Market Size of Brain Tumor Therapeutics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brain Tumor Therapeutics Market Analysis
The brain tumor therapeutics market is valued at USD 2.70 billion and is expected to reach to USD 4.5 billion registering a CAGR of 11.0% during the forecast period.
COVID-19 impacted the brain tumor therapeutics market significantly due to the delayed diagnosis and scarcity of medications. For instance, as per the article published in January 2021 in Elsevier, a delay or modification in therapy compromised the effectiveness and lowered patients' survival rates. Also, delayed diagnosis of brain tumors was correlated with a worse prognosis. This further impacted the growth of the brain tumor therapeutics market during the pandemic. However, the market is anticipated to grow in the coming years due to the rise in brain tumor cases and increased research and development for brain tumor therapeutics.
Factors such as the rise in brain tumor cases, increased brain tumor therapeutics product launches, and a surge in cancer awareness campaigns focusing on the importance of brain tumor medications are anticipated to boost market growth over the forecast period. For instance, per the NBTS, an estimated 94,390 people in the United States will likely receive a primary brain tumor diagnosis in 2023. This increase in cancer cases is expected to drive the overall brain therapeutics market. Glioblastoma is an aggressive form of brain tumor that occurs mainly in adults. It can also occur in children, but very rarely. It grows fast and spreads quickly. Quick diagnosis and treatment are necessary, as it is a fatal disorder. Proper diagnosis and therapies can alleviate the complications associated with the disease. Hence, as the number of glioblastoma cases increases, the demand for brain tumor therapeutics rises, boosting market growth over the forecast period.
Furthermore, an increase in research and development, product launches, and collaborations by the key players are anticipated to drive market growth. For instance, in June 2022, The FDA approved the combination of the targeted drugs dabrafenib (Tafinlar) and trametinib (Mekinist) for the treatment of people with nearly any type of advanced solid tumor that has a specific mutation in a gene called BRAF. Results from three clinical trials, including two with adult patients and one with pediatric patients, provided the data for approval. Some trial participants had rare cancers, including glioma (brain cancer). In addition, in November 2021, The Ivy Brain Tumor Center at Barrow Neurological Institute and UC San Francisco reported the opening of a Phase 0 clinical trial to evaluate niraparib (ZEJULA), an oral, once-daily poly (ADP-ribose) polymerase (PARP) inhibitor from GSK, for patients with newly diagnosed glioblastoma (GBM) and recurrent glioma (grades II-IV).
Thus, due to the increase in the prevalence of brain tumors and the rise in research and development in the field of brain tumor therapeutics development, the brain tumor therapeutics market is anticipated to witness growth over the forecast period. However, the high cost of cancer therapy and side effects associated with brain tumor therapeutics are projected to hamper market growth over the forecast period.
