Hydroxicarbamide Market to Steadily Grow; Rising Demand for Anticancer Drugs to Positively Influence the Market: Fortune Business Insights™
Posted on Aug 3 2021 6:07 AM
"Hydroxycarbamide Market report summaries detailed information by top players as Bristol Myers Squibb, Beijing Jialin Pharma, Teva Pharma, Zydus Cadila, Par Pharma, Alkem (Cytomed), VHB Life Sciences, among others"
The global hydroxycarbamide market size is anticipated to grow substantially in the upcoming years because of the rising demand for the product to cure several life-threatening diseases in the medical sector. Fortune Business Insights™ mentions this information in its report titled "Hydroxycarbamide Market Size, Share & Industry Analysis, By Type (Capsule, Tablet, Other), By Application (Sickle-Cell Disease, Cancer, Others)and regional forecast 2021-2028."
Hydroxycarbamide is also termed hydroxyurea in the medical field. It is used in the treatment of several diseases, such as cell diseases, thrombocythemia, and neoplasmic conditions, by curbing the production of deoxyribonucleotides in the body and restraining enzyme ribonucleotide reductase. The chemical boosts the concentration of fetal hemoglobin and curbs sickle-cell disease. It is a drug that is provided to patients during chemotherapy and can be consumed orally. It is also similar to cancer-fighting and anti-metabolite drugs as it disrupts the DNA of the cancer cells and boosts the body's resistance against lethal diseases.
Impact of COVID-19
Hydroxycarbamide is a beneficial drug during the COVID-19 pandemic as it cures several health conditions. The demand for medicines in the market has increased in these challenging times, increasing the need for novel compounds. Several patients suffering from cervical cancer, chronic myeloid leukemia, and other diseases require the drug to recover fast, necessitating such medicines. Despite the new government regulations in some countries, the production activities of this product have not been disrupted, aiding the hydroxycarbamide market growth.
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Fortune Business Insights profiles some of the prominent companies operating in the hydroxycarbamide market. They are as follows:
- Bristol Myers Squibb
- Beijing Jialin Pharma
- Zydus Cadila
- Par Pharma
- Teva Pharma
- Alkem (Cytomed)
- VHB Life Sciences
- Samarth Pharma
- Taj Pharma Qilu Pharmaceutical
- United Biotech
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- Deep research into the upcoming market opportunities;
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- Sickle-Cell Disease
- North America (U.S., and Canada)
- Europe (Germany, UK, France, Italy, and Rest of Europe)
- Asia Pacific (China, India, Japan, and Rest of Asia Pacific)
- Latin America (Mexico, Brazil, and Rest of Latin America)
- Middle East & Africa (UAE, South Africa, and Rest of Middle East & Africa)
Based on product type, the market is segregated into capsules, tablets, and others. On the basis of applications, it is divided into sickle-cell disease, cancer, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report provides a thorough analysis of various leading segments, recent trends, and the driving and restraining factors of the market. It comprehensively discusses the impact of COVID-19 on the market and the regional developments. Additionally, it examines the different strategies devised by the market's key players.
Drivers and Restraints
Escalating Demand for Hydroxyurea as an Anti-Cancer Drug to Bolster Market Growth
Hydroxyurea is a cancer-fighting agent to curb specific head and neck cancers, as well as various throat, cheek, mouth, and tongue cancers. In addition, it is also used for several medical applications as an anti-sickling agent, nucleic acid synthesis inhibitor, and enzyme inhibitor, thereby boosting the demand for the product. It is available as a tablet or capsule for consumption orally. The rising number of cases related to sickle cells has led to the rapid adoption of hydroxycarbamide, thereby driving the market growth.
However, certain side effects associated with the intake of the medicines based on this compound, such as anorexia, severe nausea, diarrhea, and neurological complications, are expected to hamper the market’s growth.
Development of Healthcare and Medical Facilities in North America to Stoke the Market
North America is anticipated to lead the hydroxycarbamide market share due to the progress made in the medical and healthcare sectors over the past few decades in the US and Canada. The Asia Pacific market will significantly grow attributable to the rising prevalence of cancer in the region. In Australia, for instance, due to the sudden spike of cancer rates in 2019, there was intense demand for hydroxycarbamide.
The development of sophisticated treatments for sickle cell diseases and cancers in Europe is expected to surge the market growth for the upcoming years in the region.
Top Companies to Devise Strategies to Mark Prominent Market Position
Numerous entities in the market have participated in initiatives that aim at providing medicine for children suffering from sickle diseases in underdeveloped countries. For example, a slew of healthcare organizations, such as Texas Children's Hospital, Baylor College of Medicine, International Pediatrics AIDS initiative, Chevron, and Bristol Myers Squibb, undertook an initiative to provide medicine to children with sickle cell diseases in countries deprived of medical facilities. In addition, competitive players of the market have invested hugely in the research and development of the hydroxycarbamide drug for providing practical solutions against specific diseases to acquire a substantial position in the market for the foreseeable years.
Hydroxycarbamide Industry Developments:
- July 2016-the Angola’s sickle-cell initiative taken by Angola ministry of health, Texas children’s hospital, Baylor College of Medicine International Pediatrics AIDS initiative, Chevron and Bristol Myers Squibbs provided the effective medication for children with sickle cell disease in countries with lack of access to medications.
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