The Global Solid Tumor Therapeutics Market is expected to grow at a high CAGR of 19.5% during the forecasting period (2022-2029).
Solid tumors are an abnormal mass of tissue that usually does not contain cysts or liquid areas. They are mainly of three types namely Benign (Non-Cancerous), Premalignant and Malignant (Cancerous). Solid tumor therapeutics are pharmaceuticals that specifically treat various cancers, such as breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and others.
The global solid tumor therapeutics market growth is driven by the rising prevalence of cases of solid tumors, increasing demand for advanced, effective chemotherapeutic drugs and therapies.
New Product Approvals in ovarian, pancreatic, and prostate cancers is driving the market growth
The major factors that are responsible for the growth of this market include new product approvals in ovarian, pancreatic, and prostate cancers, and increasing government initiatives for cancer awareness. In addition, the other crucial driving factor is the increasing incidence of cancer. For instance, cancer has a significant impact on societies across the world. The most common cancers in 2016 were breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, bladder cancer, melanoma of the skin, non-Hodgkin lymphoma, thyroid cancer, kidney and renal pelvis cancer, leukemia, endometrial cancer, and pancreatic cancer. Increasing investment in clinical trials along with R&D of cancer drugs, increasing expenditure in cancer treatment, and unmet demand for effective cancer-treating drugs are other key factors that are expected to fuel the growth of the global solid tumor therapeutics market.
Moreover, the emerging trend of biosimilars is contributing to the growth of the solid tumors therapeutics market due to their low cost and their similarity to originator-compound sd. For instance, some of the biologics available for solid tumors treatment includes Herceptin, MabThera, Avastin, and Erbitux. The advantages of these biosimilars to overcome the limitations of generic drugs in the treatments are expected to drive the growth of the solid tumors therapeutics market.
The increase in the volume of generic therapeutic products will hamper the market growth
However, the increase in the volume of generic therapeutic products, the high cost of cancer therapy, the and growing drug patent cliff are some of the restraints that might hinder the growth of the solid tumors treatment market.
The COVID-19 pandemic has negatively impacted healthcare systems globally and majorly on the solid tumor market. As per the article published in Cancer Connect 2020, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types including acute prostate cancer, colorectal cancer, lung cancer, breast cancer and other. According to the Centers for Disease Control and Prevention (CDC) and many medical professional organizations recommended that cancer screening and other health prevention services, along with elective surgeries, be postponed unless the risks outweighed the benefits and secure the hospital infrastructure for the treatment of COVID-19 patients. Thus, the COVID-19 pandemic has impacted the solid tumor market.
The breast cancer segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Breast cancer is one of the major cancer types for which new immune-based cancer treatments are currently in development. More than 80% of all cancers are caused by solid tumors that grow as a mass of cells in a particular organ, tissue, or gland. According to the American Cancer Society, as of 2018, it is estimated that approximately 268,670 new breast cancer cases are expected in the United States. And even several major companies are investing in the development of new treatments for cancers. For example, Ibrance (palbociclib) by Pfizer is for the treatment of ER-positive, HER2-negative breast cancer and has been approved in February 2015. A trial of the use of two drugs in combination found that tumors were completely cleared in 11% of patients with HER2-positive breast cancer and were reduced to “minimal” size in a further 17%. Nearly 90% saw a reduction in the number of cancer cells. Hence, with the entry of new drugs the segment is expected to continue its lead as the number of cases is also helping in the growth.
North America region holds the largest market share of the global solid tumor therapeutics market
North America has the largest share in the solid tumor therapeutics market, and it is expected to continue its stronghold in the forecast period. In North America, the United States holds the largest market share. This can be majorly attributed to increasing incidence rates of cancer and increasing awareness among people, and the presence of developed healthcare infrastructure are propelling the growth of the market in the forecast period. In the United States, the rate of new cases of cancer of any site was 450.5 per 100,000 men and women per year. The death rate was 152.4 per 100,000 men and women per year. These rates are age-adjusted and based on 2014–2018 cases and 2015–2019 deaths. Thus these factors are driving the growth of the solid tumor therapeutics market in the region.
The solid tumor therapeutics market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories Inc. Amgen Inc., AstraZeneca PLC, Baxter International Inc., Biogen Inc., Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, GlaxoSmithKline PLC among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the solid tumor therapeutics market globally. For instance, In June 2018, Aminex Therapeutics, Inc., a clinical-stage drug development company received clearance from the FDA to initiate the first Phase 1 clinical trial of its immuno-oncology drug candidate AMXT 1501, for treatment of advanced solid tumor cancer cases.
Abbott Laboratories is a U.S. health care company. The Company operates through four segments: established pharmaceutical products, diagnostic products, nutritional products, and medical devices.
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