Platinum Based Cancer Drug Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Platinum Based Cancer Drug Market Is Segmented By Drug Type (Cisplatin, Oxaliplatin, Carboplatin, Others), By Application (Colorectal Cancer, Lung Cancer, Breast Cancer, Others), By End User (Hospitals, Specialty Clinics, Others), and By Region (North America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Platinum Based Cancer Drug Market Size

The global platinum-based cancer drug market reached USD 1.4 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 1.8 billion by 2030. The global platinum-based cancer drug market is expected to exhibit a CAGR of 3.2% during the forecast period (2023-2030). The platinum-based cancer drug market trends show rising product launches owing to the rising technologies and increasing research and development.

Cancer chemotherapy frequently employs platinum-based drugs including oxaliplatin, carboplatin, and cisplatin. Following the medication's absorption into the cell nucleus, platinum-DNA adducts activate different cellular pathways that cause these platinum drugs to be cytotoxic. ​

Furthermore, rising adoption of platinum-based cancer drug due to the rising availability of products and cancer incidence, an increase in the number of approved products in the market, and an increase in the research and development is driving up the platinum-based cancer drug market size. The market is experiencing a growth demand for products from North American areas as a result of the rising advancements in this field. With significant competitors like Novartis AG, MorphoSys AG, Regeneron Pharmaceuticals Inc., and others actively operating in the market.

Platinum Based Cancer Drug Market Scope

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Platinum Based Cancer Drug Market Dynamics

Rising Advancements and Novel Product Development Drive the Growth of the Platinum-based Cancer Drug Market

Combination therapy of platinum medications has the ability to lessen the overall toxic effects of platinum drugs and conquer platinum-resistance. Combination treatment of platinum drugs can decrease tumor development and metastasis in a complementing or synergistic manner. There are numerous approaches and developments in platinum-based combination treatment right now. The creation of some platinum-based anticancer complexes and their therapeutic effects are briefly discussed. 

These complexes combine platinum drugs alongside gene editing, thermal therapy, ROS-based therapy, immunotherapy, biological modeling, photoactivation, supramolecular self-assembly, and imaging modality. Various novel products are being developed by major pharmaceuticals and are being used by them in combination with other therapies which is driving the growth of market. 

For instance, on November 8, 2022, the FDA has granted approval for the PD-1 inhibitor Libtayo (cemiplimab-rwlc) when used with platinum-based chemotherapy for the initial therapy of adult patients having advanced non-small cell lung cancer (NSCLC) who do not have EGFR, ALK, or ROS1 aberrations, according to a statement from Regeneron Pharmaceuticals, Inc. Patients need to have locally or metastatically advanced malignancies that are not amenable to definitive chemoradiation or surgical excision. This combination may be used to treat patients regardless of histology or PD-L1 expression. The market is predicted to take the lead throughout the forecast period as a consequence of the aforementioned claims.

Increased Use of Platinum-based Cancer Drugs in Chemotherapy Procedures Creates Opportunities for the Growth of the Market

A tumour may be sufficiently reduced by chemotherapy for radiation therapy and surgery to be explored as further treatments. Doctors refer to this as neoadjuvant therapy to lessen the intensity of the symptoms and indications. Chemotherapy can help by destroying some cancer cells, which may help with the symptoms of the disease. Key chemotherapeutic cancer drugs or drug candidates are platinum-based chemicals. 

Platinum-based drugs are helpful against cancer because a platinum atom is linked to two ammonion molecules with two chloride ions. The substance is negatively charged, but once it enters a cancer cell, water molecules take the place of the chloride ions, making it positively charged. Traditional platinum drugs include cisplatin, carboplatin, and oxaliplatin. These neutral platinum (II) complexes have two amine ligands as well as two additional ligands that can be activated for higher DNA binding. 

Platinum-DNA adducts have the ability to impede biological functions and trigger apoptosis. Platinum drug resistance in tumors has become a challenging issue to address. Platinum-drug resistance among cancer patients must be overcome by individualized cancer treatment that makes use of a number of strategies. 

Side Effects Related to Platinum-based Cancer Drugs will hamper the growth of the market. 

Despite being effective in the treatment of cancer, the platinum-based drugs carboplatin, cisplatin, and oxaliplatin have significant, dose-limiting side effects that limit their use. Approximately 40 distinct side effects are possible for cancer patients. For cisplatin, myelosuppression serves as the dose-limiting side effect, for carboplatin, neurotoxicity is the dose-limiting adverse effect, and for oxaliplatin, nephrotoxicity represents the dose-limiting side effect. 

To control side effects, a variety of medications are employed, including myeloid growth factors, antibiotics, antiemetics, saline hyperhydration, analgesics, propafenone, mannitol, magnesium supplements, and monoclonal antibody cytokine blockers. Symptoms associated with cisplatin-induced neurotoxicity include peripheral neuropathy, vestibulopathy, ototoxicity (hearing loss and tinnitus), and encephalopathy, with peripheral neuropathy and ototoxicity being the most common.

Platinum Based Cancer Drug Market Segment Analysis

The global platinum-based cancer drug market is segmented based on drug type, application, end user and region.

