Esophageal Cancer Market Analysis, Growth, and COVID-19 Impact Till 2030
The global Esophageal Cancer Market is growing considerably and is expected to reach USD 1000.1 Million by the end of 2023 and progress at a CAGR of 8.7% over the forecast period of 2017-2023, reveals Market Research Future (MRFR) in an exhaustive study. The market has been observing persistent growth on account of rising prevalence of esophageal cancer among the global population which results in diagnosis and treatment. Esophageal cancer is more common in aged people, and thus a growth in the global geriatric population spurs the growth of the market. High consumption of alcohol and smoking habits among the mass drive the market growth as smoking and drinking expose consumers at more risk of developing esophageal cancer. Moreover, the high prevalence of digestive disorders is also responsible for the growth of the market. Acid reflux is a major cause of esophageal cancer, and continuous acid reflux can result in esophageal cancer. Advancements in medical procedures and development of new therapies and drugs have also been a plus for the market growth. Government support for raising awareness and monetary aids to patients struggling with overwhelming costs of the treatment along with free treatment is among other factors proving vital for the growth of the market. The rise in a number of clinical activities and rise in a number of approvals provided by FDA for novel drugs and therapies aimed at the treatment of esophageal cancer also adds fuel to the growth of the market.
Segmentation
The global esophageal cancer market has been segmented based on type, phases, and treatment. By type, the market has been segmented into esophageal squamous-cell carcinoma, esophageal adenocarcinoma, and others. By phases, the market has been segmented into phase I, phases II and phases III. By treatment, the market has been segmented into surgery, chemotherapy and radiotherapy and others.
Regional Analysis
The global Esophageal Cancer Causes spans across the regions of North America, Europe, Asia Pacific, and the Middle East & Africa. North America is at the forefront of the global esophageal cancer market due to favorable reimbursement scenario, high expenditure on healthcare and high government focus on R&D in the region. The US is a key contributor to the North America market. Europe is also considered as a profitable market as it has a huge patient pool affected by esophageal cancer. Also, government endeavors to raise awareness and funding for R&D activities also aid market growth. Asia Pacific is also a vital growth pocket due to the presence of a considerable population pool and growing expenditure on healthcare. Moreover, the region is a fast adopter of new technology. The Middle East & Africa market has a lower share in the market due to the incapability of investment.
Competitive Landscape
The eminent players operating in the global esophageal cancer market include Amgen, F. Hoffmann-La Roche, Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co., Eli Lilly and Company, Bristol-Myers Squibb Company, Bristol-Myers Squibb, Novartis AG, Gilead Sciences, and others.
Industry Updates
In August 2018, CANbridge Life Sciences, a Chinese biopharmaceutical company announced approval for the Investigational New Drug (IND) application from the China National Drug Administration (CNDA) for a Phase Ib/III clinical study of CAN017 in esophageal squamous cell cancer (ESCC).
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