Global PARP Inhibitor Market Is Estimated To Witness High Growth

The global PARP Inhibitor Market is estimated to be valued at US$ 887.7 million in 2018 and is expected to exhibit a CAGR of 32.4% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

PARP inhibitors are a class of drugs that inhibit the enzyme poly ADP ribose polymerase (PARP), which plays a crucial role in DNA repair. These inhibitors are primarily used in the treatment of various cancers, including ovarian cancer, breast cancer, and pancreatic cancer. The market for PARP inhibitors is driven by the increasing prevalence of cancer worldwide and the need for effective and targeted therapies.

PARP inhibitors have several advantages over conventional chemotherapy drugs. They specifically target cancer cells, sparing healthy cells and reducing the side effects associated with chemotherapy. Furthermore, PARP inhibitors have shown promising results in clinical trials, demonstrating improved progression-free survival rates and overall survival rates in patients with BRCA-mutated cancers.

B) Market Key Trends:

One key trend in the PARP inhibitor market is the increasing adoption of targeted therapies. Targeted therapies are drugs or other substances that specifically identify and attack cancer cells while leaving normal cells unharmed. PARP inhibitors are a type of targeted therapy that has gained significant attention in recent years. These inhibitors are designed to target tumors with specific genetic mutations, such as BRCA1/2 mutations. The increasing understanding of genetic mutations and their role in cancer development has led to the development of more targeted therapies, including PARP inhibitors.

For example, AstraZeneca's PARP inhibitor, olaparib, was approved by the U.S. Food and Drug Administration (FDA) for the treatment of BRCA-mutated ovarian cancer in 2014. Since then, several other PARP inhibitors have been approved for various cancer indications. This increasing adoption of targeted therapies, particularly PARP inhibitors, is expected to drive the growth of the global PARP inhibitor market.

C) PEST Analysis:

- Political: The political landscape plays a crucial role in the development and approval of drugs. Regulatory agencies, such as the FDA and the European Medicines Agency (EMA), set guidelines and standards for drug development and approval, which can impact the availability and accessibility of PARP inhibitors in different regions.

- Economic: The economic factors, such as healthcare expenditure and reimbursement policies, influence the adoption of PARP inhibitors. The high cost of PARP inhibitors can be a barrier to their widespread adoption. However, increasing investments in healthcare infrastructure and favorable reimbursement policies can drive market growth.

- Social: The increasing awareness about cancer and the availability of advanced treatment options among the general population can contribute to the growing demand for PARP inhibitors. Moreover, the prevalence of cancer, especially breast and ovarian cancer, is increasing globally, which further drives the market growth.

- Technological: Technological advancements in genetic testing and diagnostic tools have enabled the identification of specific genetic mutations, such as BRCA1/2 mutations, which can guide the selection of targeted therapies like PARP inhibitors. Additionally, ongoing research and development efforts are focused on developing more potent and selective PARP inhibitors to improve treatment outcomes.

D) Key Takeaways:

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• The global PARP inhibitor market is expected to witness high growth, exhibiting a CAGR of 32.4% over the forecast period, due to increasing adoption of targeted therapies. The advantages of PARP inhibitors over conventional chemotherapy drugs, such as targeted action and reduced side effects, are driving their demand in the market.
• Regionally, North America is expected to dominate the global PARP inhibitor market, owing to the presence of key market players, favorable reimbursement policies, and increasing investments in healthcare infrastructure. However, the Asia-Pacific region is projected to witness the fastest growth, driven by the growing awareness about targeted therapies and increasing healthcare expenditure.
• Key players operating in the global PARP inhibitor market include AstraZeneca Plc., Johnson & Johnson, GlaxoSmithKline plc., Pfizer, Inc., Clovis Oncology Inc., AbbVie Inc., Bristol - Myers Squibb, Merck KGaA, Genentech, Inc., Repare Therapeutics Inc., Sierra Oncology, Inc., Karyopharm Therapeutics Inc., Ono Pharmaceutical Co., LTD., and Jiangsu Hengrui Medicine Co., Ltd. These companies are focusing on research and development activities to develop more advanced and effective PARP inhibitors.

In conclusion, the global PARP inhibitor market is expected to witness high growth in the coming years, driven by the increasing adoption of targeted therapies and the advantages of PARP inhibitors over conventional chemotherapy drugs. The market is characterized by ongoing research and development efforts and the presence of key market players.