The throat cancer market is a well-established space, growing pervasively. Alongside the Increasing prevalence of the diseases, other factors substantiating the market growth are changing lifestyle, inclination towards the sedentary lifestyle, and the growing addiction towards smoking and drinking, leading to the occurrence of this type of cancer.
Throat cancer refers to a tumor of the vocal cords, voice box, and different parts of the throat, for example, the oropharynx and tonsils. Introduction of the novel medicines & therapies that can give improved outcomes provides impetus to the growth of the market of throat cancer. The growing prevalence of throat cancer worldwide is driving the market growth, escalating the market on the global platform.
Acknowledging the traction, Throat cancer market is vibrating with currently; The Throat Cancer Market share is expected to reach USD 4.82 billion by 2032, growing at an 8.4% CAGR during the forecast period 2023-2032. Undoubtedly, technological advancements transpired into the field of medical science is also a predominant factor propelling the market growth.
Seminal efforts & investments put into the development of innovative drugs and therapies, by the majority of market players are driving the market growth. Initiatives & programs undertaken by the governments worldwide to control the disease are playing a significant role, fostering the market growth to an extent.
On the flip side, factors such as low awareness among people towards the availability of throat cancer treatments and the high manufacturing cost of the devices & medicines used in the disease management are impeding the market growth largely. Similarly, the high cost associated with the treatment of throat cancer and the side effects of chemotherapy and surgical risks like heart attack, stroke, and blood clots are some of the factors posing challenges to the market growth. Besides, loss of patent protection for drugs is one of the major factors inhibiting the market growth.
Global Throat Cancer Market – Segments
The MRFR analysis is segmented into three key dynamics for the convenience of understanding.
By Types: Pharyngeal Cancer, Laryngeal Cancer, and others.
By Treatments: Surgery, Radiation Therapy, and Chemotherapy among others
By Regions: North America, Europe, APAC, and the Rest-of-the-World
Global Throat Cancer Market – Geographical Analysis
Although the North American region accounts for the leading throat cancer market insights possessing the largest market share, the European region is also a lucrative market for throat cancer, following the North American market closely. Throat cancer market in these regions is fostered by the increasing number of patients suffering from the disease, well-developed technology, high healthcare expenditures, and the presence of leading market players.
Throat cancer is one of the paramount cancers in Western countries, attributing to the growing prevalence of Human papillomavirus (HPV), which is often a sexually transmitted infection. Earlier as in before 1995, smoking and alcohol were considered as the main cause of throat cancer. Now, HPV has replaced that becoming the prime cause for the throat cancer. Moreover, the proliferated healthcare sector alongside the growing throat cancer markets in the countries such as the US, Canada, Mexico, the UK, Germany, and France drive the market growth on a large scale in Europe and North America.
The Asia Pacific market for the throat cancer is expected to perceive an exponential growth, emerging as one of the promising markets. Attributing to the huge patient population and the availability of low-cost procedures and drugs to treat the diseases, growing markets in Indian and China will lead the market growth.
Furthermore, the research and development expenditure provided by the public and private associations, increasing competition among key players, rising healthcare expenditure, and amendments in reimbursement of healthcare policies are expected to foster the market growth in the APAC region.
Throat Cancer Market – Competitive Landscape
The market for throat cancer appears fragmented and fiercely competitive due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain a competitive edge.
Key Players:
The throat cancer key players including Bristol-Myers Squibb, Amgen Inc., Celgene Corporation, Engeneic Ltd, Eli Lilly and Company, F. Hoffmann-la Roche AG, Novartis, Merck & Co., Inc., Pfizer Inc., and Teva Pharmaceutical Industries Ltd.
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