The rising prevalence of cancer across the world is boosting the global histone deacetylase inhibitors market, says Fortune Business Insights in their recent study. The study is titled, “Histone Deacetylase Inhibitors Market Size, Share and Global Trend by Class (Class I HDACs, Class II HDACS, Class III HDACs, Class IV HDACs), Application (Oncology, Neurology), End User (Hospitals, Academic & research institutes, Pharmaceutical companies) and Geography Forecast till 2026,”, and it states the rise in demand for treating cancer has createdlucrative growth opportunities for the market globally.
According to Fortune Business Insights, the cancer segment willaccount for the largest share in the market, due to its rising prevalence. Increasing expenditure on healthcare especially for treatment of cancer is helping the cancer segment lead the market.
The number of COVID-19 cases in the world is increasing at an alarming rate, driving the demand for accurate testing kits to identify the number of infected people. As per the World Health Organization (WHO), the number of cases in the US has reached around 59 lakhs in August 2020. Several countries are focusing on developing COVID-19 diagnostic testing kits and procedures to rapidly test, identify, and track coronavirus cases and containthe spread of the virus. Companies such as Roche, Bio-Rad, Thermo Fischer Scientific, CovidMD, and others have developed various technologies and services to enhance the detection of viruses. For example, CovidMD announced the launch of a new virtual video consultant platform for handling potential virus infections in May 2020. It incorporates a Salesforce Service Cloud that offers personal guidance to consumers by studying their health background and provides solutions to avoid infections. The implementation of advanced technologies in detection kits and services is enabling governments to contain the contagion to a certain extent and lessen the suffering of patients, thereby influencing market growth.
Rising Incidence of Cancer Fuels Demand for Histone Deacetylase Inhibitors
Various factors are responsible for the growth of the global histone deacetylase market including the increasing number of cancer cases. Other factors include the presence of skilled professionals in developed regions, increasing number of neurological disorders and tumor cases, and supportive reimbursement policies by governments. As per the World Health Organization, the second major cause of death in the world is cancer. In 2018, cancer was the cause of death in an estimated 9.6 million people around the world.
On the flipside, the market may face challenges in terms of inadequate reimbursement policies. However, rise in awareness about various chronic diseases and the availability of advanced diagnostics for timely diagnosis of such diseases will help the market gain momentum in the coming years.
Market to Gain Impetus from Government Reimbursement Policies
From a geographical standpoint, the global histone deacetylase inhibitors market is dominated by North America on account of rising prevalence of neurological disorders and cancer. The American Cancer Society states an estimated 12% of women in the U.S. develop breast cancer during their lifetime. The report also stated an estimate of 2300 men in the U.S. to be diagnosed with breast cancer. This, coupled with, the high acceptance of histone deacetylase inhibitors in developed nations of Canada and the U.S. is likely to help North America continue dominating the market through the forecast period.
On the other hand, markets at Europe and Asia Pacific are anticipated to grow at a faster rate owing to the increasing cases of neurological disordersand the improving healthcare facilities in the respective regions. Besides this, the surge in demand for advanced treatment by a large number of patients is a major factor propelling growth of the market.
Major vendors in the global histone deacetylase inhibitors market are focusing on strategies such as company collaborations, new product launches, mergers and acquisitions. They are also investing huge sums in research and development for creating innovative drugs. To site and instance, interim data of Phase 2 study evaluating pracinostat was announced in December 2018, by Helsinn Healthcare S.A. Pracinostat is a histone deacetylase inhibitor that combines with azacitadine for treating patients suffering from higher stage of Myelodysplastic Syndrome (MDS) or IPSS-R high. Some of the players operating in the global histone deacetylase inhibitors market areAbcam plc.,Cetya Therapeutics, R&D Systems, Inc., Mirati Therapeutics, TCI Chemicals (India) Pvt. Ltd., InvivoGen, BioVision Inc., Medivir AB, and Merck KGaA.
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