July 21, 2024
PARP Inhibitor Market

PARP Inhibitor Market Driven by Increasing Prevalence of Cancer

PARP inhibitors are oral therapeutic drugs used as monotherapy or in combination with other anti-cancer drugs like chemotherapy, radiation therapy, and immunotherapy for the treatment of certain cancers. They act as antitumor agents by inhibiting PARP enzymes which are involved in DNA repair. They are generally prescribed for ovarian cancer, breast cancer, prostate cancer, pancreatic cancer, and other types that are associated with BRCA1 and BRCA2 gene mutations which increases the risk of homologous recombination deficiency. The global PARP inhibitor market has witnessed significant growth in recent years due to the rising prevalence of cancer worldwide. According to WHO, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. PARP inhibitors represent an important class of targeted therapies with a promising safety and efficacy profile, especially for cancers with homologous recombination deficiencies where they can induce synthetic lethality.

The global PARP Inhibitor Market is estimated to be valued at US$ 6.13 Bn in 2024 and is expected to exhibit a CAGR of 6.8% 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 in the PARP inhibitor market is the ongoing research and development of new pipeline products. There are over 60 PARP inhibitors currently in preclinical and clinical trial stages of development by pharmaceutical companies. Some of the promising candidates in late-stage trials include veliparib by AbbVie for breast cancer, niraparib by GSK for prostate cancer, and others. If approved, these new PARP inhibitors could widen the eligible patient population and drive further revenue growth of the market. Another major trend is the evaluation of PARP inhibitors in combination with other therapies like immunotherapy. Combination strategies are aimed to enhance antitumor activity and potentially overcome resistance. Ongoing combination trials include PARP inhibitors with PD-1/PD-L1 inhibitors in advanced solid tumors. Their synergistic effects could expand the therapeutic scope of PARP inhibitors.

Porter’s Analysis

Threat of new entrants: The PARP inhibitor market requires significant R&D investment and clinical trials for drug development and approval. This acts as a barrier for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as different drug manufacturers provide treatment options. However, rising incidence of cancer increases dependency on such drugs.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of a large number of raw material suppliers and contract manufacturing organizations for APIs and drugs.

Threat of new substitutes: There is no considerable threat from substitutes currently as PARP inhibitors are highly effective targeted drugs for cancer treatment.

Competitive rivalry: The market Competition is high among the top players owing to their broad product portfolio and strong global presence.

Key Takeaways

The Global PARP Inhibitor Market Size is expected to witness high growth.

Regional analysis: North America dominates the global PARP inhibitor market currently due to new drug approvals and highly developed healthcare infrastructure. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising healthcare expenditure and increasing cancer incidence.

Key players: Key players operating in the PARP inhibitor market include 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. These companies invest heavily in R&D to develop more effective drugs. Strategic collaborations with research institutes are also followed to accelerate drug development and commercialization.

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