Mitomycin C Market Size, Share, and Industry Report [2031]

Report Description

Mitomycin C Market Market Outlook:

The Global Mitomycin C Market was estimated at USD 247.8 million in 2022 and is anticipated to reach USD 318.5 million by 2031, expanding at a CAGR of 2.9% during the forecast period.

Mitomycin C is an antibiotic chemotherapeutic agent isolated from Streptomyces caespitosus that inhibits DNA synthesis. It is approved for use in combination with other approved chemotherapeutic agents in the treatment of disseminated adenocarcinoma of the stomach or pancreas, as well as in the treatment of other solid tumors, including breast cancer and non-small cell lung cancer (NSCLC).

Mitomycin C is used as an antineoplastic agent and for slowing of fibroblast formation in open-angle glaucoma. Mitomycin for Injection is a sterile dry mixture of mitomycin and mannitol, which, when reconstituted with Sterile Water for Injection, provides a solution for intravenous administration. Each vial contains either mitomycin 5 mg and mannitol 10 mg, mitomycin 20 mg and mannitol 40 mg, mitomycin 40 mg and mannitol 80 mg.

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Macro-economic Factors

Rising GDPs of Emerging Economies

The emerging market economy refers to a country that is in the process of development. Countries such as Brazil, Russia, India, China (BRIC), and others in Latin America and Southeast Asia are key developing economies.

The economic growth of emerging countries is growing by 6% to 7% annually, whereas countries with an already well-established economy report growth rate below 3%. Therefore, the GDP growth rates for emerging economies are outperforming those of developed countries.

In 2021, the total contribution of the healthcare industry to global GDP was 10%. Thus, the rising GDP of emerging economies plays a crucial role in boosting the market.

Coronavirus

The outbreak of the coronavirus pandemic impeded the growth of the market in various countries, including the US, China, Germany, Japan, and India. In 2020, the global GDP was about USD 84.68 trillion and it declined by 3.4%, while the volume of world trade was reduced by 5.3%, and foreign direct investment (FDI) flows decreased by 35% as compared to the previous year. The pandemic has restricted the growth of the global mitomycin C market, owing to severe disruptions in businesses and the supply chain.

Manufacturers of mitomycin C were negatively affected during the pandemic, due to restrictions and the closure of global industries. The closure of many manufacturing plants and distributor companies during the COVID-19 crisis affected the mitomycin C market.

According to World Health Organization (WHO) during the pandemic, people living with cancer, and other non-communicable diseases (NCDs) experienced difficulties in accessing routine medicines.

Supply chain issues caused by the COVID-19 pandemic, as well as the care needs of patients with COVID-19, have led to shortages of drugs and other products used in cancer care. The increasing need for COVID-19 therapies and supportive care drugs had led to shortages that impacted oncology drug manufacturing.

Market Dynamics

Market Driver- Increasing Prevalence of Cancers

Cancer is a major public health problem globally, and it is the second leading cause of death in the US. It accounts for approximately 10 million deaths in 2020, which is nearly one in every six deaths. Around 400,000 children are diagnosed with cancer every year. Breast cancer is the most commonly occurring cancer in women and the most common cancer overall. In 2020, around 2.3 million women were diagnosed with breast cancer, and breast cancer accounted for 685,000 deaths globally.

Bladder cancer is the 6th most common cancer in men. According to the American Cancer Society (ACS), 81,180 new cases of bladder cancer in the US constituted around 4.2% of all new cancer cases in 2022. Over one million cases of gastric cancer are diagnosed each year around the world. The cumulative risk of developing gastric cancer from birth to age 74 is 1.87% in males and 0.79% in females globally. Thus, the rising prevalence of cancer is expected to drive the mitomycin C market during the forecast period.

Market Driver- Rising Application of Mitomycin C in Ophthalmology Surgery

Trabeculectomy, also called as filtration surgery, is a surgical procedure used in the treatment of glaucoma to lower intraocular pressure. Trabeculectomy is performed as a treatment for many types of glaucoma.

Mitomycin C is applied between the sclera and conjunctiva during the initial stages of a trabeculectomy to prevent excessive post-operative scarring and fibrosis. It reduces the risk of surgical failure. Its use and application in ophthalmology have been increasing in recent years, due to its modulatory effects on wound healing.

Current applications of mitomycin C include pterygium surgery, glaucoma surgery, corneal refractive surgery, cicatricial eye disease, conjunctival neoplasia, and allergic eye disease. Increasing use of mitomycin C in ophthalmology surgery is expected to drive the market in the coming years, as it is effective in trabeculectomy surgery.

Market Restraint- Availability of Substitutes

Some of the common substitutes for mitomycin C includes cisplatin, epirubicin, gemcitabine, and doxorubicin. Epirubicin is used to treat breast cancer, whereas cisplatin injection is used to treat advanced cancer of the bladder, ovaries, or testicles. Doxorubicin is considered one of the strongest chemotherapy drugs for breast cancer.

Intravesical Bacilli Calmette-Guerin (BCG) is used as the first-line therapy for many patients with high-risk non-muscle invasive bladder cancer. It has been proven to reduce and delay tumor progression. It acts as an alternative to mitomycin C, as it is more effective than mitomycin C for the prevention of bladder cancer recurrence.

Dexamethasone nanoparticles (DexNP) are potent anti-inflammatory and anti-fibroblast agents that offer an alternative to mitomycin C in glaucoma surgery. DexNP eye drops are an effective postoperative trabeculectomy treatment. Thus, the availability of substitutes such as cisplatin, epirubicin, gemcitabine, and doxorubicin is expected to restrain the market in the coming years.

Market Opportunity- Rising Governmental Spending & R&D Activities

Governments across the globe are investing in the oncology sector to increase per capita healthcare spending. The oncology industry is an essential component of the healthcare industry. Healthcare expenditure plays an important role in providing opportunities for maintaining health.

It strengthens human capital and improves productivity, thereby contributing to economic performance. In 2022, global oncology spending totaled USD 193 Bn, with a rapid annual growth trend. Increasing investments from key market players in R&D activities and rising focus on product innovations are creating opportunities for oncology manufacturing companies across the globe.

Scope of the Report  

The report on the Global Mitomycin C Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on type, the market is segmented into the 2mg, 10 mg, 40 mg, and others. The 40mg segment is anticipated to expand at a significant CAGR during the forecast period, as it is widely used in bladder cancer treatment. The 10 mg segment is expected to hold a substantial share of the market during the forecast period, as it relieves the symptoms of pancreatic cancer, such as weight loss.

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Based on the application, the market is bifurcated into cancer treatment, ophthalmic use, and others. The cancer treatment segment is projected to register a remarkable CAGR during the forecast period, as mitomycin C is an effective antitumor agent in breast cancer. The ophthalmic use segment is expected to grow at a rapid pace in coming years, as mitomycin C is used as a fibroblast proliferation inhibitor during surgery to reduce the chance of recurrence of the pterygium.

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Regional Outlook

Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the North America is projected to expand at a significant CAGR during the forecast period owing to the increasing investment in cancer research in the region.

The market in the Asia Pacific is expected to hold significant market share during the forecast period, as Japan becoming the most prominent supplier of this drug across the world. The manufacturing of mitomycin is rising substantially in India, aiding the Asia Pacific mitomycin market. Leading manufacturers are focusing actively on expanding their bases in the region, which is projected to increase its prominence in the global market.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Mitomycin C Market
• Historical, Current, and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Mitomycin C Market Performance