Platinum-based Drugs Market Foreseen to Grow Exponentially by 2026
Posted: Jan 11, 2019
Platinum-based drugs contain coordinated complexes of platinum. These are widely used in the treatment of cancer as chemotherapeutic agents. Platinum acts as cell damaging agent for certain cancer treatments. Approximately 10% to 20% patients treated with chemotherapy receive platinum-based drugs. These drugs are used either alone or in combination with other drug treatment. Rise in prevalence of cancer is a major driver of the global platinum-based drugs market. According to the National Cancer Institute, the number of new cancer cases per year is expected to rise to 23.6 million by 2030. However, side effects associated with the drugs and development of resistance for the drug are the major restraints of the global platinum-based drugs market. Recent trends in platinum-based drugs include development of platinum drugs analog such as platinum complexes with carrier molecule in order to increase targeted concentration of drug in cancer tumor.
The global platinum-based drugs market can be segmented based on product type and application. In terms of product type, the platinum-based drugs market can be classified into cisplatin, carboplatin, oxaliplatin, and others. Cisplatin is the most common platinum-based drug used in the treatment of certain malignancies. It is particularly effective in testicular cancer and is administered intravenously. Carboplatin, a derivative of cisplatin, is used to treat various cancers including ovarian, lung, brain, and others. Oxaliplatin is used in colorectal cancer and usually administered in combination with other chemotherapeutic agents. It is used primarily for cancers that do not respond to cisplatin. The Cisplatin segment held the largest share of the market in 2017 and is expected to sustain its leadership position during the forecast period. Based on application, the global platinum-based drugs market can be divided into testicular cancer, ovarian cancer, colorectal cancer, lung cancer, and others. The lung cancer segment dominated the market in 2017 due to high prevalence of lung cancer among the global population. According to the WHO, cancer is the second leading cause of death globally, and accounts for an estimated 9.6 million deaths in 2018, including lung cancer accounting for 2.09 million cases. The segment is expected to continue to dominate the market from 2018 to 2026.
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In terms of region, the global platinum-based drugs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 due to high prevalence of cancer in the region, developments in platinum-based drugs, and recent FDA approvals. According to the National Cancer Institute, an estimated 1,735,350 new cases of cancer will be diagnosed in the U.K. and 609,640 people will succumb to the disease in 2018. The market in Asia Pacific is anticipated to expand at the highest CAGR owing to rise in prevalence of diseases, surge in awareness, increase in per capita income, and improvement in health care infrastructure.
Major players operating in the platinum-based drugs market include Pfizer, Inc., Sanofi, Ask-Pharma, Mylan N.V., Sun Pharmaceutical Industries Ltd., Novartis AG, Accord Healthcare, Guizhou YiBai Pharmaceutical Co., Ltd., Teva Pharmaceutical Industries Ltd., Qilu Pharmaceutical Co., Ltd., SK Chemicals, Debiopharm Group, Dr. Reddy’s Laboratories Ltd., and Jiangsu Hengrui Pharmaceutical Co., Ltd.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia