Press release
Gastric Cancer Market Predicted to Make a Strong Comeback after the Pandemic Debacle with a Stunning CAGR of 17.9% in the 2022-2031 Timeframe
Gastric Cancer Market
As per the report published by Research Dive, the global gastric cancer market is envisioned to garner a revenue of $10,737.00 million and grow at a fascinating CAGR of 17.9% over the estimated timeframe from 2022 to 2031.
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Dynamics of the Market
The increasing prevalence of gastric cancer among individuals across the globe owing to unhealthy lifestyle habits, such as smoking and poor dietary choices is expected to augment the growth of the gastric cancer market over the estimated timeframe. Moreover, the rising investment in R&D activities for gastric cancer treatments and the growing healthcare expenditure for the development of better diagnostic tools and screening techniques for the early detection of gastric cancer is expected to create massive growth opportunities for the market over the forecast period. However, the high cost of treatment for gastric cancer may hamper the growth of the market during the analysis timeframe.
COVID-19 Impact on the Global Gastric Cancer Market
The outbreak of the novel coronavirus had devastated several industries, including the gastric cancer market. The disruption in supply chains due to the government-imposed lockdowns had delayed the delivery of finished products owing to the shortages of raw materials during the pandemic. Moreover, the decreased healthcare investment in the development of new drugs and therapies for gastric cancer across many countries, as major resources have been redirected to pandemic-related measures, had further declined the market growth throughout the crisis.
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Segments of the Market
The report has divided the global gastric cancer market into various segments based on type, treatment type, route of administration, drug class outlook, distribution channel, and region.
By type, the adenocarcinoma sub-segment held the largest market share in 2021. The increasing development of targeted therapies and immunotherapies to improve the outcomes for patients with adenocarcinoma is expected to foster the growth of the market sub-segment over the analysis period.
By treatment type, the chemotherapy sub-segment registered the highest revenue in 2021. Chemotherapy is one of the primary treatments for advanced gastric cancer to kill cancer cells and can be combined with other treatments to increase its effectiveness which is expected to augment the growth of the market sub-segment forward.
By drug class outlook, the PD-1/PD-L1 inhibitors sub-segment is expected to have the fastest growth by 2031. The increasing use of PD-1/PD-L1 inhibitors in treating gastric cancer by helping the immune system of the patient's body recognize and attack cancer cells is predicted to propel the growth of the market sub-segment over the analysis period.
By route of administration, the oral sub-segment held for the biggest market share in 2021. The growing demand for minimally invasive diagnostic techniques to detect oral segment gastric cancer at an early stage is expected to propel the growth of the market sub-segment further.
By distribution channel, the specialty & rental pharmacies sub-segment held the greatest market share in 2021. Specialty and retail pharmacies have expertise in managing complex therapies, delivering patient education and support, and coordinating with healthcare providers to provide effective treatments, which are the factors expected to fuel the growth of the market sub-segment further.
By region, the Asia-Pacific gastric cancer market held the dominant share in 2021. The growing incidences of gastric cancer among people, the rising awareness and diagnosis of the disease, and the increasing healthcare expenditure in the region are the factors expected to drive the regional growth of the market during the forecast period.
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Key Players of the Market
The major players of the market include Bristol Myers Squibb Company, Novartis AG, Samsung Bioepis, Pfizer, Inc., Celltrion Healthcare Co., Ltd., Mylan N.V., Teva Pharmaceutical Industries Ltd., F. Hoffmann La Roche Ltd., Merck & Co., Inc., Eli Lilly and Company, and many more. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
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Research Dive
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About Research Dive:
Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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