Market Overview
Platinum-based drugs, such as oxaliplatin, carboplatin, and cisplatin, are often used in cancer treatment. Following absorption into the cell nucleus, platinum-DNA adducts activate many cellular pathways, causing these platinum drugs to be cytotoxic.
Furthermore, the growing adoption of platinum-based cancer drugs is driving up the market size due to increased product availability and cancer incidence, a rise in the number of authorized medicines on the market, and an increase in research and development. As a consequence of increased improvements in this discipline, the market is seeing an increase in demand for products from North American areas. Major companies such as Novartis AG, MorphoSys AG, Regeneron Pharmaceuticals Inc., and others are actively operating in the market.
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Market Size and Growth Analysis
DataM Intelligence’s new proven results show that the “Global Platinum-Based Cancer Drug Market” reached USD 1.4 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 1.8 billion by 2030. The global platinum-based cancer drug market is expected to exhibit a CAGR of 3.2% during the forecast period 2023-2030. The platinum-based cancer drug market trends show rising product launches due to rising technologies and increasing research and development.
Platinum-Based Cancer Drug Market: Drivers
Increasing Advancements and Novel Product Development Drive the Platinum-based Cancer Drug Market Growth
Combination treatment with platinum drugs can reduce platinum therapies’ overall toxicity and the potential to reduce the overall toxicity of platinum therapies and overcome platinum resistance. Platinum medication combinations may reduce tumour growth and metastasis in a complementary or synergistic way. At present, there are several techniques and advances in platinum-based combination therapy. The synthesis of various platinum-based anticancer complexes and their therapeutic benefits are reviewed briefly.
Platinum medicines are combined with gene editing, thermal treatment, ROS-based therapy, immunotherapy, biological modelling, photoactivation, supramolecular self-assembly, and imaging modalities in these complexes. Major pharmaceutical companies are developing new medications that are used in conjunction with other treatments, which is fueling market growth.
According to a statement from Regeneron Pharmaceuticals, Inc., the FDA granted approval for the PD-1 inhibitor Libtayo (cemiplimab-rwlc) when used with platinum-based chemotherapy for the initial therapy of adult patients with advanced non-small cell lung cancer (NSCLC) who do not have EGFR, ALK, or ROS1 aberrations on November 8, 2022. Patients must have locally or metastatically advanced cancer that cannot be treated with definitive chemoradiation or surgical excision. Regardless of histology or PD-L1 expression, this combination may be utilized to treat patients. As a result of the statements mentioned above, the market is expected to take the lead during the projection period.
Market Opportunities
The Increased use of Platinum-Based Cancer Drugs in Chemotherapy Procedures Creates Market Growth Opportunities
Chemotherapy may decrease a tumour enough for radiation therapy and surgery to be considered as further therapies. This is known as neoadjuvant treatment, and it is used to reduce the severity of symptoms and indications. Chemotherapy may aid by eliminating certain cancer cells, which may alleviate some of the disease’s symptoms. Platinum-based compounds are important chemotherapeutic cancer medicines or treatment prospects.
Platinum-based drugs are helpful against cancer because a platinum atom is linked to two ammonium molecules with two chloride ions. The material is negatively charged, but once inside a cancer cell, water molecules replace the chloride ions, causing it to become positively charged. Traditional platinum drugs include cisplatin, carboplatin, and oxaliplatin. These neutral platinum (II) complexes include two amine and two extra ligands that may be activated for increased DNA binding.
Platinum-DNA adducts may obstruct biological activities and cause apoptosis. Platinum drug resistance in malignancies has become a difficult problem to solve. Platinum-drug resistance in cancer patients must be addressed by customized cancer therapy using a variety of tactics.
Segmentation Analysis
The Global Platinum-Based Cancer Drug Market is segmented by drug type into cisplatin, oxaliplatin, carboplatin, and others; by application into colorectal cancer, lung cancer, breast cancer, and others; and by end user into hospitals, speciality clinics, and others.
Cisplatin from the Drug Type Segment Accounted for Around 42.8% of the Platinum-Based Cancer Drug Market Share due to its High Use.
The cisplatin segment had the largest market share in 2022 and is likely to retain its dominance throughout the forecast period, owing to an increase in tumour incidence among the population globally. Cisplatin is the most often used chemotherapeutic medication for the treatment of colorectal cancer. It is also used to treat a variety of malignancies, including lung, bladder, cervical, and ovarian cancers. Cisplatin and other platinum-based medications were developed with the help of the National Cancer Institute (NCI).
The goal of ongoing research is to produce less harmful and/or more tolerable cisplatin-based medicines and related platinum-based medications. Cisplatin therapy’s efficacy has been hampered by dose-limiting toxicities, including nephrotoxicity and cancer cell resistance to cisplatin. Cisplatin-resistant cells may arise spontaneously or as a result of medication exposure. Despite substantial advances in pharmacological research and molecular-targeted therapy, conventional chemotherapy remains the most often used treatment.
Cisplatin has been one of the most often utilized anticancer medications for more than three decades. Carboplatin is the only platinum-based chemotherapeutic medicine approved by the FDA for breast cancer treatment. Platinum-based chemotherapy causes breast cancer cells to degrade or die by rendering them incapable of mending any damage. Hikma Pharmaceuticals PLC launched Cisplatin Injection, 1 mg/mL in 50 mL and 100 mL bottles, in the United Kingdom.
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Recent Developments of Platinum-Based Cancer Drug Market
Platinum-Based Cancer Drug Market: Regional Insights
By region, the global platinum-based cancer drug market is segmented into North America, Europe, South America, Asia Pacific, and Middle East and Africa.
North America Accounted for Around 39.6% of the Market Share in 2022 due to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment
Due to the growing need for platinum-based cancer treatments for research purposes in healthcare, firms in North America may expand their operations. North America has numerous manufacturers and suppliers, and due to the region’s rapid economic expansion, industrial output has risen, fueling demand for platinum-based cancer therapies.
Increasing healthcare spending and public awareness, progress of treatment technologies, and a rise in pharmaceutical firm formation throughout the area are all contributing to the region’s platinum-based cancer drug market share growth.
It is also expected that joint research initiatives between major healthcare institutions and businesses, as well as new product development, which continually attempts to enhance current treatment options, would contribute to the growing need. People are becoming more aware of numerous advanced products that are being used to provide better treatment, which is causing the market in this area to expand. The aforementioned elements further demonstrate North America’s global supremacy.
Competitive Landscape
Key players contributing to the global platinum-based cancer drug market growth include Pfizer, Inc., Accord Healthcare, Sanofi, Sun Pharmaceutical Industries Ltd., MorphoSys AG, Dr. Reddy’s Laboratories Ltd., Eisai Co., Ltd., Regeneron Pharmaceuticals Inc., Novartis AG and Merck & Co., Inc. among others.
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