The European ovarian cancer drugs market is expected to grow at a CAGR of 7.05% from 2022 to 2027. As a result, the market size is estimated to grow from USD 790 million in 2022 to USD 1.11 billion by 2027.
The growing patient volume suffering from ovarian cancer in women across Europe primarily drives the European ovarian cancer drugs market. Eurohealth says that an estimated 140,000 women die yearly due to ovarian cancer worldwide, the 7th most common cancer. According to the same source, ovarian cancer is resulting in more than 42,700 deaths in Europe yearly. According to Cancer Research UK, an estimated 4142 deaths from ovarian cancer were recorded between 2017 to 2019 in the United Kingdom. In 2015, 11% of ovarian cancer cases were preventable. The risk of ovarian cancer increases with age due to changes in regular period cycles, depression, frailty, and poor nutrition leading to regional market growth.
In addition, the growing investments in R&D to develop effective drugs to treat ovarian cancer are anticipated to have a favorable impact on the ovarian cancer drugs market in the European region. Furthermore, the government of the European region conducts several clinical trials to develop new drugs to treat advanced ovarian cancer. Therefore, increasing investment by the government is another factor that drives the market forward in the European region. In addition, the European Union is focusing on developing personalized drugs for ovarian cancer as researchers focus on developing different combinations of drugs to receive a positive outcome for the patient's health.
The growing awareness levels among women regarding ovarian cancer and increasing adoption of early diagnosis further contribute to European market growth. Furthermore, owing to the increasing employment of women in the European region, the female population is now more literate and aware of the problems that may occur in their lives. As a result, many women are taking regular health check-ups, which help in the prevention and early diagnosis of diseases leading to treatment regimens with minimal drug intakes.
However, the high costs associated with manufacturing ovarian cancer drugs and the long time for the approval of the drugs are hindering the growth rate of the European market. In addition, the rising need for more skilled professionals is another major factor hampering regional market growth. Detection of cancer in ovaries plays a significant role in the market growth, which requires skilled and experienced professionals. Furthermore, side effects with these drugs are another notable factor impeding the market growth in Europe.
This research report on the European ovarian cancer drugs market has been segmented and sub-segmented into the following categories.
By Therapy:
Based on therapy, the targeted therapy segment held the largest share of the European market in 2021.
By Distribution Channel:
Based on the distribution channel, the hospital pharmacy segment accounted for the major share of the worldwide market in 2021.
By Country:
The European region had a substantial share of the global market in 2021. During the forecast period, the European region is anticipated to showcase a promising CAGR owing to the increasing aging women population and growing healthcare expenditure.
The UK accounted for the largest share of the European market in 2021 and is expected to continue holding a major share of the European market during the forecast period. An estimated 4000 people in the United Kingdom died from ovarian cancer in 2022. Ovarian cancer is the 6th most common cancer in females in the UK. Due to the increasing death rate, all the countries in the European Union focus on developing drugs for ovarian cancer, which helps the UK market grow. The availability of drugs in offline and online stores also made it easy for people to buy them. The growing number of initiatives from governmental and non-governmental organizations to promote awareness regarding the symptoms and the treatment to prevent and reduce the severity of ovarian cancer is contributing to the regional market. Many companies and organizations are funding empowerment programs that help with the early detection of diseases supporting the market's growth in the UK. The government is focusing on adopting the latest technologies, such as artificial intelligence, for collecting data from ovarian cancer patients and conducting R&D. The respective drugs used by individual patients help to decipher the effectiveness of each drug according to the patient's condition. This data is helpful to the healthcare provider in predicting the best drugs for a particular patient based on their previous records and responses.
Germany is another promising market for ovarian cancer drugs in Europe. Ovarian cancer is the second most common cancer with the highest mortality rate. Therefore, increasing healthcare insurance for prescription ovarian cancer drugs demands market growth. Due to the high cost of the drugs, the German government has included chronic disease treatment and drugs in the insurance coverage leading to market growth in Germany.
KEY MARKET PLAYERS:
Boehringer Ingelheim International GmbH, GlaxoSmithKline plc, Abbvie Inc, Pfizer, Inc., Merck KGaA, AstraZeneca, F. Hoffmann-La Roche AG, Clovis Oncology, Amgen Inc. and Johnson & Johnson Services, Inc. are a few of the noteworthy companies in the European ovarian cancer drugs market.
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