The Parp inhibitor market comprises DNA damage response inhibitor drugs that help repair damaged DNA and prevent cancer growth. Parp inhibitors stop cancer cells from repairing damage to their DNA and are primarily used for treatments of ovarian cancer and certain breast cancers with BRCA gene mutations.
The Global Parp Inhibitor Market is estimated to be valued at US$ 7.20 Mn in 2024 and is expected to exhibit a CAGR of 8.8% over the forecast period 2024 To 2031.
Key Takeaways
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 key opportunities in the market include increasing research for new applications of Parp inhibitors and opportunities in emerging markets. The Parp inhibitor market is also witnessing expansion in Asia Pacific and Latin America owing to growing awareness and increasing healthcare investments.
Market Drivers
The increasing incidence of cancer globally, especially ovarian cancer and breast cancer, is one of the major drivers for the PARP Inhibitor Market Growth. As per estimates, over 19 million new cancer cases were reported worldwide in 2020. Growing awareness about Parp inhibitors as an important treatment option and their benefits over conventional chemotherapy is also fueling the market growth.
PEST Analysis
Political: The Parp Inhibitor Market is regulated by various government organizations for ensuring drug safety and approval processes. Regulations impact the development, approval and accessibility of Parp Inhibitor drugs.
Economic: Changes in disposable healthcare spending, financial conditions and pricing/reimbursement policies impact the PARP Inhibitor Market Analysis in different regions and countries. Economic growth and GDP figures have an impact on the demand for cancer treatments including Parp Inhibitors.
Social: Rising cancer prevalence across the globe due to changes in lifestyle and environment is increasing the demand for next generation targeted oncology therapies like Parp Inhibitors. Increased health awareness and social acceptance of new cancer treatments also drive the market.
Technological: Advances in cancer research and diagnostic techniques are influencing the innovation and development of newer types of Parp Inhibitor drugs with superior efficacy and safety profiles. Increasing computational capabilities also aid in computational drug design approaches for Parp Inhibitors.
The Parp Inhibitor market in terms of value is concentrated majorly in developed regions like North America and Europe. Countries like the United States and Germany have a sizeable patient population undergoing chemotherapy coupled with favourable reimbursement structures driving higher adoption of premium therapies like Parp Inhibitors.
The fastest growing region for the Parp Inhibitor market is expected to be Asia Pacific over the forecast period. Increasing healthcare expenditures, rising cancer incidences, growing medical tourism and developing pharmaceutical industries in countries like China and India will support higher market growth rates compared to saturated markets in North America and Europe.
Get more insights on PARP Inhibitor Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments