According to the deep-dive market assessment study by Growth+ Reports, the global liposomal doxorubicin market was pegged at ~US$ 1.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~6.4% from 2022 to 2030.
The increasing number of cancer cases globally is a primary factor driving the global liposomal doxorubicin market. For instance, according to GLOBOCAN 2020, there were approximately 19.3 million new cancer cases and 10 million cancer-related deaths globally, contributing to the market expansion. According to the World Health Organization, cancer claimed about 10 million lives in 2020, making it the leading cause of death globally. According to the number of new cancer cases in 2020, the most prevalent malignancies were breast (2.26 million cases), lung (2.21 million cases), colon and rectum (1.93 million cases), prostate (1.41 million cases), skin (non-melanoma) (1.20 million cases), and stomach (1 million cases) (1.09 million cases).
Governments from multiple countries are launching programmes to raise awareness and bring novel cancer treatment options, which might accelerate the market's growth throughout the forecast period. For instance, in 2020, the National Comprehensive Cancer Control Program provided funding, direction, and technical assistance to programmes to help them implement plans to prevent and control cancer. This may have allowed key players to introduce new products and stimulate the market's expansion.
Due to increased product innovation and the entry of new market players, the growth of the liposomal doxorubicin market is also anticipated to increase through the forecast period. For instance, in March 2019, the European Medicines Agency (EMA) received a formal pre-submission request for a new medication application from Cytori Therapeutics, Inc. for Doxorubicin Hydrochloride Cytori. This submission must be submitted before submitting an article 58 Application for a Marketing Authorization Application (MAA) via EMA's centralised approval procedure. However, liposomal doxorubicin has some side effects, which are anticipated to restrain the market expansion over the forecast period. Increased risk of infection, breathlessness, a pale appearance, bruising, nosebleeds, and bleeding gums are a few side effects. Others include weakness and fatigue during and after treatment, soreness, redness, and peeling of the hands and feet, loss of appetite and weight loss, diarrhoea, or constipation.
During the forecast period, the North American region is anticipated to dominate the market. Doxorubicin's use in mono and combination chemotherapies is rising along with the number of cancer cases, which may positively affect the market. The key components propelling the market in the North American region are the rising number of mergers and acquisitions and partnerships for clinical studies with cutting-edge doxorubicin formulations.
The American Cancer Society Inc. estimates that there will be 1.9 million new cancer cases and 608,570 cancer-related deaths in the United States in 2021. This aspect may drive the market throughout the predicted period. According to Johns Hopkins Medicine, older adults are at significant risk of developing cancer. According to the World Ageing Report 2019, there will be 83.813 million seniors worldwide by 2050, up from 53.340 million in 2019. As a result, the rising number of older adults may lead to high cancer mortality, fueling market expansion.
On the other hand, the Asia Pacific market is anticipated to rise strongly over the following years due to the growing patient population and consumers' willingness to pay for healthcare services. Furthermore, it is expected that in the coming years, the market will develop faster due to the high level of public awareness regarding the existence of various treatment choices.
The prominent players of the global liposomal doxorubicin market include Johnson & Johnson Services, Inc., TTY Biopharma, Sun Pharmaceutical Industries Ltd., Merck & Co., Cipla, Inc., Cadila Pharmaceuticals, Fudan-Zhangjiang, and SRS Pharmaceuticals Pvt. Ltd. One of the key aspects anticipated to improve the competitive environment of the overall market is the increasing number of competitors expected to enter the global market in the coming years. Moreover, according to forecasts, the research and development activities carried out by these competitors will produce significant growth prospects, propelling the market's expansion over the coming years.