Market Size of Solid Tumor Therapeutics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
