Afatinib Market Size, Share, Growth, And Industry Analysis, By Type (30mg Tables, 40mg Tablets, 50mg Tables, 25mg Tablets, 20mg Tablets and Other), By Application (Hospital, Clinic, Drug Center and Other), and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global afatinib market size was USD 692.6 million in 2022. As per our research, the market is expected to reach USD 1963.85 million in 2028, exhibiting a CAGR of 18.97% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the afatinib market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An approved prescription drug called afatinib is used to treat specific cancers. It functions as a tyrosine kinase inhibitor by obstructing specific proteins that encourage the proliferation of cancer cells. Non-small cell lung cancer (NSCLC) with specific epidermal growth factor receptor (EGFR) gene mutations is treated with the medication when it has spread to other organs. Squamous cell carcinoma of the head and neck (SCCHN) with metastatic disease is also treated with it.

Non-small cell lung cancer (NSCLC) and squamous cell carcinoma of the head and neck (SCCHN), the two principal indications for afatinib treatment, are becoming more common, which is driving the growth of the market. Additionally, the market potential for the drug has increased since it was approved as a first-line treatment for NSCLC patients with certain EGFR mutations. The medication's market expansion is also anticipated to be aided by ongoing clinical trials examining the drug's efficacy in treating various cancers, including ovarian and breast cancer. The market is expanding as a result of the growing use of targeted therapy methods for the treatment of cancer.

COVID-19 Impact: Move Towards Telemedicine Allowed Patients to Have Access to Cancer Medicines

The pandemic brought attention to the value of targeted medicines in the treatment of cancer, which resulted in higher demand for this medication and related drugs. Patients who were unable or unable to visit medical facilities had continued to have access to cancer medicines thanks to the move towards telemedicine and remote consultations. Additionally, a number of pharmaceutical firms that make this medication and other cancer drugs had taken measures to guarantee the continuation of their supply chain and manufacturing activities throughout the pandemic. As a result, patients who depend on the chemotherapy drug for their cancer treatment could be more confident that it would be available.

Latest Trends

"Utilizing Personalized Medicine to Increase Cancer Cell Responsiveness to Treatment"

The usage of personalized medicine is now the newest trend in the medication’s sector. The most efficient treatment options for a patient's particular cancer kind and stage are determined utilizing their unique genetic information. Several targeted treatments, including afatinib, have been approved for use in individuals with particular genetic abnormalities that make their cancer cells more susceptible to this treatment. It is anticipated that personalized medicine, including the use of targeted medicines, would become more pervasive in the treatment of cancer as more sophisticated genetic testing methods become accessible.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into 30mg Tables, 40mg Tablets, 50mg Tables, 25mg Tablets, 20mg Tablets and Other

• By Application Analysis

Based on application, the market can be divided into Hospital, Clinic, Drug Center and Other

Driving Factors

"Advancements in Cancer Research is Expanding the Market for the Medication"

The market for the medication is expanding due to ongoing developments in cancer research and the creation of novel therapeutic alternatives. To assess the efficacy and safety of various cancer medicines, new clinical trials and research studies are continually being conducted. The number of individuals who might benefit from the chemotherapy drug treatment could also grow as a result of continuing research into additional biomarkers and genetic abnormalities that may be receptive to this drug. As a result, it is anticipated that the afatinib market growth would expand throughout the upcoming years.

"Growing Incidences of Cancer is Significantly Influencing the Drug’s Market Growth"

Another key factor influencing the market for afatinib is the rising incidence of cancer in combination with an ageing global population. With an estimated 9.6 million deaths in 2018, cancer is the second most common cause of death worldwide, according to the World Health Organization (WHO). The incidence of cancer is also anticipated to rise in the upcoming years as a result of factors such as lifestyle modifications, pollution in the environment, and an increasing number of risk factors such as smoking and obesity. It is anticipated that this will increase demand for potent cancer medications.

Restraining Factors

"Regulatory Obstacles and Long Drug Development Time Might Restrict the Market Growth"

Market restrictions for the medication may be caused by regulatory obstacles and protracted medication development times. It can take a while and be costly to develop new cancer treatments, including targeted treatments such as afatinib, which also need to receive regulatory authorization and undergo rigorous clinical trials. Due to this, both the patient population's access to these medicines and the market for the drug may be constrained.

Regional Insights

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"Key Factor Influencing the Region's Drug Expansion is the Discovery and Commercialization of New Therapies "

The afatinib market share is dominated by North America for a number of reasons. The region's high cancer incidence is the first factor driving demand for the drug and other cancer medications. Additionally, the discovery and commercialization of new cancer therapies are supported by the developed healthcare infrastructure in North America, which includes a huge network of hospitals, clinics, and research facilities. Additionally, a number of top pharmaceutical firms with major investments in the study and creation of specific treatments are concentrated in North America. These businesses are equipped to quickly and successfully introduce new treatments to the market, further solidifying North America's hegemonic position in the medication's market.

Key Industry Players

"Key Players Focus on Diversifying their Product Lines Inorder to Enhance their Market Share"

To enhance their market share, the major players in the drug industry are concentrating on creating novel medications, diversifying their product lines, and forming business alliances. These businesses are making significant investments in R&D to find novel therapeutic targets and enhance the efficacy and security of already available treatments. Additionally, they are strengthening their footprint in developing nations where there is a rising need for cancer therapies. In addition, a lot of businesses are working together with educational institutions and other industry stakeholders to develop novel treatments and commercialize them more swiftly.

List of Market Players Profiled

• Boehringer Ingelheim (Germany)
• Hengrui Medicine (China)
• Beacon Pharma (Bangladesh)

Report Coverage

This report covers the afatinib market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.