PARP Inhibitor Market

Global PARP Inhibitor Market Size (2023 to 2028)

The Global PARP inhibitor market was valued at USD 2970.3 million in 2023 and is anticipated to reach nearly USD 22430 million by 2028, with a rise in CAGR of 32.6% from 2023 to 2028.

Impact of COVID-19 on the PARP Inhibitor Market:

The pandemic crisis has negatively impacted the global PARP inhibitor market. Worldwide clinical trial disruptions caused by the pandemic delayed the creation and approval of new PARP medications. The release of potentially life-saving therapies for cancer patients was hampered by this delay. Manufacturing and distribution of PARP inhibitors were hampered by disturbances in the pharmaceutical supply chain. As a result, both patients and healthcare professionals had trouble obtaining these medications and experience shortages. The management of COVID-19 cases has changed priorities for healthcare systems all across the world. As a result, cancer treatment and research gained less focus and funding, which affected the growth of the PARP inhibitors market.

MARKET DRIVERS:

The growing prevalence of cancer is the first major factor propelling the market growth during the projected period. Effective cancer treatments require immediate attention as cancer incidence rates increase globally. Patients now have new hope due to PARP medicines' remarkable ability to target particular cancers, including ovarian and breast cancer. As a result of this rising need for novel, focused medicines, PARP inhibitors will play a crucial role in the fight against cancer during the anticipated duration as they maintain their effectiveness in clinical settings.

Favorable health reimbursement policies are the second factor propelling the market growth during the projected period. Governments and insurance companies are more likely to include PARP inhibitors in their coverage as they become more aware of their clinical efficacy in treating particular tumors.

Rising research and development activities by the prominent key players further favor the market growth during the forecast period. Companies are strongly funding the development of PARP inhibitor technology to expand their applications in different cancer types. Adherence to innovation encourages regulatory approvals, clinical advancements, and the creation of more effective treatments.

MARKET RESTRAINTS:

The high cost associated with the clinical trials and the stringent regulatory requirements are the major factors hampering the growth of the market during the projected period. High costs require to conduct extensive clinical trials to ensure safety and efficacy. Furthermore, establishing a complex regulatory environment for drug approval can be expensive and time-consuming. These strong barriers can deter smaller pharmaceutical businesses and limit the rate of research, preventing market expansion. The increasing number of product recalls furthermore limits the market growth during the projected period.

REPORT COVERAGE:

This research report on the PARP inhibitor market has been segmented and sub-segmented into Drug type, Application, Distribution Channel, and Region.

PARP inhibitor Market – By Drug Type:

• Niraparib
• Olaparib
• Rucaparib
• Talazoparib

Based on the drug type, the Niraparib segment is predicted to hold a significant share of the market during the projected period. Niraparib's flexibility and potential for additional applications fuel its market growth as clinical research shows that it is effective in treating a variety of cancer types, including ovarian, breast, and prostate cancer. Niraparib is used more frequently by medical professionals to treat various cancer types, which increases demand and market share.

The Talazoparib segment is also projected to hold a notable share of the market during the forecast period. Talazoparib is an effective therapy option due to its improved capacity to target cancer cells while preserving healthy ones. Because of its selectivity, which reduces side effects, it is widely used among patients and medical professionals. Talazoparib's special qualities are driving its market expansion as there is an increasing need for more specialized and efficient cancer treatments.

PARP Inhibitor Market – By Application:

• Ovarian Cancer
• Breast Cancer
• Others

Based on the application, the ovarian cancer segment is predicted to hold a significant share of the market during the projected period. The growing acceptance of PARP inhibitors as a standard of care for the treatment of ovarian cancer. They have been widely accepted as a result of clinical evidence showing their effectiveness in enhancing progression-free survival and response rates. The market for this particular use is anticipated to grow significantly as physicians more frequently include PARP inhibitors in ovarian cancer therapy treatments.

The breast cancer segment is projected to hold a considerable share of the market during the projected period. The increased acceptance of PARP inhibitors as an efficient, targeted therapy for breast cancer patients with particular genetic variations, such as BRCA mutations, is the primary market driver for the breast cancer segment in the PARP inhibitor market over the anticipated period.

PARP inhibitor Market – By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the distribution channel, the online pharmacies segment is predicted to hold a significant share of the market during the forecast period. The ease it provides to patients in obtaining these specialized pharmaceuticals, allowing simple access and rapid distribution of PARP inhibitors to those in need, is the main market driver for the online pharmacies segment in the PARP inhibitor market during the forecast period.

The retail pharmacies segment is anticipated to hold a notable share of the market during the forecast period. The accessibility and individualized support that these physical pharmacies provide for patients, facilitating in-person consultations, prescription satisfaction, and patient education regarding PARP inhibitor usage and side effects, will serve as the market driver for the retail pharmacies segment during the projected period in the PARP inhibitor market.

PARP Inhibitor Market – By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

North America region is projected to dominate the market with a major share during the projected period. The robust healthcare infrastructure and significant research and development activities are the main market drivers in the North American region for the PARP inhibitor market during the period of projection. The healthcare system is well-established, there are advanced clinical trials, and oncology research is heavily emphasized in North America, especially in the United States. These factors, along with regulatory support, make North America an important center for the research and use of PARP inhibitors.

Europe region is projected to grow at a healthy CAGR during the forecast period. The increased adoption of precision medicine techniques. Targeted therapies like PARP inhibitors are becoming increasingly recognized in Europe as effective cancer treatments. This awareness fuels the demand for PARP inhibitors, which, when added to the availability of clinical expertise and healthcare resources, makes Europe a significant contributor to the market's growth during the projected period.

APAC region is anticipated to show lucrative growth in the market during the projected period. The increasing incidence of cancer and rising healthcare spending are prompting market shares in the Asia Pacific region. Governments and healthcare institutions are focusing resources on innovative treatments like PARP inhibitors as cancer incidence rises in this region and is leveraging the market growth rate.

Latin America, the Middle East, and Africa are anticipated to show a considerable share of the market during the forecast period.

KEY MARKET PLAYERS:

The prominent key players in the global PARP inhibitor market are AstraZeneca, Tesaro, AbbVie Inc., Medivation, Clovis Oncology, Johnson & Johnson, GlaxoSmithKline plc., Pfizer Inc., Bristol-Myers Squibb, Merck KGaA, Genentech Inc., Repare Therapeutics, Sierra Oncology, Karyopharm Therapeutics Inc., and Ono Pharmaceutical Co. Ltd.