Global Stomach Cancer Drugs Market: Overview
Stomach cancer is one of the prevailing diseases among various types of cancers that are on the rise. There are certain therapies that are generally used to treat the stomach cancer patients such as targeted drugs, cancer immunotherapy etc.
Increasing research and development in the cancer therapies field is projected to surge the global stomach cancer market during the forecast period.
Transparency Market Research shares minute insights on trends, size, share, growth, and restraints affecting the global stomach cancer drugs market.
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Global Stomach Cancer Drugs Market: Notable Developments
Let us look at some of the key development in the global stomach cancer drugs market:
- In 2019, the Gastric Cancer Foundation has announced grant fund $30,000 to initiate new drug development and discovery of drug resistance in metastatic gastric cancer. The research team is working on new approach known as single cell genomics.
- In 2018, Annual stomach cancer took place in Canada, medical experts, stomach cancer patients, and care givers were brought together on one platform to raise the awareness about the stomach cancer.
Besides these developments, Pfizer Inc, Gilead Science Inc., Daiichi Sankyo Co. Ltd, Kuhnil Pharmaceuticals Co Ltd., Astra Zeneca Plc, and Boston Biomedical Inc. are some of the prominent players in the global stomach cancer drugs market.
Global Stomach Cancer Drugs Market: Drivers and Restraints
Rising Occurrence of Cancer to Drive Market
Rising number of cases of chronic atrophic gastritis, lymphoma, and other gastrointestinal disorders are expected to drive the stomach cancer during the forecast period. Additionally, rising number specialty clinics and hospitals for cancer and increasing research on drug development and new approaches to treat the cancer are projected to lead to expansion of the global stomach cancer market in the future years.
Moreover, approval from FDA( Food and Drug Association) for biosimilars, is likely to expand the stomach cancer market. Availability of reimbursement policies from some public and private insurance companies plays a catalyst in the growth of the global stomach cancer market.
Some of the major restraints such as side effects arising out of prolonged use of cancer drugs and high cost associated with the treatment are projected to hamper the growth of the global stomach cancer market over the forecast period.
Irrespective of the constraints, the government’s support for drug development and novel therapies such as gene therapies are projected to surge the global stomach cancer drugs market in the upcoming years. The government also provides grants for new approaches , owing to the growth in stomach cancer drugs market.
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Global Stomach Cancer Drugs Market: Geographical Analysis
In terms of geographical outlook, North America is expected to hold a large share in the global stomach cancer drugs market. The reason for the growth is availability of better medical infrastructure, increasing number of research and development, and availability of drug development therapies.
Alternatively, Asia Pacific is expected to witness a lucrative growth potentials in the global stomach cancer drugs market. The growth can be due to launch of biosimilars such as Herceptin biosimilar. Dr. Reddy’s Lab launched biosimilars in 2018 which will be used for treatment of metastatic gastric cancer, owing to staggering growth in the global cancer drugs market in the near future.