The global catharanthine market size is expected to reach USD 1,172.93 million by 2032, according to a new study by Polaris Market Research. The report “Catharanthine Market Share, Size, Trends, Industry Analysis Report, By Type: (Catharanthine sulfate, and Catharanthine tartrate); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
With the rising female incidence rates and declining male rates, the number of cancer survivors is rising which is increasing the demand for catharanthine for treatment. This is brought on by both an aging and growing population, as well as improvements in cancer treatment and early detection that have increased cancer survival rates.
The key chemical is used to create the anti-tumor drugs vinblastine and vincristine. Pancreatic fragments are induced to produce amylase, which causes the pancreatic acinar cells to extensively degranulate. Catharanthine is used extensively in the healthcare and pharmaceutical industries. It is frequently used to treat cancer in youngsters. A person with a history of cancer, from the time of diagnosis through the rest of their life, is referred to in the report as a "cancer survivor."
Moreover, the need for catharanthine-based medicines is rising as the number of people with chronic diseases including cancer and tumors rises. According to the latest estimates from the IARC (International Agency for Cancer and Research), there were around 10.3 million cancer deaths and 19.3 million new cases of cancer worldwide in 2020. The National Cancer Institute estimates that in the United States, 1,806,590 new cases of cancer were diagnosed, and 606,520 people passed away from the condition.
Additionally, in January 2019, In the US, there were reportedly 16.9 million cancer survivors. Up until 2030, there are expected to be 22.2 million cancer survivors. At some point in their lifetime, about 39.5% of men and women will receive a cancer diagnosis. The estimated national cost of cancer care in 2020 was estimated to be US$208.9 billion, an increase of 10% from the previous year's cost that can only be attributed to the aging and population growth of the United States. The market will expand during the anticipated period because catharanthine is used as a medicine for cancer disease.
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Moreover, the market is predicted to have rapid expansion over the forecast period due to the rising level of consumer awareness among industry participants regarding the advantages of catharanthine. The market is primarily driven by the expansion of the healthcare and pharmaceutical sectors. As per the WHO, healthcare spending currently makes up 11.0% of the global GDP. Catharanthine is frequently utilized in the medical field.
Catharanthine Market Report Highlights
Polaris Market Research has segmented the catharanthine market report based on type, application, and region:
Catharanthine Market, Type Outlook (Revenue - USD Million, 2019 - 2032)
Catharanthine Market, Application Outlook (Revenue - USD Million, 2019 - 2032)
Catharanthine Market, Regional Outlook (Revenue - USD Million, 2019 - 2032)