Research predicts growth of oral cancer treatment market
PUNE, India: According to the World Cancer Research Fund International, cancer of the oral cavity is one of the most common types of cancer worldwide, with thousands of newly diagnosed cases each year. A report recently published by data analyst company Market Research Future stated that the global oral cancer treatment market is expected to grow at an approximate compound annual rate of 7.1 per cent until 2023.
Increasing prevalence of oral cancer, rising per capita healthcare expenditure and growing awareness about oral disease are some of the major drivers during the forecast period. However, the risks of recurrence of cancer, even after treatment, and the related side-effects, as well as the high cost of treatment, are some of the restraints of market growth, according to the report.
The report stated that the Americas will dominate the global oral cancer treatment market owing to a well-developed healthcare sector, rising per capita healthcare expenditure, a high prevalence of oral cancer in America, and developed economies, like the US and Canada. Moreover, the presence of global competitors, such as Bristol-Myers Squibb and Merck, within the regional boundaries will fuel market growth.
Europe is the second-largest market for oral cancer treatment, followed by Asia Pacific. Availability of research funding, a very large patient population, a well-developed healthcare infrastructure and rising healthcare expenditure are expected to drive the market in Europe.
Owing to developing economies, like India and China, Asia Pacific is the fastest-growing region for the market, the report pointed out. This, along with favourable government policies, a very large patient population and a developing health care sector, is expected to boost market growth within the region. Qilu Pharmaceutical, based in Jinan in China, was noted as the main competitor in the global oral cancer treatment market in the region.
The Middle East and Africa region has the least share in the global oral cancer treatment market owing to poor economies and stringent government policies, especially in Africa. The majority of the market in the region is held by the Middle East owing to a well-developed healthcare sector and substantial healthcare expenditure by developed economies, like Saudi Arabia.
In 2017, according to Oral Cancer Foundation data, it was estimated that 49,750 Americans would be diagnosed with oral oropharyngeal cancer that year and 9,750 consequent deaths would result, killing one patient every 24 hours. In 2014, there were 11,449 new cases of oral cancer reported and 2,386 estimated deaths within the same year, as stated by Cancer Research UK. Additionally, in 2015, according to the Centres for Disease Control and Prevention, in the US, the total healthcare expenditure accounted for 17.8 per cent of the total gross domestic product, of US$3.2 trillion.
The report, titled “Oral cancer treatment market research report—Global forecast till 2023”, is available for purchase on Market Research Future’s website.
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