Oncology Active Pharmaceutical Ingredient Market Trends

Growth Drivers

• Increasing Consumption of Tobacco and Cigarettes - As of 2020, about 12 out of 100 adults in the United States were noticed to be smoking cigarettes. Tobacco and cigarettes are the leading cause of cancer and they are still highly consumed by adults. The prevalence of tobacco and cigarette consumption is generally high in every region. Hence, such a mounting consumption is estimated to foster the growth of the market during the forecast period.
• Mounting Number of Geriatric Population – As people start to age, their body weakens and body organs start to deteriorate. As a result, they are more prone to cancer and other chronic diseases. According to the data released by the World Bank, the number of geriatrics was noticed to be 747,238,580 in 2021 around the world.
• Growing Healthcare Expenditure per Capita – With the growing economies, the spending capacity of individuals also rose during the recent period. As a result, the spending on health and fitness increased, subsequently increasing the sales of oncology active pharmaceutical ingredients in the assessment period. Hence, the increased healthcare expenditure is attributed to generating significant revenue in the next years. A report from World Health Organization (WHO) stated that global spending on health increased steadily throughout the period of 2000 to 2018, ultimately reaching approximately USD 8 trillion or 10% of global GDP.
• Higher Prevalence of Medication Errors- For instance, reports of medication errors received by the U.S. FDA were stated to be more than 100,000 in 2019 in the United States region.

Challenges

• Lack of Awareness among the Global Population – Although oncology active pharmaceutical ingredient (API) has many added benefits such as fast recovery, greater positive impact on cells, and enhanced patient experience, the awareness level about oncology active pharmaceutical ingredient among the general patient population is considered very less. As a result, the adoption rate of oncology active pharmaceutical ingredients (API) is projected to slow down during the forecast period.
• Possibilities of Side-Effects
• Higher Price Associated with the Manufacturing Procedure