Global Leuprolide Acetate Market - Overview
Leuprolide acetate is a synthetic nonapeptide analog of naturally occurring gonadotropin-releasing hormone names as Lupron. There are various uses of Lupron include the treatment of endometriosis, breast cancer and prostate cancer. It is one of the on important medicines and is the WHO Model List of, essential medical required in a fundamental well-being system.
The global Leuprolide Acetate market is expected to grow at a steady growth during the forecast period 2017-2023. The major factor increasing the growth of the market include increasing prevalence of Prostate cancer among individuals especially with aged individuals. Moreover, breast cancer has been a key market driver for the leuprolide market globally. Increasing use of leuprolide for the purpose of endometriosis treatment has fuelled the growth of the market. Between the ages of 15 and 44 women, endometriosis is affected to one or more in ten women in the United States, leading to pelvic discomfort and infertility, production loss and poor quality of life. The demand for leuprolide in veterinary treatment is another factor which adds to the growth of leuprolide acetate market.
The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017–2023.
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Global Leuprolide Acetate Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of leuprolide acetate appears to be highly competitive and fragmented. With well-established market in the North America and European region with major companies having their home in the regions and generating maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
With top selling cancer products, Takeda and AbbVie account for the major market share for the leuprolide acetate market across the globe. Although there are various other companies involved in the development of the product. Myovant Sciences a Switzerland based company involved in the development of new drug that may be able to cure both women’s health disorders and prostate cancer. Myovant with its new product relugolix has a diverse mechanism of action that that of AbbVie`s Lupron Depot, letting it work faster, while the therapy is presently in last-stage of its development, with data predicted in 2019.
Global Leuprolide Acetate Market - Regional Analysis
The global market is segmented into the various regions including North America, Europe, Asia Pacific, and the Middle East & Africa.
North America accounted for the largest market share. The major factor influencing the growth of the market include increasing aging population that is key factor which will drive the demand for leuprolide acetate market in this region. Furthermore, huge investment in Research and development and advancement of new techniques has caused in better care for the patients and understanding for the medical professionals. Increase medical professionals has resulted in demand for better standards and quality end products which will further influence the demand in the leuprolide acetate market in the North American region.
Europe accounted for the second largest market share for global leuprolide acetate market. According study published by World Cancer Research fund, Europe accounted for the largest number of individuals suffering from prone to prostate and breast cancer influencing the European market for leuprolide acetate. Moreover, rising number of cancer patients in the region, and steady growth in the number of medical professionals in significantly contributes to the growth of the European leuprolide market. Adding to this constant focus on novelty and strict government regulations make sure high quality of products delivered to the end users which further influence the growth of European market.
Asia pacific expect to be fastest growing market due to raising of funds for research and development activities, and growing government initiatives for the awareness and preventive cancer. Particularly, India and China are anticipated to be a growing and the fastest growing market due to improvement in healthcare domain and increasing prevalence of cancer related diseases. Many major players seeking opportunity and expand their presence in this region influencing the growth of the market.
The Middle East & Africa holds the least share in the Leuprolide Acetate market due to lack of awareness, less emphasis on research and development activities, and poor medical facilities