Growing advancement in cancer therapies to foster solid tumors treatment market growth

Market Overview:

A solid tumor can characterized by growth of abnormal mass or lump of tissues without liquid or cysts. It is classified into malignant tumor (cancerous) and the benign tumor (non-cancerous). Additionally, based on the cell type, tumors can be classified as sarcomas, carcinomas, and lymphomas.

Competitive Landscape:

Abbott Laboratories Inc., Biogen Idec Incorporated, AstraZeneca Plc., Johnson & Johnson Company, Amgen Inc., Bristol Myers Squibb Company, GlaxoSmithKline Plc., Sanofi, and Baxter International Incorporated

Key Market Drivers:

Growing popularity of biosimilars therapies is driving growth of the solid tumors treatment market. Moreover, rising prevalence of solid tumors is fueling market growth. According to the Centers for Disease Control and Prevention, in the United States in 2019, 1,752,735 new cancer cases were reported and 599,589 people died of cancer. For every 100,000 people, 439 new cancer cases were reported and 146 people died of cancer.

Growing merger &acquisition in the market of cancer therapies by key players is again contributing to market growth. For instance, in July 2022, Takeda announced that it has acquire Adaptate Biotherapeutics to develop novel Gamma Delta (γδ) T Cell Engager therapies targeting solid tumors.

Covid-19 Impact Analysis

The COVID-19 pandemic crisis has had significant impact on the practice of tumor treatment. There was disruption in supply of raw materials used for production of solid tumor drug due to lockdown and social distancing norms.

Key Takeaways:

1. The solid tumors treatment market is expected to exhibit a CAGR of XX % over the forecast owing to the growing prevalence of solid tumors and increasing popularity of biosimilar. According to the IQVIA, the three most recently launched biosimilars in 2019 have achieved significant uptake within their first year: bevacizumab (42%), trastuzumab (38%), and rituximab (20%).

2. North America is expected to gain significant growth over the forecast period owing to the presence of well-established healthcare sector.

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