Owing to High Utilization, the Cisplatin from Drug Type Segment Accounted for Approximately 42.8% of the Platinum-based Cancer Drug Market Share

The cisplatin category held the largest market share in 2022 and is expected to maintain its dominance over the forecast period due to a growth in tumour incidence worldwide, amongst the population. The most popular chemotherapy drug for treating Colorectal Cancer is cisplatin. Additionally, it is used to treat a range of cancers, including lung, bladder, cervical, and ovarian tumors. The National Cancer Institute (NCI) assisted in the development of cisplatin and other platinum-based drugs. 

The development of cisplatin-based therapies and related platinum-based drugs that are less toxic and/or easier to tolerate is an aim of continuing research. The effectiveness of cisplatin therapy is compromised by dose-limiting toxicities, particularly nephrotoxicity, and cancer cell resistance to cisplatin. Cisplatin-resistant cells can develop naturally or after exposure to the drug. Despite significant advancements in pharmacological research and molecular-targeted therapy, traditional chemotherapy is still the most popular form of treatment. 

For more than three decades, cisplatin has been one of the most frequently used anticancer drugs. The only platinum-based chemotherapeutic medication for the treatment of breast cancer that has received FDA approval is carboplatin. Platinum-based chemotherapy renders breast cancer cells incapable of repairing any damage, which causes them to deteriorate or die. Cisplatin Injection, 1 mg/mL in 50 mL and 100 mL vials, was introduced by Hikma Pharmaceuticals PLC in the US.

Source: DataM Intelligence Analysis (2023)

Platinum Based Cancer Drug Market Geographical Share

North America Accounted for Approximately 39.6% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment

Due to the rising need for platinum-based cancer drug for development purpose in healthcare, manufacturers in North America have chances of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for platinum-based cancer drug. 

Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for treatment, and increase in pharmaceutical business establishment across the region are also contributing to the growth of platinum-based cancer drug market share of this region. 

It is also anticipated that the main healthcare organizations' and enterprises' collaborative research projects as well as new product development, which constantly seeks to improve available treatment alternatives, will contribute to the expanding demand. Individuals are becoming more aware of various advanced products that are being utilized for providing better treatment, leading to the expansion of the market in this region. The above-mentioned factors further proves the dominance of North America on a global scale.

Source: DataM Intelligence Analysis (2023)

Platinum Based Cancer Drug Market Companies

The major global players in the platinum-based cancer drug market include Pfizer, Inc., Accord Healthcare, Sanofi, Sun Pharmaceutical Industries Ltd., MorphoSys AG,  Dr. Reddy’s Laboratories Ltd., Eisai Co., Ltd., Regeneron Pharmaceuticals Inc., Novartis AG and Merck & Co., Inc. among others. 

COVID-19 Impact Analysis

Russia Ukraine Conflict Analysis

Due to the low prevalence as well as absence of major market participants in this region, it is predicted that the Russia-Ukraine conflict will not have a significant effect on the worldwide platinum-based cancer drug market. The growth of the global platinum-based cancer drug market, however, it is anticipated to be relatively unaffected by the import and export of raw materials over the forecast period.

Key Developments

• On June 4, 2023, at the Annual Meeting of the American Society of Clinical Oncology (ASCO) held in Chicago, Amgen announced the release of fresh results from the CodeBreaK clinical trial program, the most extensive worldwide development program for patients with KRAS G12C-mutated malignancies. The research supports the efficacy of LUMAKRAS/LUMYKRAS (sotorasib) in advanced colorectal cancer (mCRC) and non-small cell lung cancer (NSCLC). The safety and effectiveness of sotorasib when combined with platinum-based chemotherapy for the initial treatment for individuals with advanced NSCLC carrying a KRAS G12C mutation are highlighted for the first time in this study.
• On January 27, 2023, the FDA has approved KEYTRUDA, a single agent anti-PD-1 therapy from Merck, for adjuvant therapy in adult patients with stage IB (T2a 4 centimeters [cm]), II, and IIIA non-small cell lung cancer (NSCLC), following surgical resection as well as platinum-based chemotherapy. Data from the key Phase 3 KEYNOTE-091 trial, additionally referred to as EORTC-1416-LCG/ETOP-8-15 - PEARLS, served as the foundation for the approval. DFS, as determined by the investigator, was the primary efficacy outcome metric.
• On March 29, 2023, the European Commission (EC) has approved Libtayo (cemiplimab) when combined with platinum-based chemotherapy for the initial therapy of adult patients suffering from advanced non-small cell lung cancer (NSCLC) and less than 1% PD-L1 expression, according to Regeneron Pharmaceuticals, Inc. This covers patients whose cancers are metastatic or locally progressed, lack EGFR, ALK, or ROS1 abnormalities, and who are not good candidates for final chemoradiation.   

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• To visualize the global platinum-based cancer drug market segmentation based on drug type, application, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of platinum-based cancer drug market-level with all segments.
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The Global platinum-based cancer drug market report would provide approximately 53 tables, 54 figures and 195 Pages.