PARP Inhibitor Market is Estimated to Witness High Growth Owing to Opportunity in Cancer Treatment

 

PARP Inhibitor Market

PARP inhibitors are therapeutics that inhibit the activity of poly ADP-ribose polymerase (PARP) enzymes involved in DNA repair. They are used for cancer treatment in combination with chemotherapy or radiation therapy. PARP inhibitors enhance the effects of DNA-damaging cancer therapies and prevent cancer cells from repairing damaged DNA.

The global PARP Inhibitor Market is estimated to be valued at US$ 6.13 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing prevalence of cancer presents a major market opportunity for PARP inhibitors. Cancer is one of the leading causes of death worldwide and the number of new cases is increasing every year. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. PARP inhibitors have shown promising results in combating various cancers like ovarian cancer and breast cancer. Their ability to enhance the efficacy of chemotherapy and reduce cancer cell DNA repair provides an opportunity to improve cancer treatment outcomes. With a rising cancer patient pool and limited treatment options, the demand for innovative therapeutics like PARP inhibitors is likely to increase significantly in the coming years. This presents a lucrative growth opportunity for players in the PARP inhibitor market.

Porter’s Analysis
Threat of new entrants: Low. Considerable capital investment is required for R&D, production facilities and marketing. Brand loyalty and patents provide advantages for existing players.
Bargaining power of buyers: Moderate. Buyers have some influence over price due to availability of substitutes. However, switching costs and brand loyalty limits their bargaining power.
Bargaining power of suppliers: Moderate. Raw material suppliers hold some bargaining power but industry consolidation has reduced it. Suppliers are commodity-based so threat is moderate.
Threat of new substitutes: Low. PARP inhibitors have advantages over chemotherapy so threat from new substitutes is low. However, targeted therapies compete.
Competitive rivalry: High. Industry comprises large global players. Competition is based on innovation, quality and price.

SWOT Analysis
Strengths: Growing cancer rates, promising clinical trial results, expansion into new indications.
Weaknesses: High R&D costs, drug resistance, dependence on few molecules, generic competition post patents expiry.
Opportunities: Huge unmet need in cancers with BRCA mutations, scope in Asia Pacific and Latin America, combo therapies.
Threats: Pricing pressures, stringent regulations, reimbursement hurdles.

Key Takeaways

Global PARP Inhibitor Market Trends are expected to witness high growth driven by growing cancer burden and increased demand for targeted therapies.

Regional Analysis: The United States dominates currently due to presence of advanced healthcare system and high adoption of premium drugs. Asia Pacific is fastest growing region due to rising healthcare spending, growing cancer rates and increasing accessibility.

Key players operating in the PARP inhibitor market are FLSmidth & Co. A/S, Metso Oyj, Koppern Group, CITIC Heavy Industries Co. Ltd. (CITIC HIC), ThyssenKrupp Industrial Solutions AG (Polysius AG), SGS S.A., KHD Humboldt Wedag International AG, Outotec Oyj, and ABB Ltd. The market is concentrated with top players competing on innovation and product differentiation. Partnerships and licensing deals are common growth strategies adopted by players.

Get More Insights on this Topic- https://www.rapidwebwire.com/parp-inhibitor-market-growth-insights-and-forecast-analysis/