Solid Tumor Therapeutics Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Solid Tumor Therapeutics Market Analysis
The Solid Tumor Therapeutics Market is expected to register a CAGR of 12.5% during the forecast period.
COVID-19 impacted the solid tumor therapeutics market in the initial phases owing to supply chain restrictions and lockdown measures. An article published in Vaccines Journal in December 2022 mentioned that cancer treatments were delayed worldwide during the first year of the pandemic. Also, cancer patients were at high risk for COVID-19 infection. As per the same article, 5% to 50% of cancer care screening and treatment was disrupted in all countries, as reported in the last quarter of 2021. Hence, owing to the factors mentioned above, COVID-19 had a significant impact on the studied market. However, with the COVID-19 cases in control, the market started re-gaining its pre-pandemic nature in demand for various solid tumor therapeutics.
Furthermore, the studied market is expected to grow during the forecast period due to the increasing incidence of cancer, research, development, rising drug approvals, and prostate cancers. Increasing government initiatives for cancer awareness are expected to drive market growth during the forecast period.
The high burden of cancer is expected to boost the demand for solid tumor therapeutics for cancer treatment, propelling the market growth. For instance, according to the European Breast Cancer Coalition 2022 report,t 1 in 11 women in the European Union develop breast cancer before the age of 74. Also, according to 2021 statistics published by Breast Cancer Now, about 55,000 women are diagnosed with breast cancer in the United Kingdom every year. The same source reported that 46,000 people are diagnosed with breast cancer in England every year, followed by 4,700 in Scotland, 2,800 in Wales, and 1,500 in Northern Ireland. Thus, the high burden of breast cancer worldwide is expected to accelerate the demand for solid tumor therapeutics for breast cancer,r thereby boosting the market growth during the forecast period.
Additionally, the rising strategic initiatives by market players for the launch of advanced solid tumor therapeutics augment the market growth. For instance, in August 2021, GSK received FDA accelerated approval for JEMPERLI (dostarlimab-gxly) for a new indication in adult patients with mismatch repair-deficient (dMMR) recurrent or advanced solid tumors. The new indication received accelerated approval based on tumor response rate and durability of response. Such approvals are projected to boost the market growth during the study period.
Therefore, owing to the factors above, such as the high burden of cancer, rising clinical trial developments, and increasing product launches, the studied market is anticipated to grow over the analysis period. However, stringent regulatory reforms and price erosion due to the generic competition are expected to restrain the growth of this market.
Solid Tumor Therapeutics Market Trends
Breast Cancer is Expected to Witness Healthy Growth During the Forecast Period
The Breast Cancer segment is expected to register healthy growth during the forecast period owing to the high burden of breast cancer and rising launches by market players.
The high burden of breast cancer globally is expected to boost the demand for advanced solid tumor therapeutics, accelerating market growth. For instance, as per the Canadian Medical Association Journal May 2022 report, around 28.6 thousand new breast cancer cases were diagnosed in Canada in 2022, which accounted for 25% of the total new cancer diagnosed in women in Canada in 2022. Also, according to the Australian Institute of Health and Welfare (AIHW) 2022 report, around 20.6 thousand new breast cancer cases were diagnosed in Australia. Moreover, according to an article published in the National Center of Biotechnology Information in February 2022, 429.1 thousand breast cancer cases were diagnosed in females in China in 2022.
Additionally, the awareness initiatives by the government to educate people about early breast cancer diagnosis and treatment further adds to the market growth. For instance, in May 2022, the United States Department of Health and Human Services (HHS) awarded funding worth USD 5 million to community health centers to increase equitable access to life-saving cancer screenings. Such initiatives are projected to increase the diagnosis, thereby propelling the solid tumor breast cancer therapeutics use during the analysis period.
Furthermore, market players' rising research studies and strategic initiatives significantly contribute to the segment's growth during the forecast period. For instance, in February 2023, Gilead Sciences, Inc. received the United States Food and Drug Administration (FDA) approval for Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer. The drug has been proven to treat solid tumors in clinical trials.
Therefore, owing to the high burden of breast cancer and strategic initiatives by market players, the segment is expected to hold a significant market share during the forecast period.
