Paclitaxel Injection Market Size to Worth Around US$ 11.16 BN by 2030

According to Precedence Research, the global paclitaxel injection market size is predicted to be worth around US$ 11.16 billion by 2030 from valued at US$ 4.51 billion in 2021, growing at a CAGR of 12.5% from 2022 to 2030.

The global paclitaxel injection market is primarily driven by the surging prevalence of cancer across the globe. The rising consumption of tobacco, alcohol, rising prevalence of smoking, and various other factors contributes towards the growth in the number of cancer cases across the globe. According to GLOBOCAN 2020, a report on cancer produced by the International Agency for Research on Cancer, there were around 19.3 million new cases of cancer and around 10 million cancer death were recorded in the year 2020.

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The global burden of cancer is estimated to reach 28.4 million cases by 2040, which will be a 47% rise in the cases of cancer recorded in 2020. Therefore, the demand for the paclitaxel injection is expected to witness a rapid surge during the forecast period. The paclitaxel injection is used in chemotherapy that restricts the growth of the cancer cells in the human body. The paclitaxel injection offers improved efficiency as compared to other medications used in the treatment of cancer.

Report Highlights:

• Based on the indication, the breast cancer segment was the most dominant segment in the global paclitaxel injection market in 2020. This growth is attributed to the increased prevalence of the breast cancer among the female population. According to the International Agency for Research on Cancer, breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer. Furthermore, breast cancer accounted for around 11.7% of the new cancer cases in 2020. Therefore, the growing cases of breast cancer and rising awareness regarding the availability of the paclitaxel injection for the treatment of breast cancer is expected to sustain the dominance of this segment throughout the forecast period.

• Depending on the end user, the hospitals was the leading segment in 2020. The hospitals are well-equipped with various advanced and digital technologies that facilitates in the diagnosis and treatment of different types of cancer. The availability of the paclitaxel injection in stock and the increased penetration of the hospitals across the globe has boosted the growth of this segment in the past years.

• North America was the dominant paclitaxel injection market in 2020. North America is characterized by the increased prevalence of cancer. According to the Cancer.org, there were around 1.8 million new cancer cases estimated in US and around 606,520 cancer deaths in 2020. The presence of improved and advanced healthcare infrastructure, increased healthcare expenditure, and the high awareness regarding the availability of advanced treatments and medicines like paclitaxel injection has propelled the growth of the North America paclitaxel injection market.

• Asia Pacific is estimated to be the most opportunistic market. Asia Pacific is witnessing an increasing prevalence of cancer owing to rising prevalence of smoking and increasing tobacco consumption. The rising healthcare expenditure and rising investments in the development of healthcare infrastructure are some of the major factors that are facilitating the growth of the Asia Pacific paclitaxel injection market. The rising penetration of the multispecialty hospitals in the emerging markets like India, China, and South Korea is expected to have a positive and significant impact on the Asia Pacific paclitaxel injection market.

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Future of Paclitaxel Injection Market

The increasing investments in the research and development and the introduction of nanoparticle and nanotechnology driven formulas in the development of paclitaxel injection is expected to fuel the market growth significantly in the forthcoming future. Furthermore, the pharmaceutical companies are increasing their efforts in the development of effective and safe drugs for the treatment of cancer with no or low side effects, which will offer exponential growth aspects to the market players in the foreseeable future.

COVID-19 Impact Analysis:

• The cancer patients has a high risks of getting infected with the cOVID-19 infection. The immune system of the cancer patient is weak and this may present a high risk to the patients
• The supply chain disruptions and the difficulties in the procurement of raw materials had adversely affected the production of the paclitaxel injection

Key Developments in the Marketplace:

• In March 2019, Celgene Corporation announced updates for ABRAXANE for the treatment of pancreatic cancer and metastatic triple-negative breast cancer at the initial phase.
• In December 2019, Sun Pharma Advanced Research Company Ltd. announced that Abraxis Bioscience had withdrawn its claims regarding infringement overpaclitaxel injection concentration for suspension.

Key Player

• Celgene Corporation
• Sagent Pharmaceuticals
• Abbott Laboratories
• Bristol Myers Squibb
• Fresenius Kabi Oncology Ltd
• Luye Pharma Group
• Onco Therapies Ltd (Strides Arcolab Ltd.)
• NOVASEP
• Pfizer

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