Absolute Markets Insights (AMI) reports a robust forecast for the brain tumor therapeutics market during the 2021-2029 period. In its newly released report, AMI anticipates the market will grow at 4.56% as rising lifestyle and environmental conditions are leading to greater incidences of cancers around the world. AMI reports that the market stood at a valuation of US$ 13,246.0 Mn in 2020.
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Astrocytoma Incidences to Grow at the Fastest Rate over the Forecast Period (2021-2029)
According to Absolute Market Insights report, Astrocytoma will remain the fastest growing segment during 2021-2029 period in the brain tumor therapeutics market. Astrocytoma is often diagnosed at the age of 20. On the other hand, in high-grade astrocytoma, children who are diagnosed as early as 3 years of age tend to respond to treatments much better. According Cancer Research UK, this condition is the most common type of spinal cord and brain tumor in children. The ailment affects nearly 40% of all children experiencing tumorous growth. Moreover, children can develop this condition at any age, making it necessary to spread awareness, and engage in early testing, something still a novelty globally.
According to the WHO, each year, over 400,000 children and adolescents are diagnosed with cancer. These incidences are highly treatable with efficacy rates of 80% in high-income countries. However, successful rates of medical treatments in low to middle income countries range as low as 15-45%. Furthermore, treatment methods like generic medicine, surgery, and radiotherapy, all established forms of treatments are highly cost-effective treatment methods. The deaths associated with brain cancer in early childhood largely comes from lack of diagnosis, delayed diagnosis, and misdiagnosis. Moreover, avoidable errors like high toxicity, hurdles in access to care, and higher rate of relapse is also playing a major role in high death ratio in middle to low-income countries. WHO reports that improvements in quality of care along with child cancer data systems, and informed policy decisions are expected to play a huge role in averting cancer-related deaths amongst children, thus increasing the demand of brain tumor therapeutics market.
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Surgery Will Likely Lead Treatment Method While Precision Medicine to Grow at the Growth Rate during 2021 – 2029
According to AMI, the metastatic brain tumor is expected to witness the highest growth during the 2021-2029 period. As per American Brain Tumor Association, the brain tumor metastasis affects between 200,000 to 300,000 Americans annually. Moreover, the rising elderly population is likely to drive up the incidences of brain tumor in the U.S. in the near future. This association reports that brain tumor affects the population above 65 the most, accounting for highest share of incidences. Moreover, while 10-20% of the cases only lead to a single tumor in the brain, more than 80% of the cases lead to multiple tumors in the brain. This increases the severity of the condition, and offers more scope for use of therapeutics to cater to growing need for minimal-invasive treatment methods, thus driving the demand of brain tumor therapeutics market
Despite the need for minimal-invasive methods, surgery due to its established efficacy, and lack of treatment alternatives will lead the treatment method in the brain tumor therapeutics market. AMI study reports that rising demand, and efficacy of precision medicine, and growing FDA approvals will make this the fastest growing segment in the brain tumor therapeutics market. Due to the sensitive nature of treatments, and elderly patients, precision medicine remains the much needed alternative to surgery. Moreover, the medicine promises to reach the exact cells unlike chemotherapy, which can also result in destruction of healthy cells in the body as a side-effect. The rising effectiveness of precision medicine continues to draw more investment, and researchers towards neuro-oncology branch of medicine, promising bright prospects for brain tumor therapeutics market during the 2021-2029 period.
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FDA Continues to Streamline Drug Approvals to Drive Growth
The brain tumour therapeutics market will witness major growth during the 2021-2029 period as the therapeutics segment has witnessed an increasingly positive reception from the US FDA. For example, in 2011, 2012, and 2013, the FDA (though CDER) approved 30,29, and 27 novel drugs respectively. The growing concern about deaths due to cancer has forced the FDA and other global regulatory agencies to streamline drug approvals. Moreover, the growing research of therapeutics have also led to a tremendous rise in novel treatments for life-threatening diseases like cancer, for example, in 2018, 2019, and 2020, the FDA 59, 48, and 53 novel drugs. The rising incidences of cancer, the growing investment and awareness about diseases like breast cancer, and streamlined drug approvals is anticipated to show tremendous growth for the brain tumor therapeutics market during 2021-2029 period.
Penetration of Cancer Globally to Drive Fastest Growth in the Asia Pacific Region
According to the World Health Organization (WHO), cancers were a leading cause of death worldwide in 2020. The organization attributed 10 million deaths globally to cancer in 2020. Moreover, specific ailments like breast cancer (2.26 million), lung (2.21 million), colon and rectum (1.93 million), and prostate (1.41 million) continue to penetrate global population more severely each year. Moreover, conditions like skin cancer worsen global health as environmental degradation continues to take its toll. The ailment resulted in 1.20 million cases of cancer in 2020. According to international agency for research on cancer, the global cancer incidences are expected to rise by 47% from 2020 to 2040. AMI reports that Asia Pacific region will grow at the fastest rate over the forecast period as population in major countries like China continues to age, and opportunities for commercialisation steadily increase. Furthermore, large population of the region and expanding access to healthcare is driving new avenues for growth for players in the brain tumor therapeutics market globally during the 2021-2029 period.
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Some key players in the global brain tumor therapeutics market are Amgen Inc., Arbor Pharmaceuticals, LLC., AVIDEA TECHNOLOGIES, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd, Genentech USA, Inc., Merck Sharp & Dohme Corp., and Novartis AG.
Brain Tumor Therapeutics Market:
By Type of Brain Tumor:
- Glioblastoma
- Metastatic
- Meningioma
- Astrocytoma
- Others
By Treatment Type:
- Surgery
- Radiation therapy
- Stereotactic radiosurgery
- Proton beam therapy
- Others
- Chemotherapy
- Oral chemotherapy
- Intravenous chemotherapy
- Others
- Immunotherapy
- Targeted therapy (Precision medicine)
- Supportive care (medication for side effects and palliative care)
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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