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North America is Expected to Hold Significant Market Share Over the Forecast Period
North America is expected to hold a significant share of the studied market owing to the high burden of cancer cases, research and development spending, and the strong presence of market players.
The high burden of solid tumors such as breast, lung, and colorectal cancer drives market growth. For instance, according to the American Cancer Society 2023 statistics, around 1.9 million new cancer cases are estimated to be diagnosed in the United States in 2023, out of which an estimated 153 thousand colorectal cancer, 238.3 thousand lungs & bronchus cancer will be diagnosed in 2023. Therefore, the region's high burden of new cancer cases is projected to boost the R&D for developing advanced solid tumor therapeutics, accelerating market growth.
Furthermore, according to the National Institute of Health's article updated in March 2023, the grants provided by the United States government for the research and development of ovarian cancer, colorectal cancer, and lung cancer was USD 178 million, USD 346 million, and USD 479 million respectively in 2022. The high spending is projected to develop advanced solid tumor therapeutics for these cancers, which augments the studied market growth in the region.
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Solid Tumor Therapeutics Industry Overview
The Solid Tumor Therapeutics Market is moderately competitive and has several major players. In terms of market share, few of the major players currently dominate the market with the rising need for cancer treatment and the increasing prevalence of cancer. However, the entry of a few smaller players in the market is excepted, and they may hold a substantial share. Some key market players are Amgen Inc., AstraZeneca PLC, F. Hoffmann-La Roche AG, GSK Plc, and Eli Lilly and Company.
Solid Tumor Therapeutics Market Leaders
Hoffmann-La Roche AG
Eli Lilly and Company
*Disclaimer: Major Players sorted in no particular order
Solid Tumor Therapeutics Market News
- November 2022: Intensity Therapeutics announced that data from its ongoing phase 1/2 clinical trial demonstrating the efficacy and tolerability of INT230-6, either as monotherapy or in combination with pembrolizumab in patients with relapsed refractory and metastatic solid tumors, was presented at the 2022 Society for Immunotherapy of Cancer (SITC) Annual Meeting.
- September 2022: Eli Lilly and Company received the United States Food and Drug Administration approval for Retevmo (selpercatinib capsules) for adult patients with locally advanced or metastatic solid tumors.
Solid Tumor Therapeutics Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer
4.2.2 Rising Research and Development Activities and Product Launches and Approvals
4.2.3 Increasing Government Initiatives for Cancer Awareness
4.3 Market Restraints
4.3.1 Stringent Regulatory Reforms
4.3.2 Price Erosion due to Generic Competition
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Cancer Type
5.1.1 Breast Cancer
5.1.2 Lung Cancer
5.1.3 Colorectal Cancer
5.1.4 Prostate Cancer
5.1.5 Cervical Cancer
5.1.6 Other Cancer Types
5.2 By Drug Type
5.2.10 Other Drug Types
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories Inc.
6.1.2 Amgen Inc.
6.1.3 AstraZeneca PLC
6.1.4 Baxter International Inc.
6.1.5 Biogen Inc.
6.1.6 Boehringer Ingelheim GmbH
6.1.7 Bristol-Myers Squibb Company
6.1.8 Eli Lilly and Company
6.1.9 F. Hoffmann-La Roche AG
6.1.10 GlaxoSmithKline PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Solid Tumor Therapeutics Market Research FAQs
What is the current Solid Tumor Therapeutics Market size?
The Solid Tumor Therapeutics Market is projected to register a CAGR of 12.5% during the forecast period (2023-2028).
Who are the key players in Solid Tumor Therapeutics Market?
Amgen Inc., AstraZeneca PLC, Hoffmann-La Roche AG, GlaxoSmithKline PLC and Eli Lilly and Company are the major companies operating in the Solid Tumor Therapeutics Market.
Which is the fastest growing region in Solid Tumor Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Solid Tumor Therapeutics Market?
In 2023, the North America accounts for the largest market share in the Solid Tumor Therapeutics Market.
Solid Tumor Therapeutics Industry Report
Statistics for the 2023 Solid Tumor Therapeutics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solid Tumor Therapeutics analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.