Visiongain has published a new report on Bile Duct Cancer Drugs Market Report to 2031. Profiles of Leading Bile Duct Cancer Drugs Market players, Regional and Leading National Market Analysis. PLUS, COVID-19 Recovery Scenarios.
The global bile duct cancer drug market has been growing considerably owing to the rising incidence and prevalence rate of bile duct cancer patients worldwide, technological advancement in drug development, and healthcare spending. Further, the rising investment in R&D for developing novel drugs and therapies is fueling the growth of the market. Cohesive government policies will further boost the growth of the global bile duct cancer drug market. However, the high cost of bile duct cancer drugs and rare side effects associated with the drugs and treatment will act as a barrier to the growth of the market.
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COVID-19 Impact on the Global Bile Duct Cancer Drugs Market
The global bile duct cancer drugs market was growing considerably before the COVID-19 pandemic. However, the sudden outbreak shook the global economy since January 2020. Initially, the COVID-19 emerged in Wuhan city of China in December 2019. Within few months, the epidemic turned into global pandemic with positive cases rising across the globe. According to worldometers, over 43.5 cases of COVID-19 were registered till 26th October 2020, around the globe with over 1.1 million fatalities.
New cases of bile duct cancer are rising
According NCBI (National Center for Biotechnology Information) in September 2018, some epidemiological studies in the western countries have shown increasing incidences of intrahepatic bile duct cancers in the majority of European countries, following Korea, which is the worst hit nation with bile duct cancer. The incidence rate of bile duct cancer is stagnant in many economies, however, each year new, an estimated 8,000 US citizens are diagnosed with bile duct cancer.
Global Rise in Geriatric Population
According to WHO, the growth of older population is much faster than in the past. In 2018, for the first time in history, most people can expect to live into their sixties and above age groups. By 2050, the global population aged 60 years and above is expected to reach 2 billion, up from 900 million in 2015. In China alone, by 2050, the older population above 60 years will reach 120 million, and 434 million around the globe.
The average age of patients diagnosed with intrahepatic bile duct cancer is above 65 and that of extrahepatic bile duct cancer is 72. The rising geriatric population will give rise to the new bile duct cancer cases around the globe. According to data from World Population Prospects (2019 Revision), by 2050, 1 in 6 people around the globe, will be over 65 years of age (16%), up from 1 in 11 in 2019 (9%). It is estimated that by 2050, 1 in 4 persons living in Europe and Northern America could be aged 65 or over. In 2018, people aged 65or above outnumbered children under five years of age for the first time ever, around the globe. The number of persons aged 80 years or above is projected to triple by 2050, from 143 million in 2019 to 426 million in 2050.
Untapped Asia-Pacific Economies
According to NCBI, the incidence rate of intrahepatic and extrahepatic bile duct cancers is high in Asian population, compared to the Caucasian population of the US. Cohesive government policies and regulations are expected to attract global bile duct cancer market players to optimize the available opportunities in the untapped Asia-Pacific market.
Rising healthcare spending and growing disposable income
Emerging economies such as China, India, Brazil, Korea, among other economies are contributing significantly into the growth of the global bile duct cancer drug market. The healthcare expenditure in the emerging economies are increasing significantly creating massive scope for the bile duct cancer drug market. The rising disposable income is further boosting the scope for the global bile duct cancer market.
Visiongain report covers detailed competitive landscape which includes overview of key players operating, extensive product portfolios, recent developments, among others. The key players contributing into the global bile duct cancer drug market include Accord Healthcare Inc., Bristol-Myers Squibb Company, Celgene Corporation, Delcath Systems Inc., Eli Lilly and Company, F. Hoffman-La Roche AG, Fresenius Kabi AG, Intercept Pharmaceuticals, Inc., Mylan N.V., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd, among other players. The global bile duct cancer drug market players adopt various strategies to milk the available opportunities in the market. For instance, regulatory approvals, mergers & acquisitions, partnerships, collaborations, new product launches, new product developments, among others are the key strategies adopted by the market players. On 18th September 2020, Roche received positive CHMP (Committee for Medicinal Products) opinion for Tecentriq in combination with Avastin for the treatment of patients with the most common form of liver cancer.
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