Global Nasopharyngeal Cancer Market - 2022-2029

Global Nasopharyngeal Cancer Market - 2022-2029

Market Overview

Nasopharyngeal Cancer Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 4.7 % during the forecast period (2022-2029).

Nasopharyngeal cancer is a rare therapy of malignant cancer that appears in the nasopharynx. It is the upper part of the throat behind the nose. The nasopharynx is situated at the base of the skull, directly above the roof of the mouth. Nasopharyngeal cancer generally starts in the squamous cells that track the nasopharynx. The exact sources of nasopharyngeal cancer are unknown; however, a few risk factors are linked with nasopharyngeal cancer. Exposure to the Epstein-Barr virus is deemed a common risk factor for nasopharyngeal cancer. Also, people of East Asian or Chinese ancestry are more prone to cancer. Early symptoms of nasopharyngeal cancer involve a sore throat, lump in the nose or neck, difficulty in breathing or speaking, difficulty in hearing, pain or ringing in the ear or headaches. The nasopharyngeal cancer market has grown significantly at a strong CAGR due to the increasing patient count with nasopharyngeal cancer. The nasopharyngeal cancer market will likely grow globally with technological advancement and innovation.

Market Dynamics: Increasing awareness regarding nasopharyngeal cancer drive market growth

There is a rising awareness of the diagnosis and treatment of nasopharyngeal cancer. Conventionally, the public perception concerning nasopharyngeal cancer was low due to the lack of government initiatives and the relatively low incidence rate of the disease. To boost community awareness for ethnicities prone to nasopharyngeal cancer, several primary healthcare centers have begun awareness campaigns to enhance the awareness of nasopharyngeal cancer. Therefore, greater adoption of nasopharyngeal cancer diagnosis and treatment is being witnessed, driving the growth of the global nasopharyngeal cancer market.

However, the High treatment cost of nasopharyngeal cancer negatively impacted the market growth. The high price of therapeutic procedures, such as chemotherapy, surgeries, and radiation therapy, results in out-of-pocket expenditure among non-insured cancer patients. The high price of drugs adds to the overarching financial burden of the treatment. It can act as a barrier to the global nasopharyngeal cancer treatment market. With so many advantages of the nasopharyngeal cancer market, it has a few disadvantages too. The high cost of the treatment and side effects are a barrier to the nasopharyngeal cancer market.

Market Segmentation: The cryosurgery devices segment will project the fastest growth in the market throughout the forecast period

Based on therapy, the nasopharyngeal cancer market has been classified into chemotherapy, immunotherapy, radiation therapy and others

Radiation Therapy is expected to hold a significant market share in the treatment therapy segment. Radiation therapy forms the main modality of treatment for nasopharyngeal cancer. Newer and advanced solutions for nasopharyngeal cancer treatment include a combination of both chemotherapy and radiotherapy techniques. These treatment modalities are at an early clinical phase and will make a commercial appearance late during the end of the forecast period.

Based on the End User, the animal stem cell therapy market has been classified into hospitals & clinics, ambulatory surgery centers and others

The hospitals & clinics segment is anticipated to hold the largest share in the global market. The rapid adoption of technologies is expected to boost the nasopharyngeal cancer treatment market. This trend is likely seen in emerging regions where healthcare expenditure is increasing considerably. Developed regions are observing that since the availability of nasopharyngeal cancer treatment and procedure is easily available, the demand for the nasopharyngeal cancer market has increased. Companies are investing heavily in emerging regions to offer efficient treatment solutions for higher healthcare quality, greater efficiency and better patient outcomes.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period.

Based on geography, the study analyzes the animal stem cell therapy market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

The Asia Pacific is expected to witness the fastest growth during the forecast period. In the Asia Pacific, nasopharyngeal cancer is one of the most widespread cancers in the head and neck areas. Men are two to three times more likely to grow it than women. The peak age of prevalence is between 50 and 60 years. This cancer is generally more common in Southeast Asia. Moreover, the five countries with the greatest incidence of nasopharyngeal cancer worldwide were Indonesia, China, Vietnam, India and Malaysia, respectively. According to the research published by the American Cancer Society, in some parts of China, there are as many as 25 to 30 cases per 100,000 men and 15 to 20 cases per 100,000 women. Developed regions are witnessing that since accessibility for nasopharyngeal cancer treatment and procedures are easily accessible and available, the demand for the nasopharyngeal cancer market has increased. Companies are investing heavily in developing regions to offer effective treatment solutions for higher care quality, greater efficiency and better patient outcomes. Moreover, increasing healthcare awareness, along with increasing spending on IT and healthcare technologies in developing regions, is expected to boost the overall demand for effective treatment in the nasopharyngeal cancer market.

Competitive Landscape:

The nasopharyngeal cancer market is highly competitive, owing to the presence of big competitive players in the market. Some major key players in the market are Bristol-Myers Squibb, Cyclacel Pharmaceuticals Inc., Eli Lilly And Co., GLAXOSMITHKLINE PLC, Merck & Co., Inc., Novartis International AG, ONO PHARMACEUTICAL CO. Safoni, Theravectys SA, among others. The major players are adopting new product launches and expansion strategies for global growth in the nasopharyngeal cancer market. In March 2022, Bristal Mayer Squibb acquired Turning Point Therapeutics, a Leading Precision Oncology Company, for $76.00 per Share. This acquisition helps to expand companies leading oncology franchise by adding a best-in-class, late-stage precision oncology asset. In July 2021, Eli Lilly announced the acquisition of promoter technologies, a private biotech company, to advance treatment for type 1 diabetes (TD1) for $1bn. This acquisition accelerates next-generation life-changing therapies for people living with T1D. In April 2021, GLAXOSMITHKLINE PLC, a California-based biopharmaceutical company focused on targeted therapies for the treatment of rare forms of cancer, acquired Sierra Oncology; a California based Biopharmaceutical Company focused on targeted therapies for the treatment of rare disease Cancer, for USD 1.9 Billion. This acquisition includes momelotinib, a late-stage potential new medicine with a unique dual mechanism of action that may address the critical unmet medical needs of myelofibrosis patients with anemia. This acquisition helps to expand the innovative oncology portfolio.

COVID-19 Impact: Negative impact on the global nasopharyngeal cancer market.

The COVID-19 pandemic has hampered the growth of the nasopharyngeal cancer market, owing to the decline in hospital visits and the diagnosis rate of the disease amidst the pandemic. Cancer patients are predominantly elderly and immunosuppressed, and clinical data shows that they may be more susceptible to Covid 19 infection. The major concern during the COVID-19 pandemic was to stay safe at home and boost immunity, which has declined clinic visits, leading to the downfall in the nasopharyngeal cancer market in 2020.

The global nasopharyngeal cancer market report would provide an access to approximately 50 market data tables, 42 figures and 170 pages