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Solid Tumor Therapeutics Market is Expecting Worldwide Growth by 2016 – 2024 : Persistence Market Research
Increasing incidences of solid tumor among cancer patients and growing prevalence of various types of metastatic cancers are the major factors that are expected to drive the growth of the global solid tumor therapeutics market. For instance, in 2012, World Health Organization (WHO) estimated that globally around 8.2 Mn people died due to cancer. Among them breast, colorectal, liver and lung cancers, were among the primary causes of cancer deaths. Most common forms of solid tumors include neuroblastoma and brain tumors (glioma and medulloblastoma) and other solid tumors include osteosarcoma and rhabdomyosarcoma. Increasing investment in clinical trials along with R&D of cancer drugs, increasing expenditure in cancer treatment, and unmet demand for effective cancer treating drug are other key factors which are expected to fuel the growth of the global solid tumor therapeutics market. However, high cost of cancer therapy, increase in drug patent cliff, and increasing volume of generic therapeutic products are anticipated to be the growth hampering factors for the global solid tumor therapeutics market.
The development of biosimilars is one of the emerging trends that is captivating the growth of the global solid tumor therapeutics market. Unlike generic drugs, biosimilars are almost same as originator compound. These products are low cost therefore, the adoption of these therapeutic products is very high. Some of the major biologics available for the treatment of solid tumors therapeutics include Herceptin, Avastin, MabThera, and Erbitux.
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Based on application, breast cancer and prostate cancer are expected to contribute the largest share in terms of value to the global solid tumor therapeutics market due to increasing incidences of these types of diseases. Based on type of therapy, chemotherapy segment is expected to contribute the maximum value share among other therapy types through 2024.
On the basis of regional presence, global solid tumor therapeutics market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global solid tumor therapeutics market in terms of value due to high prevalence of breast and prostate cancer in the region. The European region majorly has a high incidence rate of colorectal cancer and lung cancer segments. The Asia-Pacific and Latin America region on the other hand are expected to represent the highest growth rate during the forecast.
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Some of the major players in global solid tumor therapeutics market are Hoffmann-La Roche Ltd, Johnson & Johnson, Novartis, AstraZeneca plc, Biogen Idec, Inc, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Eli Lilly and Company, Kyowa Hakko Kirin Co., Ltd., Abbott Laboratories, Inc., Baxter International, Inc., etc.
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