According to FutureWise analysis the market for parp inhibitors in 2023 is US$ 6.14 billion, and is expected to reach US$ 14.58 billion by 2031 at a CAGR of 11.4%.
Increasing prevalence of cancer, rising acceptance of PARP inhibitors drugs, increased geriatric population and scientific advancements in the healthcare sector across the world are some of the kay factors contributing to the growth of the market. Moreover, the key market players are introducing novel techniques for developing advanced cancer treatments which shall propel the PARP inhibitors market growth. On the other hand, strict governmental regulations and frequent product recalls are predicted to impede the market growth substantially in the upcoming years.
For many years, cancer has been the leading cause of death across the world. As per the WHO, cancer is the reason for over 8 million deaths each year, with over 65% new cancer cases are anticipated to be registered over the next two decades. Rising population afflicted with cancer shall prove to be a key factor in the augmentation of the market. As per the data provided by the CDC, 2014, the number of cancer patients reached over 20 million in the United States and it is estimated that this number shall reach over 25 million by 2024 end. Additionally, the rising geriatric population getting diagnosed with cancer shall propel the growth of the market. As per the Administration for Community Living, the number of people over the age of 65 in the United States were over 46 million in 2014.