Newark, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 222.71 Billion solid tumor therapeutics market will reach USD 885.44 Billion by 2033. Rising government initiatives towards cancer cases – Governments across various countries have taken active measures to spread awareness about treating cancer. For instance, the Indian government has started raising about treating cancer cases not only over offline media (boards, hoardings, In-store advertisements, In-mall activations) but also over online channels (Social media channels, TV, radio, and others).
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Key Insights on Solid Tumor Therapeutics market
North America accounts for the largest market size during the forecast period accounting for 44% of the total market. Whereas APAC is expected to be the fastest-growing region in the period forecasted.
North America emerged as the largest global solid tumor therapeutics market, accounting for 44% of the total market share globally. Primarily owing to the increasing number of cancer cases and established numbers of healthcare and private clinics/hospitals in the region. Whereas, Asia-Pacific is the fastest-growing region, after North America, owing to increasing Research & Development centres in the region.
Prostate Cancer has dominated the market with the most significant market share of 47% in 2023.
Prostate cancer has dominated the solid tumor therapeutics market, thereby capturing the market share of 47% in the Global Solid Tumor Therapeutics Market, in the year 2023. Owing to the rising number of solid Tumors in males and Prostate cancer, Breast Cancer is the fastest-growing segment in the market, thereby registering the fastest growth of 17.5% in the market. Owing to the rapidly increasing number of breast cancer patients and an increasing number of market players in the market.
Bevacizumab accounted for the largest share of the market, in 2023.
Bevacizumab has dominated the market owing to the increasing number of cancer patients in the market, and the increasing need to lower the growth of cancer cells in the market. Whereas, Carboplatin has witnessed the fastest growth rate in the market. Owing to the increase in side effects of cancer in the market.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 14.80% |
| 2033 Value Projection | USD 885.44 Billion |
| Market Size in 2023 | USD 222.71 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Cancer Type, Drug Type, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Solid Tumor Therapeutics Market Growth Drivers | Increasing investments of pharmaceutical companies in Research & Development |
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Latest Development:
• In November 2023, AbbVie acquired ImmunoGen. The main objective behind this acquisition was to build and expand a strong portfolio base for the Solid Tumor Therapeutics Market. This acquisition will further boost AbbVie’s entry into the commercial market for Ovarian cancer.
• In Sept 2023, Allogene Therapeutics launched ALLO-182, thereby focusing on defining an early-stage solid Tumor product candidate. This launch will be an important functional area that will help the organization to expand its potential for CAR-T products.
• In August 2023, CARsgen Therapeutics Holdings Limited entered into collaboration with Moderna Inc., the main objective of this collaboration was to investigate CARsgen’s investigational Claudin. The main aim of this collaboration was to work on the treatment of gastric, pancreatic, and other specified digestive systems.
Market Dynamics
Drivers: Increasing investments of pharmaceutical companies in Research & Development
A huge chunk of pharmaceutical companies continues to make significant contributions to the development of experimental drugs and technologies. The pharmaceutical sector, for instance, is significantly invested in research and development. Pharmaceutical firms invest in future research to bring high-quality, pharmaceuticals to the marketplace. Major pharma firms are boosting their R&D efficiency by investing heavily in R&D, to ensure long returns on investments, as well as by collaborating with R&D centres worldwide. for instance: According to Statista, Roche is expected to be the world’s largest company which is investing heavily in R&D, that is, USD 14 Billion followed by Johnson & Johnson (USD 12.2 Billion), Merck & Co (USD 11.4 Billion), Pfizer (USD 10.5 Billion) and Novartis (USD 10 Billion), by the year 2026.
Restraint: Increasing operation cost and the price to cure cancer
Tremendous involvement of operation cost to cure the Tumor is one major restraint that may hamper the growth of the solid tumor therapeutics market. With higher prices involved with curing Tumor cells, patients get limited access to getting high-quality cancer treatment.
Opportunity: Rising government initiatives towards cancer cases
Governments across various countries have taken active measures to spread awareness about treating cancer. For instance, the Indian government has started raising about treating cancer cases not only over offline media (boards, hoardings, In-store advertisements, In-mall activations) but also over online channels (Social media channels, TV, radio, and others).
Challenge: Side effects associated with solid Tumor therapeutics in the market
One of the major challenges that the solid tumor therapeutics market faces is the side effects of Solid Tumors. Some of the major side effects are low blood cell counts, higher risk of infections, fatigue, loss of appetite, diarrhoea, constipation, and nausea among others.
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Some of the major players operating in the Solid Tumor Therapeutics market are:
• 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
Key Segments cover in the market:
By Cancer Type:
● Breast Cancer
● Lung Cancer
● Colorectal Cancer
● Prostate Cancer
● Cervical Cancer
● Other Cancer Types
By Drug Type:
● Carboplatin
● Cisplatin
● Gemcitabine
● Paclitaxel
● Doxorubicin
● Bevacizumab
● Erlotinib
● Sunitib
● Everolimusa
● Other drug types
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About the report:
The global solid tumor therapeutics market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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