Published Date : 18 Aug 2023
The global solid tumor cancer treatment market size surpassed USD 185.97 billion in 2022 and it is projected to attain around USD 532.42 billion by 2032, poised to grow at a CAGR of 11.09% from 2023 to 2032.
Solid tumor cancer is the abnormal and uncontrolled growth of a solid mass on any body part. Solid tumor cancer is generally detected on the neck, skin, muscles, or bones. Oncologists usually prefer biopsy to detect solid tumor cancer by taking tissue from the tumor to test it under the microscope. The rising prevalence of types of cancer, growing population in several countries, advancement of technology used in the treatment of cancer, and reduced cost of medications due to biosimilar drugs are seen as significant factors that drive the solid tumor cancer treatment market globally.
The solid tumor cancer treatment market ensures excellent healthcare service to patients. The market is generally segmented into two types carcinomas and sarcomas. The substantial tumor cancer treatment market is expected to grow in the forecast period of 2023-2032. However, the uncertain spread of Coronavirus impacted the visiting of cancer patients, surgeries, therapies, and biopsies across the globe. Due to the halt in import and export, the supply chain was disrupted during the pandemic. However, as the pandemic ended, the market started showing significant growth owing to the rise in awareness of early screening for cancer and other diseases.
Chemotherapy, immunotherapy, and targeted therapies are widely practiced treatment types in the solid tumor cancer treatment market to cure or prevent the growth of cancer cells. The chemotherapy segment shows a significant increase due to its efficacy. Hospitals, research institutes, and home care are essential end-users in the solid tumor cancer treatment market. The advancement of the oncology department and overall developed healthcare infrastructure standards has pushed the hospital segment towards the growth of the substantial tumor cancer treatment market.
Solid Tumor Cancer Treatment Report Scope:
|Market Revenue in 2023||USD 206.6 Billion|
|Projected Forecast Revenue in 2032||USD 532.42 Billion|
|Growth Rate from 2023 to 2032||CAGR of 11.09%|
|Largest Market||North America|
|Forecast Period||2022 To 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Geographically, the North American region leads the solid tumor cancer treatment market among all other areas owing to its advanced healthcare infrastructure and increasing breast cancer in females. The presence of companies such as Mylan N.V., Pfizer Inc., Bristol-Myers Squibb Company, AbbVie Inc. & many others have contributed to the growth of the solid tumor cancer treatment market in the North American region.
The World Health Organization has collaborated with the International Agency of Research on Cancer, headquartered in France, to control the occurrence of non-communicable diseases such as cancer. This collaboration is likely to increase research and development (R&D) activities in the Europe region which will boost the growth of the overall solid tumor cancer treatment market.
However, expensive drugs and high-cost treatment are likely to affect the tumor cancer treatment market in Europe. The rising number of stable tumor cancer patients has forced the healthcare infrastructure in Europe to adopt advanced immunotherapy technologies. Collectively, the European region's solid tumor cancer treatment market is likely to boost during the forecast period of 2022-2030. AstraZeneca, GlaxoSmithKline, and Hikma Pharmaceuticals Corporation are a few significant players in Europe that contribute to solid tumor cancer treatment market growth.
Developing healthcare infrastructure is a significant driver for solid tumor cancer treatment in the Asia Pacific region. Furthermore, the advancement of cancer treatment technology in Japan, the launches of new drugs, and the approval of the latest treatment-based products have fueled the solid tumor cancer treatment market in the Asia Pacific. For instance, In August 2022, AstraZeneca's Tagrisso was approved in Japan for the treatment of patients diagnosed with lung cancer.
Excessive smoking and drinking alcohol have caused an increase in solid tumor cancer patients in the Latin America region. The Brazilian market holds the largest revenue share for immunotherapy treatment to cure solid tumor cancer. However, Mexico has the second position in Latin America's substantial tumor cancer treatment market. Governments and other organizations are taking proper initiatives to support the market in the region. For instance, in November 2022, the National Comprehensive Cancer Network and the Latin American and Caribbean Society for Medical Oncology launched a project to improve breast cancer care in Argentina.
The growing population and rising prevalence of cancer, mainly in gulf countries, are significant factors in growing the solid tumor cancer treatment market in the Middle East region. Additionally, several governments in the Middle East are promoting immunotherapy to treat solid tumor cancer, which is likely to open opportunities for investors and the R&D segment in the region. The growing awareness of cancer treatment is expected to propel the market for solid tumor cancer treatment in Africa. Additionally, new product launches will increase the growth of the substantial tumor cancer treatment market in Africa during the forecast period. For instance, in November 2022, AstraZeneca and the Egyptian Ministry of Health launched a cancer care program in Africa.
Increasing demand for biosimilar therapy in the treatment of solid tumor cancer
Biosimilar therapy includes biosimilar medicines/drugs that are developed in a very similar way to biological drugs. Biosimilar medicines perform closely similar functions to biologic medicines. They are used in solid tumor cancer treatment to reduce the overall treatment cost. The increased demand for biosimilars is fueling the growth of the substantial tumor cancer treatment market. These drugs carry an equivalent chemical composition as original medicines. Hence, biosimilars provide the same therapeutic and clinical advantages. Reliable tumor cancer treatment is expensive, and by lowering the cost of medication, biosimilar therapy provides a better healthcare service to every patient.
The biosimilar therapy segment is forecasted to boost the growth of the solid tumor cancer treatment market owing to the benefits associated with biosimilar drugs and increasing investors in the R&D sector. For instance, In November 2022, Kashiv Biosciences and Amneal Pharmaceuticals launched Reluko, a biosimilar referring to Neupogen, which will be used in the chemotherapy treatment for cancer.
High cost associated with the treatment
The high cost associated with solid tumor cancer treatment hampers the growth of a substantial tumor cancer treatment market. Setting up an oncology unit, providing an excellent antidote to the cancer patient to relieve suffering, expenses of research and development associated with drugs, and continuously ongoing therapies collectively add to the cost. High-cost treatment and medications often lead to decreased access to excellent healthcare, and not all survivors or cancer patients can afford these healthcare expenses. Thus, the cost factor is considered a significant restraint for the growth of the solid tumor cancer treatment market. However, the invention of biosimilar medications will likely reduce the cost of reliable tumor cancer treatment.
Increased research and development (R&D) activities
An increasing number of solid tumor cancer patients has forced the market to enhance the investment in the research and development (R&D) sector to invent novel drugs, treatment options, and advanced technology to deal with solid tumor cancer. Research and development activities contribute significantly to the healthcare sector as they provide the best possible ways to prevent or cure diseases. Increased research and development activities in solid tumor cancer treatment enhance productivity, further propelling the industry's growth. Enhanced research and development (R&D) activities are expected to create lucrative opportunities for investors, companies, oncologists, and researchers/scientists in the solid tumor cancer treatment market.
Lack of developed healthcare infrastructure
A developed healthcare infrastructure guarantees excellent and advanced healthcare service to every patient. A developed healthcare infrastructure includes advanced machines, skilled nurses and healthcare professionals, doctors, and excellent pharmaceutical companies. The lack of developed healthcare infrastructure directly shows a negative impact on patients' well-being. For acute diseases such as solid tumor cancer, promptness of healthcare providers plays a crucial role during the treatment. A shortage of efficient healthcare services can be challenging for the growth of the solid tumor cancer treatment market. The solid tumor cancer treatment market increase in regions such as North America and Europe is due to developed healthcare infrastructure. Moreover, Asia Pacific is projected to show significant growth in the solid tumor cancer treatment market owing to its developing healthcare infrastructure.
Major Key Players:
By Route of Administration
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2490
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333