May 23, 2024

Global Paclitaxel Injection Market Is Poised To Grow Rapidly Driven By Increasing Cancer Prevalence

It works by interfering with the normal functioning of microtubules during cell division which blocks cell growth and triggers cell death. The drug is administered through intravenous infusion and shows high efficacy against several solid tumors. The growing cancer burden worldwide along with rising adoption of paclitaxel in combination therapy protocols has significantly boosted the demand for paclitaxel injection. The availability of generic versions of the drug has further widened its access and affordability for cancer patients.

The Global Paclitaxel Injection Market is estimated to be valued at US$ 6.34 BN in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Paclitaxel Injection market are Bristol-Myers Squibb Company, U & V Cancure Private Limited, Pfizer Inc., Luye Pharma Group, Fresenius Kabi AG , Accord Healthcare , Viatris Inc. , Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd. , Sandoz Group AG, Salvavidas, Sun Pharmaceutical Industries Ltd. , Cipla Inc. , Alvogen , Apotex Inc., Bharat Parenterals Limited. The increasing prevalence of various cancers globally has been a major factor fueling the demand for paclitaxel injection in recent years. According to GLOBOCAN 2020, worldwide cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020.

Moreover, the availability of generic versions of paclitaxel at lower costs compared to patented formulations has further widened its access and uptake across various developing and underdeveloped countries. The patent expiry of paclitaxel has enabled many local manufacturers to produce low-cost substitutes, meeting the bulk of local demand.

Key players in the market are also focusing on expansion into emerging markets through partnerships, collaborations and acquisitions. For instance, in 2020, Fresenius Kabi announced plans to rapidly expand its oncology business in China through product launches, partnerships and establishing local manufacturing presence. Such initiatives are helping drive the global expansion of the paclitaxel injection market.

Market Key Trends

An important trend gaining traction in the Global Paclitaxel Injection Market Size is the growing use of nanotechnology based drug delivery systems for encapsulating paclitaxel. Encapsulating the drug in nanoparticles helps reduce toxicity, prevents rapid drug clearance and enables controlled tumor-targeted release. This enhances the therapeutic efficacy of paclitaxel while lowering adverse effects. Various nanocarriers under investigation include liposomes, polymeric micelles, dendrimers, metal nanoparticles and others. Nanomedicine-based paclitaxel formulations are expected to dominate the future market and bring more efficacious treatment options for cancer patients.

Porter’s Analysis
Threat of new entrants: New manufacturers find it difficult to enter the market due to high investment for infrastructure, patents, and distribution network.
Bargaining power of buyers: Buyers have low bargaining power as alternative treatments are limited and paclitaxel injection is life saving.
Bargaining power of suppliers: A few manufacturers dominate the supply and have significant influence on pricing.
Threat of new substitutes: Limited new substitutes due to complex manufacturing process of paclitaxel injection and patents held by leading players.
Competitive rivalry: Intense competition between existing players to gain market share.

Geographical regions where market is concentrated:
North America dominates the global paclitaxel injection market in terms of value share. This is attributed to growing incidence of breast and ovarian cancers and availability of reimbursement for paclitaxel injection in the region.

Fastest growing region:
Asia Pacific is expected to witness highest growth in the market during the forecast period. Growing healthcare investments, rising awareness regarding cancer treatment, and increasing disposable income in emerging countries such as China and India are factors expected to support market growth in Asia Pacific.

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