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Bone cancer drugs are used for the treatment of cancer that originated in the bones. The common types of bone cancers include osteosarcoma and chordoma. Bone cancer drugs act by slowing or stopping the growth of cancer cells, either by killing the cells or stopping them from dividing. Some of the most widely used bone cancer drugs are doxorubicin, cisplatin, ifosfamide, dexrazoxane, and zoledronic acid. These drugs are available in various forms such as tablets, capsules, and injectable.
The Bone Cancer Drugs Market is estimated to be valued at US$ 1,286.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The bone cancer drugs market is primarily driven by the rising prevalence of bone cancer worldwide. For instance, according to cancer research UK, around 900 new bone cancer cases are reported every year in the UK. Furthermore, rising healthcare expenditure and investments in oncology research is also contributing to the growth of the bone cancer drugs market. However, the high costs associated with bone cancer drugs and long approval time for new drugs may hamper the market growth.
Segment Analysis
The bone cancer drugs market is dominated by osteosarcoma drugs segment. Osteosarcoma is the most common type of primary bone cancer that affects children and young adults under the age of 30 years. Advanced osteosarcoma has a 5-year survival rate of around 20% and the available treatment options are limited. Thus, there is a significant unmet need for effective drugs to treat osteosarcoma, which makes it the dominant sub-segment in the bone cancer drugs market.
PEST Analysis
Political: Government bodies are providing fundings for R&D of novel bone cancer drugs through grants and incentives to pharma companies. Economic: Rise in healthcare expenditures and increasing approval of high-priced premium drugs are fueling the market growth. Social: Growing global demand for effective treatment due to rising bone cancer incidence rates is a key growth driver. Technological: Development of novel drug delivery systems and targeted drug therapies help in increasing treatment efficacy and reduce systemic side-effects.
Key Takeaways
The global bone cancer drugs market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing development and approval of novel drugs to treat osteosarcoma.
The North America region currently dominates the market owing to presence of majority of key players and availability of advanced healthcare facilities for treatment of bone cancer in the region.
Key players operating in the bone cancer drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceutical. These players are focusing on collaborations and new product launches to strengthen their market position.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
