DNA Repair Drugs Market: Rise in prevalence of cancer among population is likely to fuel the growth of the market
DNA Repair Drugs Market: Introduction
- DNA damage is an abnormal structure in DNA that leads to change in structure of genetic material and prevents the replication mechanism from functioning and performing properly. DNA repair is a process by which cell identifies and corrects damage to the DNA molecules that encode its genome.
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Key Drivers and Opportunities of Global DNA Repair Drugs Market
- Cancer is one of the leading cause of deaths across the globe. A large number of people are suffering from various cancer diseases. Thus, rise in prevalence of cancer among population is likely to fuel the growth of the global DNA repair drugs market. For instance, according to the World Health Organization, in 2018, estimated 9.6 million deaths and 18.1 million new cases of cancer were recorded globally
- Moreover, rise in demand and adoption of next generation technologies is anticipated to drive the market
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- A number of key players are engaged in investing in research and development and adopting strategies in order to develop new products. This factor is anticipated to boost the growth of the DNA repair drugs market. For instance, in July 2017, BRISTOL-MYERS SQUIBB entered into clinical collaboration with Clovis Oncology. This collaboration aims to Evaluate Combination of Rubraca (Rucaparib) and Opdivo (Nivolumab) in Phase 2 and Pivotal Phase 3 Clinical Trials in Multiple Tumor Types. In October 2019, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for niraparib offered by Janssen Pharmaceutical Companies for the treatment of patients with BRCA1/2 gene-mutated metastatic castration-resistant prostate cancer. In April 2018, Artios Pharma announced that the next step in developing a drug program for nuclease inhibitors aims for the commercialization of novel treatments for female breast, ovarian, and other types of cancers.
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- Governments in developing countries are making significant investments toward modernization of health care infrastructure which is likely to increase access to health care. Thus, government initiatives to increase awareness regarding cancer and growing prevalence in developing countries are leading to create lucrative opportunities in the market.
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North America to Capture Major Share of Global DNA Repair Drugs Market
- North America is expected to dominate the global DNA repair drugs market. Hub for key players and introduction of new products owing to early adoption of technologically advanced products are the factors anticipated to propel the market in the region.
- Asia Pacific expected to hold significant share of the global DNA repair drugs market. The market in the region is expected to grow at a rapid pace during the forecast period. Rise in awareness, government initiatives, and increase in prevalence of cancer are expected to fuel the growth of the market in the region. For instance, according to an article published in EC Gynaecology, between 2012 and 2014, estimated 4,818 ovarian cancer cases were registered in India.
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Key Players Operating in Global DNA Repair Drugs Market
The global DNA repair drugs market is highly concentrated due to the presence of key players. A large number of manufacturers hold major share in their respective regions. Demand for technologically advaced products has increased in emerging as well as developed markets, owing to rise in prevalence of cancer. Growth strategies adopted by leading players are likely to drive the global market.
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