Fibroblast Growth Factor Receptor Inhibitor Market
Number of pages: 100 | Report Format: PDF | Published date: May 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 130.2 million |
|
Revenue Forecast in 2031 |
US$ 384.94 million |
|
CAGR |
12.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Drug type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global fibroblast growth factor receptor inhibitor market was valued at US$ 130.2 million in 2022 and is expected to register a revenue CAGR of 12.8% to reach US$ 384.94 million by 2031.
Fibroblast Growth Factor Receptor Inhibitor Market Fundamentals
Fibroblast growth factor receptor (FGFR) inhibitors are a class of drugs that target the fibroblast growth factor receptor, a transmembrane protein that plays a key role in cell growth, differentiation, and survival. FGFRs involve various physiological processes, including embryonic development, angiogenesis, wound healing, and bone metabolism. Abnormalities in the FGFR signaling pathway have been linked to several diseases, including various types of cancer, skeletal dysplasia, and neurodegenerative disorders. FGFR inhibitors are designed to block the activity of FGFRs, thereby preventing abnormal cell growth and proliferation. They bind to the extracellular domain of FGFRs, inhibiting the binding of fibroblast growth factors (FGFs) and other ligands to the receptor and downstream signaling pathways. By inhibiting FGFRs, these drugs can potentially halt the growth and spread of cancer cells and potentially treat other diseases associated with FGFR mutations.
The research study on the fibroblast growth factor receptor inhibitor market overview thoroughly analyzes the market and the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth fibroblast growth factor receptor inhibitor market forecast to the industry stakeholders.
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Fibroblast Growth Factor Receptor Inhibitor Market Dynamics
The rising prevalence of cancer is a major driver for the growth of the global fibroblast growth factor receptor inhibitor market, as FGFRs are often overexpressed in various types of cancer. For instance, according to the WHO’s factsheet of February 2022, cancer is one of the leading causes of death, which caused nearly 10 million deaths in 2020. Additionally, targeted therapies such as FGFR inhibitors offer several advantages over traditional chemotherapy, including higher efficacy and fewer side effects. As a result, there is a growing demand for targeted therapies among patients and healthcare providers. Moreover, advances in drug discovery technologies have identified novel FGFR inhibitors with improved pharmacokinetic and pharmacodynamic properties. This has expanded the potential applications of FGFR inhibitors and is driving growth in the market.
Additionally, high development costs, competition from other targeted therapies, and side effects are some restraints impeding the overall fibroblast growth factor receptor inhibitor market growth.
Fibroblast Growth Factor Receptor Inhibitor Market Ecosystem
Fibroblast Growth Factor Receptor Inhibitor Market, by Drug Type
Fibroblast Growth Factor Receptor Inhibitor Market, by Application
Fibroblast Growth Factor Receptor Inhibitor Market by Drug Type
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The non-selective inhibitors held a significant revenue share of the market in 2022. It is attributed to increasing prevalence of cancer, novel FGFR inhibitors development, and the growing demand for personalized cancer therapies. These inhibitors have the advantage of being more specific in their mechanism of action, resulting in reduced off-target effects and potentially improved safety and efficacy profiles. Erdafitinib is a small molecule FGFR inhibitor that selectively targets FGFR1-4 with higher potency towards FGFR2 and FGFR3. It has been approved for treating locally advanced or metastatic urothelial carcinoma with FGFR alterations.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as drug type and application. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps identify potential market growth opportunities for fibroblast growth factor receptor inhibitors.
Fibroblast Growth Factor Receptor Inhibitor Market by Region
North America dominated the global fibroblast growth factor receptor inhibitor market with the largest revenue share in 2022, attributed to cancer's increasing prevalence, novel FGFR inhibitors development, and the growing demand for personalized cancer therapies, a well-established healthcare infrastructure, and favorable reimbursement policies. The United States is the largest market for FGFR inhibitors in North America, with several FDA-approved drugs, including erdafitinib and pemigatinib, for treating specific types of cancer with FGFR alterations. The high prevalence of bladder cancer, cholangiocarcinoma, and other FGFR-dependent tumors in the United States has fueled the demand for FGFR inhibitors in the region.
Based on the regions, the global fibroblast growth factor receptor inhibitor market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding fibroblast growth factor receptor inhibitor market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Fibroblast Growth Factor Receptor Inhibitor Market Competitive Landscape
The competitive market landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats, considering the fibroblast growth factor receptor inhibitor industry trends.
Fibroblast Growth Factor Receptor Inhibitor Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Fibroblast growth factor receptor (FGFR) inhibitors are a class of drugs that target the fibroblast growth factor receptor, a transmembrane protein that plays a key role in cell growth, differentiation, and survival.
The global fibroblast growth factor receptor inhibitor market was valued at US$ 130.2 million in 2022.
North American region will have the largest fibroblast growth factor receptor inhibitor market size during the forecast period from 2023 to 2031.
The revenue CAGR of the fibroblast growth factor receptor inhibitor market during the forecast period will be 12.8% from 2023 to 2031.
Growing demand for targeted therapies is the most prominent localized temperature therapy products industry trend.
The high development costs, competition from other targeted therapies, and side effects are some key challenges hampering the growth of the global fibroblast growth factor receptor inhibitor market.
The increasing prevalence of cancer and technological advancements are growth opportunities in the global fibroblast growth factor receptor inhibitor market.
Some of the key players in the fibroblast growth factor receptor inhibitor market are AstraZeneca Plc, Novartis International AG, Incyte Corporation, Pfizer Inc., and F. Hoffmann-La Roche Ltd.
The non-selective inhibitors by drug type has the highest global fibroblast growth factor receptor inhibitor market revenue share
*Insights on financial performance are subject to the availability of information in the public domain