Brain Tumor Drugs Market is estimated to record a 9.2% CAGR from 2023 to 2033 | FMI Study
The global brain tumor drugs market is worth US$ 2.65 Billion as of now and is expected to reach US$ 6.3 Billion by the year 2033 at a CAGR of 9.2% between 2023 and 2033.
Brain tumor comes across as one of the abnormal masses of tissue wherein brain cells do grow and multiply uncontrollably and rapidly. Out of metastatic and primary brain tumor, the latter one is inclusive of tumor originated from brain’s tissues or the ones surrounding the brain. Majority of global population suffers from this type of brain tumor. As per study published by ‘Cancer Journal for Clinicians’, the year 2021 witnessed ~83L people getting diagnosed with brain tumors in the US alone. 70% of these cases comprised primary brain tumors.
Prognostic biomarkers do play a vital role in developing personalized medicines and enhancing survival rate of the ones contracting brain tumor. Glioma, at an advanced stage, could be diagnosed through neuroimaging and neurological tests. The other tests include assessing genetic parameters in the biopsy specimen of those affected with brain tumor.
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National Cancer Institute, in November 2018, conducted a new study regarding liquid biopsy; which could reveal if a child with a kind of brain tumor called ‘diffuse midline glioma’ has specific mutation concerned with the ailment.
At the same time, side-effects of brain tumor drugs coupled with the cost associated with them are expected to restrain the brain tumor drugs market in the forecast period.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Brain Tumor Drugs Market’. It has its indigenous team of analysts and consultants to execute through bottom-up approach.
“With rising occurrences of smoking coupled with unnecessary exposure to electromagnetic radiations, the global brain tumor drugs market is expected to grow on an astonishing note going forward”, says an analyst from Future Market Insights.
Key Takeaways from Brain Tumor Drugs Market
- North America holds a sizable market share due to conducive reimbursement policies in the US Along these lines, Amneal Pharmaceuticals LLC, in April 2022, did receive approval from the US FDA for the product ‘ALYMSYS (bevacizumab-maly), one of the biosimilars of Avastin to treat cancers inclusive of recurrent glioblastoma in adults.
- Europe holds the second-largest market share with growing incidences of brain tumor followed by numerous regulatory scenarios in the major European economies. The year 2019 alone witnessed spending of close to US$ 115 Billion on cancer care; out of which US$ 35-40 Billion were spent on cancer drugs.
- The Asia-Pacific is expected to witness growth at a rapid rate in the brain tumor drugs market going forward due to various regulatory policies being in place to approve new-fangled drugs.
- LATAM and MEA are expected to expand at an alarming rate in the brain tumor drugs market going forward with new drugs being launched.
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- Hoffmann-La Roche Ltd., in September 2022, did announce inking an agreement to acquire Good Therapeutics. As such, the former would gain access to the latter’s platform technology applicable to a broad spectrum inclusive of autoimmune diseases, cancer, pain management, and metabolic disease.
- Novartis AG, in June 2022, did receive approval from the US FDA for Tafinlar + Mekinist to treat adults and children contracting solid tumors with BRAF V600E mutation. These BRAF mutations do drive growth of tumor in over 20 types of tumor comprising thyroid, brain, and likewise.
- Pfizer Inc., in November 2021, completed the acquisition of Trillium Therapeutics (a clinical stage immune-oncology company basically emphasizing development of innovative therapies to treat cancer.
- Hoffmann-La Roche, in April 2020, did receive approval from Health Canada for drug Rozlytrek (entrectinib) for the adult patients suffering from metastatic or locally advanced extracranial solid tumors (inclusive of brain metastases).
- Novartis AG, in December 2021, did collaborate with BeiGene to obtain licensing agreement for TIGIT inhibitor ociperlimab for strengthening the immunotherapy pipeline.
- Roche and Genmark Diagnostics, in March 2021, did enter into definitive merger agreement for the former to entirely acquire Genmark for US$ 24.05/share in all-cash transaction.
What does the Report say?
- The research study is based on therapy (targeted therapy, chemotherapy, immunotherapy, and others), by indication (pituitary, meningioma, glioma, and others), and by distribution channel (hospital pharmacy and retail & online pharmacy).
- With growing incidences of neurological illnesses in adults and kids alike, the global brain tumor drugs market is bound to grow on a remarkable note in the years to come.
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- Targeted Therapy
By Distribution Channel:
- Hospital Pharmacy
- Retail & Online Pharmacy
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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