Market Trends of Solid Tumor Therapeutics Industry
Breast Cancer is Expected to Witness Growth During the Forecast Period
The breast cancer segment is expected to register healthy growth during the forecast period owing to the high burden of breast cancer and rising product launches by market players. The high burden of breast cancer globally is expected to boost the demand for advanced solid tumor therapeutics, accelerating market growth. For instance, as per the Canadian Medical Association Journal report published in May 2022, around 28.6 thousand new breast cancer cases were diagnosed in Canada in 2022, which accounted for 25% of the total new cancers diagnosed in women in Canada in the same year.
According to the Australian Institute of Health and Welfare (AIHW) 2022 report, around 20.6 thousand new breast cancer cases were diagnosed in Australia in 2022. Moreover, according to an article published in the National Center of Biotechnology Information in February 2022, 429.1 thousand breast cancer cases were diagnosed in Chinese women in 2022.
Initiatives by the government to educate people about early breast cancer diagnosis and treatment further add to the market’s growth. For instance, in May 2022, the US Department of Health and Human Services (HHS) awarded funding worth USD 5 million to community health centers to increase equitable access to life-saving cancer screenings. Such initiatives are projected to increase the diagnosis, thereby propelling the use of solid tumor breast cancer therapeutics during the forecast period.
Furthermore, market players' rising research studies and strategic initiatives are expected to significantly contribute to the segment's growth during the forecast period. For instance, in February 2023, Gilead Sciences Inc. received the US Food and Drug Administration’s (FDA) approval for Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer. The drug has been proven to treat solid tumors in clinical trials.
Therefore, owing to the high burden of breast cancer and strategic initiatives by market players, the segment is expected to hold a significant market share during the forecast period.
North America is Expected to Hold Significant Market Share Over the Forecast Period
North America is expected to hold a significant share of the market studied owing to the high burden of cancer cases, research and development spending, and the strong presence of market players.
The high burden of solid tumors, such as breast, lung, and colorectal cancers, drives market growth. For instance, according to the American Cancer Society 2023 statistics, around 1.9 million new cancer cases were estimated to be diagnosed in the United States in 2023, out of which an estimated 153 thousand colorectal cancer and 238.3 thousand lung and bronchus cancer were estimated to be diagnosed in the same year. Therefore, the high burden of new cancer cases is projected to boost R&D in developing advanced solid tumor therapeutics, accelerating regional market growth.
According to an article updated in March 2023 by the National Institute of Health, the grants provided by the US government for the research and development of ovarian, colorectal, and lung cancers were USD 178 million, USD 346 million, and USD 479 million, respectively, in 2022. Such high spending is projected to develop advanced solid tumor therapeutics for these cancers, thereby fueling market growth in the region.
Therefore, the high burden of solid tumors, along with the high spending on cancer research and development, increases the demand for treatment products, which is expected to boost market growth in the region during the forecast period.
