The global “stomach cancer treatment” market size is expected to reach USD 8.20 billion by 2026, exhibiting a CAGR of 15.3% during the forecast period. One of the major forces behind the rise of this market is the increasing prevalence of cancer in general and stomach cancer in particular worldwide. The GLOBOCAN 2018, which is a report on the global burden of cancer produced by the International Agency for Research on Cancer (IARC), estimates that in 2018, new cancer cases will be around 18 million and cancer-related deaths will be close to 9.6 million. Further, stomach cancer will account for 8.2% of the new cancer cases. Statistics released by the World Cancer Research Fund (WCRF) substantiate the IARC’s findings. According to the WCRF, gastric cancer is the fourth mostly commonly diagnosed cancer worldwide, with 1 million new reported cases. As the incidence of stomach cancer increases across the globe, the demand for stomach cancer drugs will rise commensurately, spelling good news for this market.
Fortune Business Insights™ shares the above information in its new report, titled “Stomach Cancer/Gastric Cancer Treatment Market Size, Share & Industry Analysis, By Drug Type (Programmed Cell Death Protein 1 (PD-1) Inhibitors, Human Epidermal Growth Factor Receptor (HER2) Antagonists, Vascular Endothelial Growth Factor Receptor (VEGFR) Antagonists, and Others), By Disease Indication (Gastric Adenocarcinoma, Gastrointestinal Stromal Tumor (GIST), and Gastric Neuroendocrine Tumors (gNET)), By Route of Administration (Oral and Parenteral) By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and Regional Forecast, 2019-2026”. According to the report, the market value stood at USD 2.61 billion in 2018. The other highlights of the report include:
- Elaborative overview of the industry outlook;
- 360-degree analysis of the factors driving and restraining the market;
- Careful study of the different market segments; and
- Detailed research into the regional and competitive dynamics influencing the market growth.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
Growing PrevalenceStomach Cancer to Drive the Market in Asia-Pacific
Asia-Pacific generated USD 1.01 billion in revenue in 2018. The region is, therefore, expected to dominate the gastric cancer treatment market share in the upcoming decade. The main reason for this is the increasing incidence of gastric cancer cases, primarily in India and China. The World Health Organization (WHO) estimates that in 2018 there were 456,124 stomach cancer cases in China. Coupled with this is the rising frequency of new product launches, both of which are propelling the regional market.
In North America, increasing preference for targeted therapies, rising incidence of stomach cancer, and growing R&D efforts by pharmaceuticals is spiking the demand for gastric carcinoma drugs in the region. Supportive government measures and favorable health reimbursement policies will bode well for the gastric carcinoma treatment market in Europe.
Active and Timely Regulatory Approvals to Novel Drugs to Fuel Competition
According to the stomach cancer treatment market analysis, regulatory clearances to innovative products will push the limits of competition in this market. Besides these approvals, many players are collaborating with each other to deepen their footprint in the gastric carcinoma drugs market.
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