- Recent approval of biologics exhibiting excellent pharmacodynamic properties with minimal side effects
- Affordable reimbursement scenario for medicines employed for the treatment of solid tumor cancer
- Significant rise in the diagnosis of new cases of cancer worldwide
The global market for solid tumor cancer treatment was estimated at $121.3 billion in 2018 and is expected to reach $424.6 billion by 2027, increasing to CAGR by 15.0 per cent from 2019 to 2027.
According to research findings of the International Agency for Research (IARC) on Cancer in association with the World Health Organization (WHO) in 2018, approximately 18,1 million new cases have been reported. They also claim that 1 in 6 women and 1 in 5 men are likely to develop cancer during their lifetime.
Breast cancer is dominant in the indication market for the treatment of solid tumor cancer. Hormonal imbalance during the menstrual cycle, unhealthy lifestyle and low or no breast-feeding are the main factors responsible for its increasing prevalence in the female population worldwide. A significant increase in the prevalence of lung cancer worldwide is expected due to a significant increase in the number of smokers and an alarming increase in air pollution.
Chemotherapy is currently the largest market in the treatment segment for solid tumor cancer. The availability of its generic version at an affordable cost increases its popularity in the treatment of cancer. It is used alone or in combination for the treatment of tumors in different parts of the human body.
Biological molecules, such as immunotherapy and targeted therapy, are gaining prominence in cancer treatment due to its excellent pharmacodynamic characteristics, ensuring minimal side effects and maximum therapeutic efficacy. Favorable reimbursement scenario further increases its demand for cancer treatment.
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The Solid tumor cancer treatment market is segmented by indication (Breast Cancer, Cervical Cancer, Colo-rectal Cancer, Lung Cancer, Prostate Cancer, and Others), by therapy (Chemotherapy, Targeted Therapy, Immunotherapy, Hormone Therapy, and Surgical Procedures), and by geography – North America (U.S., Canada), Europe (U.K., Germany, Rest of Europe), Asia Pacific (China, Japan, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East and Africa (GCC, Rest of MEA).
Pharmaceutical companies spearheading the solid tumor cancer treatment market are AstraZeneca Plc., Amgen Inc., B. Braun Melsungen AG, Bristol Myers Squibb & Company, Eli Lilly & Company, F.Hoffman La-Roche Ltd., Merck & Co. Inc., Novartis AG, Pfizer Inc. and Olympus Medical Systems.
Key Market Movements
There is a significant rise in the diagnosis of new cases of cancer worldwide
Recent approval of biologics exhibiting excellent pharmacodynamic properties with minimal side effects.
Affordable reimbursement scenario for medicines employed for the treatment of solid tumor cancer.