Market Trends of Solid Tumor Therapeutics Industry
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.
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.
