Ovarian cancer refers to a type of cancer that starts in the ovaries, feminine organs located on either side of the uterus that produce eggs and secrete hormones. Treatment options for ovarian cancer include surgery, radiation therapy, chemotherapy, hormone therapy, and targeted therapy. Ovarian cancer drugs help in shrinking tumors, slowing their growth or killing cancer cells. Drugs such as cisplatin, doxorubicin, carboplatin, paclitaxel, bevacizumab, and others help relieve symptoms and prolong the lives of those diagnosed with ovarian cancer. Globally, ovarian cancer is the seventh most common cancer in women and the eighth leading cause of cancer death among females. According to estimates, around 300,400 new cases of ovarian cancer are diagnosed globally each year.
The global Ovarian Cancer Drugs Market is estimated to be valued at US$ 5.6 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Ovarian Cancer Drugs Market is driven by factors such as the growing incidence of ovarian cancer worldwide and increasing FDA approvals of novel targeted therapies. According to statistics by the American Cancer Society, around 21,410 new cases of ovarian cancer are expected to be diagnosed in the U.S. in 2022 and 14,080 deaths are projected to occur. Furthermore, increasing research and development activities focused on precision medicine and combination therapies are also expected to boost the ovarian cancer drugs market growth over the forecast period.
Market key trends:
One of the major trends in the ovarian cancer drugs market is increased focus on targeted therapies. More targeted drugs that act on specific molecular targets involved in cancer pathogenesis are in the pipeline. Companies are developing drugs that inhibit angiogenesis and PARP activity, alter DNA damage response and inhibit tumor growth factors. Some of the targeted therapies in late stage clinical trials for ovarian cancer include cediranib (VEGFR inhibitor), niraparib (PARP inhibitor), olaparib (PARP inhibitor) and veliparib (PARP inhibitor). These targeted drugs are expected to gain regulatory approvals and dominate the market by 2030.
Threat of new entrants: The ovarian cancer drugs market has high capital requirements and dangers related to patents which makes the threat of new entrants low.
Bargaining power of buyers: The bargaining power of buyers is moderate as major drugs companies are suppliers in the market and buyers have limited options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as major key companies have extensive R&D capabilities and hold most patents.
Threat of new substitutes: There are limited treatment options for ovarian cancer currently, so threat of new substitutes is low.
Competitive rivalry: The competitive rivalry in the market is high as the major players continuously invest in R&D and compete on basis of innovative drugs in the pipeline.
The global ovarian cancer drugs market is expected to witness high growth. The market is dominated by North America currently due to high awareness levels and advanced healthcare infrastructure. The global Ovarian Cancer Drugs Market is estimated to be valued at US$ 5.6 billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to high per capita healthcare spending and well-established healthcare systems. Europe is also a prominent market due to increasing government support for cancer treatment. Asia Pacific is expected to witness fastest growth during the forecast period owing to rising healthcare infrastructure, growing disposable incomes, and increasing ovarian cancer incidence.
Key players: Key players operating in the ovarian cancer drugs market are Eli Lilly and Company, Pfizer, Inc., AstraZeneca, F. Hoffmann-La Roche Ltd., Johnson & Johnson, GlaxoSmithKline plc, Merck KGaA, Tesaro, and Clovis Oncology. Eli Lilly and Company, Roche, and AstraZeneca are some of the leading players due to their wide product portfolios and strong geographic presence.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it