The Business Research Company’s G-CSF (Granulocyte Colony Stimulating Factors) Global Market Report 2020-30: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, February 1, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The increasing prevalence of cancer is a key factor driving the growth of the global G-CSF market. Cancer is considered to be the second major cause of death, with around 1 in 6 deaths worldwide being due to cancer. According to the World Health Organization (WHO), 9.6 million deaths occurred in 2018 due to cancer. About 70% of deaths from cancer occur in low- and middle-income countries. G-CSF is a class of growth factor which produces white blood cells in the bone marrow to minimize the risk of infection and sepsis. In cancer patients, G-CSF accelerates recovery and reduces mortality from neutropenia after chemotherapy for cancer. It can also reduce infection after certain forms of treatment for cancer. Therefore, the increasing prevalence of cancer is expected to drive the growth of the granulocyte colony stimulating factor market. North America accounts for the largest share in the market, with Asia-Pacific expected to be the fastest-growing region in the forecast period.
The global granulocyte-colony stimulating factor (G-CSF) market was expected to decline from $7.30 billion in 2019 to $6.91 billion in 2020 at a compound annual growth rate (CAGR) of -5.27%. The decline was mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The granulocyte colony stimulating factor drugs market is expected to recover and reach $8.33 billion in 2023 at a CAGR of 6.44%.
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