The Global Solid Tumor Therapeutics Market is expected to grow at a high CAGR of 16.0% during the forecasting period (2022-2029).
Solid tumors are an abnormal mass of tissue that usually does not contain cysts or liquid areas. They are mainly of three types namely Benign (Non-Cancerous), Premalignant and Malignant (Cancerous). Solid tumor therapeutics are pharmaceuticals that specifically treat various cancers, such as breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and others.
The global solid tumor therapeutics market growth is driven by the rising prevalence of cases of solid tumors, increasing demand for advanced, effective chemotherapeutic drugs and therapies.
New Product Approvals in ovarian, pancreatic, and prostate cancers is driving the market growth
The major factors that are responsible for the growth of this market include new product approvals in ovarian, pancreatic, and prostate cancers, and increasing government initiatives for cancer awareness. In addition, the other crucial driving factor is the increasing incidence of cancer. For instance, cancer has a significant impact on societies across the world. The most common cancers in 2016 were breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, bladder cancer, melanoma of the skin, non-Hodgkin lymphoma, thyroid cancer, kidney and renal pelvis cancer, leukemia, endometrial cancer, and pancreatic cancer. Increasing investment in clinical trials along with R&D of cancer drugs, increasing expenditure in cancer treatment, and unmet demand for effective cancer-treating drugs are other key factors that are expected to fuel the growth of the global solid tumor therapeutics market.
Moreover, the emerging trend of biosimilars is contributing to the growth of the solid tumors therapeutics market due to their low cost and their similarity to originator-compound sd. For instance, some of the biologics available for solid tumors treatment includes Herceptin, MabThera, Avastin, and Erbitux. The advantages of these biosimilars to overcome the limitations of generic drugs in the treatments are expected to drive the growth of the solid tumors therapeutics market.
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By Cancer Type
- Prostate Cancer
- Colorectal Cancer
- Lung Cancer
By Drug Type
- Bevacizumab (Avastin)
- Everolimusa (Afinitor)
- Cabazitaxel (Jevtana)
The solid tumor therapeutics market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories Inc. Amgen Inc., AstraZeneca PLC, Baxter International Inc., Biogen Inc., Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, GlaxoSmithKline PLC among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the solid tumor therapeutics market globally. For instance, In June 2018, Aminex Therapeutics, Inc., a clinical-stage drug development company received clearance from the FDA to initiate the first Phase 1 clinical trial of its immuno-oncology drug candidate AMXT 1501, for treatment of advanced solid tumor cancer cases.
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