Doxorubicin Market Trends

Growth Drivers

• Rising Incidence of Ovarian Cancer - Ovarian cancer is an aggressive form of cancer with a high mortality rate. American Cancer Society projection indicates that, as of 2023, approximately 19,710 new cases of ovarian cancer will be diagnosed and approximately 13,270 cases of ovarian cancer will be fatal. Doxorubicin, a chemotherapy drug, is one of the most commonly used medications for treating ovarian cancer. It works by interfering with the cell's DNA, which prevents the cancer cells from replicating and growing.

• Increasing Number of Approvals of Doxorubicin by Regulatory Authorities, such as the US Food and Drug Administration (FDA) - For instance, Zydus Cadila received approval from the US FDA in September 2020 for its generic Doxorubicin Hydrochloride Liposome injection, used to treat certain cancers, to be marketed across the United States.

• Rapid Surge in Healthcare Expenditures - Healthcare expenditures have been steadily increasing owing to rising medical costs, an aging population, and an increase in the number of people with chronic health conditions. As per the Centers for Medicare & Medicaid Services, the US National Health Expenditures in 2021 increased by 2.7% to USD 4.3 trillion, representing 18.3% of the GDP. There was an increase of 7.8% in prescription drug spending in 2021 to USD 378.0 billion, which is faster than the 3.7% increase that was recorded in 2020.

• Rising Geriatric Population Worldwide - For instance, according to the World Ageing Report 2019, there is an expectation that the number of people over the age of 65 is going to increase from 53.340 million in 2019 to 83.813 million by 2050. The geriatric population is more prone to various diseases such as cancer, and as a result, they require more medical intervention. Doxorubicin is an effective chemotherapy drug used to treat a variety of cancers and is therefore in high demand among the geriatric population.

• Rise in Government Initiatives for Cancer Awareness - For instance, as part of the National Comprehensive Cancer Control Program of the United States, funding, guidance, and technical assistance were provided in 2020 for the implementation of cancer prevention and control programs. also, the Government of India initiated the National Cancer Grid (NCG) in partnership with the Department of Atomic Energy and its grant-in-aid institution, the Tata Memorial Centre, to develop a national network for cancer treatment, including cancer research institutes, patient groups, and charitable organizations.

Challenges

• The high cost of doxorubicin and its severe side effects - Doxorubicin is a highly toxic chemotherapy drug, so its cost is understandably high. Its side effects can be debilitating, and its use is limited to the most serious cases. This restricts the market for it, as many patients are unable to afford it or are not willing to take the risk of potential side effects.

• Strict regulations imposed by various governments and the lack of reimbursement

• Availability of generic alternatives