Global Solid Tumor Therapeutics Market Size, Share, Trends, Growth, Forecastaanikhil | August 27, 2019 | 0 | Pharmaceutical and Healthcare
Solid Tumor Therapecutics Market
Solid Tumor Therapeutics Market Overview:
The market for solid tumor therapeutics is anticipated to record a 15% CAGR during the forecast period. The significant factors responsible for this market’s growth include new product approvals in ovarian, pancreatic, and prostate cancers, as well as increasing public cancer awareness projects. Furthermore, the other crucial driving factor is the growing incidence of cancer. For instance, cancer has a significant effect on societies around the globe. Breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, bladder cancer, skin melanoma, non-Hodgkin lymphoma, thyroid cancer, kidney and renal pelvic cancer, leukemia, endometrial cancer, and pancreatic cancer were the most common cancers in 2016. According to the World Cancer Report, cancer rates could rise further by 50 percent to 15 million new instances by 2020. It also provides clear evidence that governments and health professionals could prevent this trend and stop as many as one-third of all cancers globally from healthy lifestyles and public health action. The American Cancer Society, the leading body in cancer statistics and numbers, reports 1,685,210 estimated new cancer cases and 595,690 deaths in the United States due to cancer in 2016. Therefore, the increasing number of patients is expected to drive the market during the forecast period.
However, factors such as stringent regulatory reforms and price erosion due to generic competition may hinder this market’s growth.
Scope of the Report:
Solid tumor therapeutics are pharmaceuticals that specifically treat multiple cancers such as breast cancer, pulmonary cancer, colorectal cancer, prostate cancer, cervical cancer, and others. Solid tumors are an abnormal tissue mass that usually does not contain cysts or liquid areas.
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Key Market Trends: –
Breast Cancer is having the largest share over the forecast period:
Breast cancer is one of the major types of cancer for which new immune-based cancer treatments are currently under growth. More than 80% of all cancers are caused by solid tumors that develop in a specific organ, tissue or gland as a mass of cells. As of 2018, it is estimated that roughly 268,670 new instances of breast cancer are anticipated in the United States, according to the American Cancer Society. And even several major companies are investing in the development of new cancer treatments. Therefore, the segment is anticipated to continue its lead with the introduction of new drugs. For example, Pfizer s Ibrance palbociclib is for the treatment of ER-positive, HER2-negative breast cancer and has approved in February 2015. A study of the use of two drugs in conjunction discovered that tumors were completely cleared in 11% of HER2-positive breast cancer patients and further decreased to a “minimum” size of 17%. Nearly 90% experienced a decrease in the amount of cancer cells as the number of cases also helps in the growth.
North America is dominating the market growth:
North America currently dominates the market for solid tumor therapy and is anticipated to remain its stronghold for a few more years. The United States holds the largest market share in North America. This can be largely attributed to rising cancer incidence rates and growing awareness among people, and the existence of advanced healthcare infrastructure is driving market growth in the forecast period.
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The market for solid tumor therapeutics is moderately competitive and consists of several significant players. With regard to market share, few of the main players currently dominate the market. With the growing need for cancer therapy and growing cancer incidence. However, the market entry of a few smaller players is excepted and they may hold a significant share. Some of the market’s significant players are Abbott Laboratories Inc., Amgen Inc., AstraZeneca PLC, F. Hoffmann-La Roche AG, and GlaxoSmithKline PLC, among others.
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