Copyright © 2024 Research Nester. All Rights Reserved
Vascular Endothelial Growth Factor (VEGF) Inhibitors Market size was over USD 9.45 billion in 2023 and is poised to exceed USD 34.2 billion by 2036, growing at over 10.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of vascular endothelial growth factor inhibitors is evaluated at USD 10.24 billion.
Growth Drivers
As per the World Health Organization, cancer is the second leading cause of death worldwide. It was predicted to cause about 9.6 million deaths in 2018. Further, approximately 1 in every 6 deaths is caused as a result of cancer. It has been observed that the number of cases of cancer are rising at a significantly high rate, which is predicted to continue to grow further in the coming years. On the back of this, the vascular endothelial growth factor inhibitors market for VEGF inhibitor drugs is anticipated to grow by the end of 2028.
The research and development on monoclonal antibodies for the purpose of developing various treatment methods is estimated to be a major growth factor for the market. Moreover, the rising demand for combination therapies on account of their higher effectiveness than monotherapy drugs, especially in the case of various cancers, the vascular endothelial growth factor inhibitors market is anticipated to witness a huge growth opportunity.
Challenges
As the market for VEGF inhibitor drugs is currently of a moderate size, there is limited availability of these drugs in the market. Moreover, this results in the drugs being expensive and not affordable for the middle and lower class in various countries. In addition to this, the side effects associated with the use of VEGF inhibitor drugs are predicted to be another growth restricting factor for the market.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
10.4% |
|
Base Year Market Size (2023) |
USD 9.45 billion |
|
Forecast Year Market Size (2036) |
USD 34.2 billion |
|
Regional Scope |
|
The vascular endothelial growth factor inhibitors market is segmented by target, by inhibitor, by application, by distribution channel and region, out of which, the target segment is further segmented into VEGF-A, VEGF-B, VEGF-C, VEGF-D and others. The market for VEGF-A is anticipated to hold the largest share in the market on account of VEGF-A being responsible for inducing angiogenesis as well as regulating the cell division in endothelial cells.
On the basis of application, the vascular endothelial growth factor inhibitors market is segmented into oncology, ophthalmology and others, out of which, the segment for oncology is predicted to grow at the highest rate over the forecast period. This can be attributed to the rising cases of cancer globally, along with the increasing demand for effective cancer therapies which result in minimum side effects. The Centers for Disease Control and Prevention estimated the number of new cancer cases to increase by around 24% among men between 2010 and 2020 and by about 21% among women during the same period in the United States.
Our in-depth analysis of the global market includes the following segments:
|
By Target |
|
|
By Inhibitor |
|
|
By Application |
|
|
By Distribution Channel |
|
On the basis of regional analysis, the vascular endothelial growth factor inhibitors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America industry is expected to dominate majority revenue share by 2036, as a result of rising investments by government and private entities in research and development of cancer therapies and treatments, including VEGF inhibitor drugs. According to the American Cancer Society, more than 1.8 million new cases are estimated to be diagnosed in the United States in 2020. Further, around 606,520 people in the region are predicted to die of cancer, i.e., about 1,660 deaths every day in the same year. Moreover, the growing elderly population in the region is another factor estimated to contribute towards the increasing demand for novel therapies in the vascular endothelial growth factor inhibitors market.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?