The global solid tumor therapeutic market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising incidence of cancer and increasing awareness about cancer through government initiatives.
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Solid tumors are formed by aggregation of abnormal tissues that do not contain any liquid or cyst. These solid tumors are of two types namely benign and malignant. The treatment of these solid tumors is tough and it requires synchronized actions of healthcare professionals, such as surgeons, radiologists, radiation specialists, and oncologists. Most of the solid tumors are treated through chemotherapy, radiotherapy, and surgery.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of product approvals for ovarian, pancreatic, and prostate cancer treatment is projected to boost the market growth.
- Rising incidence of solid tumor among cancer patients and growing prevalence of metastatic cancers are some of the major factors that are expected to drive the market growth.
- Growing development of biosimilars is one of the emerging trends that is fueling the market growth during forecast period.
- Rising investment in clinical trials, increasing expenditure on cancer treatment, and unfulfilled demand for effective cancer treatment drugs are key factors, which are expected to foster the global solid tumor therapeutics market growth.
- High cost of cancer therapy and increasing volume of generic therapeutic products are anticipated to hamper the market growth in coming years.
- Stringent regulatory reforms may hinder the growth of this market.
- Increasing R&D investment and technological advancements in treatment techniques, such as targeted and combination therapies can create significant opportunities for the market players during the forecast period.
Solid Tumor Therapeutic Market Segment Insights
Chemotherapy segment to grow at a significant pace
Based on therapy types, the market is classified as chemotherapy, hormone therapy, immunotherapy, and targeted therapy. The chemotherapy segment is expected to expand at rapid pace due to availability of its generic version at affordable cost, which increases its preference for treating cancer. This therapy can be used to treat tumors with combination drugs.
Breast cancer segment to hold a major market Share
In terms of applications, the market is divided into breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and others. The breast cancer segment is projected to hold a major market share owing to increasing hormonal imbalance during the menstrual cycle, unhealthy lifestyle, and decreased breastfeeding to infants. However, the lung cancer segment is anticipated to expand at a rapid pace during the forecast period owing to rising number of smokers and increasing air pollution.
North America to dominate the market
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during forecast period owing to rising incidence rate of cancer, rising awareness among people, and rapid development healthcare infrastructure in countries such as the US and Canada.
Compititive Landscape
Key players competing in the solid tumor therapeutic market are Abbott Laboratories Inc.; Amgen Inc.; AstraZeneca PLC; F. Hoffmann-La Roche AG; and GlaxoSmithKline PLC.
The rising need for cancer treatment and increasing prevalence of cancer, entry of a few smaller plaayers in the market is expected.
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