Sunitinib Malate Market Size Worth $278.54 Million By 2032 | CAGR: 10.60%

The global sunitinib malate market size is expected to reach USD 278.54 Million by 2032, according to a new study by Polaris Market Research. The report “Sunitinib Malate Market Share, Size, Trends, Industry Analysis Report, By Application (Pancreatic Neuroendocrine Tumor, Kidney Cancer, Gastrointestinal Stromal Tumor); By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The FDA's approval of sunitinib malate and other targeted cancer therapies can have a positive impact on investor confidence in the pharmaceutical industry. In the area of cancer research, 2022 saw some significant advancements. For oncology indications, the U.S. Food and Drug Administration (FDA) approved 40 drugs, 12 of which were brand-new molecules that had never been used in humans before. A recent blog post lists the FDA approvals from the previous year. This can lead to increased investment in research and development, which can lead to the discovery of new cancer treatments and further drive the growth of the market.

Globally, cancer is one of the leading causes of death and the primary cause of growth in the sunitinib market. Sunitinib Malate is used in the treatment of certain types of cancer, including renal cell carcinoma and gastrointestinal stromal tumors, and the increasing incidence of cancer worldwide is driving the demand for cancer therapies. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, with an estimated 19.3 million new cases and 10 million cancer-related deaths in 2020. The incidence of cancer is expected to continue to increase in the coming years, driven by factors such as an aging population, lifestyle changes, and environmental factors.

The increasing healthcare expenditure in developed and developing countries is expected to drive the growth of the sunitinib malate market. The rise in healthcare expenditure is due to various factors such as the aging population, rising prevalence of chronic diseases, and increasing government initiatives to improve cancer care. The database OECD Health Data 2022, updated in November 2022, states that preliminary estimates for a group of 20 countries indicate that health spending rose by about 6% on average in 2021.

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The development of new and innovative cancer treatments, including targeted therapies such as sunitinib malate, is driving the growth of the market. These therapies offer improved efficacy and fewer side effects compared to traditional chemotherapy. According to the American Association for Cancer Research, early in 2022, there will be more cancer survivors in the United States than the predicted 18 million, due to developments in cancer research and treatment over the previous decades. There is still much to be done to lessen the burden of preventable cancer, despite the advancements it has achieved in the detection and treatment of the disease.

Sunitinib Malate Market Report Highlights

• Pancreatic Neuroendocrine Tumor segment accounted for the higher growth rate owing to the increasing incidence of PNET.
• North America is projected to experience higher growth and larger revenue share due to the high prevalence of cancer.
• Europe is expected to registered with the second-largest revenue share in the study period due to the growing elderly population.
• The global players include Pfizer, Top Care Pharmacy, J&K Scientific, Targetmol, Active Biotech, Astellas Pharma, AstraZeneca, Bristol Myers Squibb, Dendreon, Endo International & Ferring Pharmaceuticals.

Polaris Market Research has segmented the sunitinib malate market report based on application and region:

Sunitinib Malate, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Pancreatic Neuroendocrine Tumor
• Kidney Cancer
• Gastrointestinal Stromal Tumor

Sunitinib Malate, Regional Outlook (Revenue - USD Million, 2019 - 2032

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa