Worldwide Nasopharyngeal Cancer Industry to 2028 - North America is the Fastest Growing Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 6, 2023--
The “Global Nasopharyngeal Cancer Market Research and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The global market for nasopharyngeal cancer is projected to have a considerable CAGR of around 2.6% during the forecast period.
- BioDiem Ltd.
- Biocon Ltd.
- Bristol-Myers Squibb Co.
- Cyclacel Pharmaceuticals, Inc.
- Eli Lilly and Co.
- F. Hoffmann-La Roche Ltd,
- GlaxoSmithKline Plc
- Merck & Co., Inc.
- Novartis AG
- ONO Pharmaceutical Co., Ltd
- Pfizer Inc.
- Sanofi SA
The nasopharynx cancer or nasopharyngeal carcinoma (NPC) results from abnormal growth of cells in the nasopharynx. The symptoms of nasopharyngeal cancer include a lump in the neck, hearing loss, stuffiness, numbness, frequent headaches, fatigue, blurred, weight loss etc.
The dramatic rise in the prevalence rate of nasopharyngeal cancer owing to the excessive consumption of tobacco and alcohol is the major factor driving the growth of the market. According to the American Institute for Cancer Research estimates, Nasopharyngeal cancer is the 23rd most common cancer worldwide, and it is the 18th most commonly occurring cancer in men and the 22nd most commonly occurring cancer in women.
Also, there were 129,000 new cases of nasopharyngeal cancer in 2018 according to the same estimates. Similarly, according to the International Agency for Research on Cancer (IARC) 2018 report, it is estimated that about 50,455 new cases of nasopharyngeal cancer will occur from 2018 to 2040. Thus, the high prevalence rate of nasopharyngeal cancer will increase the demands for effective drugs and therapies that will further lead to market growth.
Moreover, the high cost of treatment, low awareness of cancer and an adverse side effect of treatment are the major restraint factors that are hindering the growth of the market. As per the National Center for Biotechnology Information, the cost of treatment of NPC ranges from $15,000 to $18,000.
On the other hand, the rapid adoption of technologies in healthcare premises, increasing awareness campaigns for nasopharyngeal cancer (NPC), and adoption of nasopharyngeal cancer diagnosis and treatment are expected to boost the market growth and will create lucrative opportunities during the forecast period.
Impact of COVID-19 on Global Nasopharyngeal Cancer Market
The global market for nasopharyngeal cancer has experienced a positive impact due to the COVID-19 pandemic. As patients with cancer who are infected with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) are more likely to develop severe illness and die compared with those without cancer, due to this the demand for diagnosis and treatments/therapies associated with this cancer were increased. This led to the growth of the market.
The global nasopharyngeal cancer market is segmented based on cancer type, diagnosis method, and therapy. Based on cancer type, the market is categorized into keratinizing squamous cell carcinoma, non-keratinizing squamous cell carcinoma, undifferentiated carcinomas, and other (adenocarcinoma and adenoid cystic carcinomas). Based on the diagnosis method, the market is bifurcated into initial diagnosis and advanced diagnosis.
The Initial diagnosis is further classified into nasendoscopy, panendoscopy, and fine-needle aspiration/needle biopsy. Similarly, the advanced diagnosis is further classified into CT scan, PET scan, MRI scan, and Bone scan. Whereas, based on therapy, the market is divided into chemotherapy, immunotherapy, surgery, targeted therapy, and radiation therapy.
The Radiation Therapy Segment is Projected to Hold the Significant Market Share in Nasopharyngeal Cancer Market
Based on therapy, the radiation therapy segment is projected to grow at a significant CAGR during the forecast period. Radiation therapy is the most preferred and common therapy among all other therapies for the treatment of nasopharyngeal cancer. in radiation therapy, high-energy x-rays or particles are used to kill cancer cells or slow their rate of growth.
Most of the time, radiation therapy is given along with chemotherapy to increase its effects in the treatment of NPC. This procedure is called chemoradiation.
There are two types of radiation therapy for NPC are external beam radiation therapy (EBRT), and brachytherapy (internal radiation). Due to the increasing prevalence of nasopharyngeal cancer rates, the increase in the adoption of this therapy has been witnessed. Thus, owing to the above factors the segment is expected to show growth in the near future.
Geographically, the global Nasopharyngeal Cancer market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)).
Among these, North America is the fastest growing region during the forecast period. The factors that drive the growth of the market in the region include, the increasing cases of nasopharyngeal cancer owing to the high consumption of alcohol, tobacco, and cigarette. The development in the healthcare sectors and the adoption of advanced treatments and therapies for nasopharyngeal cancer is also propelling the growth of the market.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Nasopharyngeal Cancer market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For more information about this report visit https://www.researchandmarkets.com/r/90drgn
View source version on businesswire.com:https://www.businesswire.com/news/home/20230106005190/en/
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INDUSTRY KEYWORD: PHARMACEUTICAL HEALTH ONCOLOGY
SOURCE: Research and Markets
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PUB: 01/06/2023 06:39 AM/DISC: 01/06/2023 06:40 AM