating significant demand for targeted cancer therapies like PARP inhibitors. Continued clinical research efforts to expand the use of PARP inhibitors to additional cancer subtypes beyond BRCA-mutated tumors will also support market revenue growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The market potential for PARP inhibitors is quite high given increasing awareness and demand. However, stringent regulatory approvals required for new drugs poses barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is relatively moderate as PARP inhibitors have limited competition currently and are proving valuable for targeted patient segments.
Bargaining power of suppliers: Major pharmaceutical companies enjoy high bargaining power as suppliers given their established positions, manufacturing capacities and intellectual property.
Threat of new substitutes: No direct substitute exists currently for PARP inhibitors. Alternative treatment options pose a medium level threat based on the types of cancers targeted.
Competitive rivalry: Competition is steadily increasing as larger players look to expand their oncology portfolios and smaller biotechs progress additional candidates. Market shares may fluctuate based on trial results and new approvals.
Key Takeaways
The Global PARP Inhibitor Market is expected to witness high growth.
Regional analysis: North America dominated the market in 2022 due to higher adoption and availability of approved drugs. However, Asia Pacific is poised to witness fastest growth during the forecast period supported by rising healthcare investments, increasing cancer incidence and growing disposable incomes.
Key players: Key players operating in the PARP Inhibitor market are AstraZeneca, GlaxoSmithKline plc, Pfizer Inc., Clovis Oncology, Inc. AstraZeneca’s Lynparza and GlaxoSmithKline’s Zejula are currently leading brands and the companies are investing in further expanding clinical indications and global availability
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
