Laryngeal Cancer Therapeutics Market To See $635M Growth By 2025 And These 2 Companies Will Be Key Drivers: Research

The global laryngeal cancer therapeutics market is expected to grow by $635.07 million during 2021-2025 helped by Amgen Inc AMGN and AstraZeneca Plc AZN as key contributors to growth, according to a study by research firm Technavio. 

What Happened: The laryngeal cancer therapeutics market will grow at a CAGR of 6.50% during 2021-2025 period. This marks a significant slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic, according to the report. 

The high mortality rate and the increasing prevalence of laryngeal cancer have resulted in a growing need for novel therapeutics.

Several pharmaceutical companies have undertaken research and development on novel PD-1 inhibitors, PD-L1 inhibitors which are associated with head and neck cancers.

According to the report, North America will contribute about 43% of the growth during the forecast period led by the United States as a key contributor. However, growth in the region will be slower than that of Asia, the report said.

Why Is It Important: The increasing preference for therapeutics to treat various head and neck cancer indications is one of the prime factors that will facilitate the laryngeal cancer therapeutics market growth in North America over the forecast period. 

Key players include Amgen, which provides Vectibix (panitumumab) as a first-line treatment to patients and AstraZeneca, which combats metastatic and resistant disease by defining new biomarkers and therapeutic targets. Other players include Bristol-Myers Squibb Co BMY, Roche Holdings AG Basel RHHBY and Merck & Co. Inc MRK.

Price Action: AstraZeneca shares closed slightly higher at $50.07 on Wednesday and Amgen shares were up 1.6% at $244.27.