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Desmoid Tumors Market 2024 - By Share, Current Trends, Opportunities, Growth Size And Forecast To 2033
Desmoid Tumors Market
According to The Business Research Company's, The desmoid tumors market size has grown strongly in recent years. It will grow from $2.76 billion in 2023 to $2.97 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to advancements in medical imaging, genetic research and understanding, surgical innovations, awareness and education, patient advocacy.
The desmoid tumors market size is expected to see strong growth in the next few years. It will grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to targeted therapies, personalized medicine, expanded international collaborations, regulatory approvals for novel therapies, patient-centric approaches. Major trends in the forecast period include advancements in treatment approaches, precision medicine and biomarker discovery, clinical trials and research initiatives, multidisciplinary treatment teams, patient advocacy and support.
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Market Drivers and Trends:
The rising cases of cancer are expected to propel the growth of the desmoid tumor market going forward. Cancer refers to a collection of disorders that are defined by the body's aberrant cells growing and spreading out of control. These cells can infiltrate nearby tissues and organs and cause harm. The rising cancer cases worldwide have fueled the demand for effective and advanced chemotherapeutic agents, positively influencing the desmoid tumor market. For instance, in January 2023, according to reports published by the American Cancer Society Inc., a US-based voluntary health organization, 1.8 million new cancer cases were diagnosed in the US in 2020, and 606,520 cancer fatalities. By 2021, it was projected that the number of new cancer cases diagnosed would rise to 1.9 million, and the number of cancer deaths would increase to 608,570. Therefore, the rising cases of cancer are driving the growth of the desmoid tumor market.
Major companies operating in the desmoid tumors market are developing innovative drugs such as nirogacestat for the treatment of desmoid tumors to meet the needs of their existing consumers better. Nirogacestat is an oral, small-molecule gamma-secretase inhibitor. For instance, in February 2023, SpringWorks Therapeutics Inc., a US-based clinical-stage biopharmaceutical company, announced a U.S. Food and Drug Administration (FDA) acceptance and priority review of their new drug application (NDA) for nirogacestat for the treatment of adults with desmoid tumors. Nirogacestat is thought to work by blocking the production of notch proteins, which can lead to the death of tumor cells. Desmoid tumors produce high levels of notch protein, which is thought to contribute to their growth. Moreover, nirogacestat provides patients with a new treatment option that can potentially improve outcomes.
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Major Key Players of the Market:
Pfizer Inc., F.Hoffmann-La Roche Ltd., Abbvie Inc., Bayer AG, Novartis AG, Abbott Laboratories, Amgen Inc., Stryker Corporation, Genome And Company , Vertex Pharmaceuticals Incorporated, Eisai Limited, Beckman Coulter Inc., Incyte Corporation , Ipsen Biopharmaceuticals Inc., BeiGene Ltd., Janssen Biotech Inc., Ionis Pharmaceuticals Inc., Ayala Pharmaceuticals Inc., Blueprint Medicines Corporation, Xencor Inc., MacroGenics Inc., Debiopharm Group, Clovis Oncology Inc., Juno Therapeutics Inc., SpringWorks Therapeutics Inc., Loxo Oncology Inc., Mirati Therapeutics Inc., Iterion Therapeutics Inc., Recepta Pharmaceuticals Inc., Cellestia Biotech AG
Desmoid Tumors Market 2024 Key Insights:
• The desmoid tumors market is expected to grow to $3.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Global Cancer Incidence Fuels Growth In The Desmoid Tumor Market
• Increasing Focus On Drug Developments To Drive The Revenues
• North America was the largest region in the desmoid tumors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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Introduction
The Desmoid Tumors Market focuses on a rare, locally aggressive, but non-metastatic type of soft tissue tumor that arises from fibroblasts. Also known as aggressive fibromatosis, desmoid tumors can occur anywhere in the body, but are most common in the abdomen, shoulder, and limbs. Although they do not spread to distant organs, they can cause significant morbidity due to local invasion and recurrence.
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