Solid Tumor Cancer Treatment Global Market Report 2024

The solid tumor cancer treatment market size has grown rapidly in recent years. It will grow from $200.53 billion in 2023 to $230.8 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The historical growth in solid tumor cancer treatment can be attributed to several contributing factors. These include significant advancements in research and development efforts, the successful development and approvals of novel drugs and treatments, a noticeable rise in cancer incidence rates, the increasing population of aging individuals, and the active advocacy efforts and heightened awareness among patients regarding cancer-related issues. These factors collectively propelled the progress and development in the treatment of solid tumor cancers during the historical period.

The solid tumor cancer treatment market size is expected to see rapid growth in the next few years. It will grow to $382.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. Anticipated growth in the upcoming period for solid tumor cancer treatment is expected due to several key factors. These include the rising adoption of personalized medicine, significant advancements in immunotherapy, the emergence of global health challenges and new diseases, regulatory frameworks and approvals for novel drugs, and transformations in healthcare financing and reimbursement models. Notable trends predicted for this period encompass further developments in immunotherapy, the expansion of precision medicine and biomarker identification, the use of combination therapies, the integration of digital health solutions, and technological innovations in treatment approaches.

The solid tumor cancer treatment market is anticipated to experience significant growth, primarily driven by the increasing incidence of cancer. Cancer is a severe disorder characterized by the rapid and uncontrolled reproduction of the body's cells, resulting in abnormal growth. Solid tumor cancer treatment involves interventions aimed at removing solid tumors from patients diagnosed with cancer. In 2022, the American Cancer Society reported an estimated increase in new cancer cases from 1,898,160 in 2021 to 1,918,030 in 2022. This escalating incidence of cancer is a key factor propelling the growth of the solid tumor cancer treatment market.

The growth of the solid tumor cancer treatment market is further fueled by the rising global population, particularly the aging population. An aging population, characterized by a higher proportion of elderly individuals within a society, poses unique challenges and complexities related to various types of solid tumors. According to the World Health Organization's projection in October 2022, by 2030, one out of every six individuals globally would be 60 years old or older. The population aged 60 and over is expected to increase from 1 billion in 2020 to 1.4 billion by 2030. Moreover, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion by 2050. The rising aging population is a significant driver of the solid tumor cancer treatment market.

Innovation in products and treatments has emerged as a notable trend in the solid tumor cancer treatment market, with major companies actively focusing on introducing new solutions to sustain their market positions. An illustrative example is Shanghai Henlius Biotech, a China-based biopharmaceutical company, which launched the PD-1 inhibitor HANSIZHUANG in March 2022. HANSIZHUANG, the company's first innovative monoclonal antibody, was developed for treating adults with advanced, unresectable, or metastatic MSI-H (microsatellite instability - high) solid tumors unresponsive to prior conventional treatments. This product innovation not only provides fresh hope for patients with MSI-H solid tumors but also aligns with the demand for precision immunotherapy, fostering the high-quality development of China's biopharmaceutical industry in the solid tumor cancer treatment market.

Prominent companies in the solid tumor cancer treatment market are directing their focus towards the development of monitoring platforms that leverage tailored tests, including personalized assays, for precise detection. Personalized assays involve customized laboratory tests or analytical procedures designed to examine specific characteristics or markers unique to an individual, often based on their genetic or molecular profile. An exemplary illustration is Invitae, a US-based medical genetics company, which, in collaboration with the Tracerx consortium at University College London, launched a personalized cancer monitoring platform in March 2022. This platform is specifically designed for the detection of minimal or molecular residual disease in patients with solid tumors. Utilizing personalized assays based on the patient's tumor, the platform identifies circulating tumor DNA (ctDNA) in the blood. These assays play a crucial role in helping clinicians assess patient risk, gauge treatment response, and predict the likelihood of recurrence.

In March 2021, Takeda Pharmaceutical Company, a leading Japan-based multinational pharmaceutical company, acquired Maverick Therapeutics for $525 million. This acquisition provided Takeda with access to Maverick's T-cell engager COBRA platform and a diverse development portfolio, including TAK-186 (MVC-101) and TAK-280, the latter being the main development candidate (MVC-280). Takeda's acquisition of Maverick Therapeutics enables the expansion of its novel immuno-oncology portfolio, facilitating the advancement of redirected immunotherapies specifically designed to target solid tumors. Maverick Therapeutics Inc., the US-based biotechnology company acquired by Takeda, specializes in providing T-cell targeted immunotherapies for solid tumor cancers. This strategic acquisition positions Takeda to enhance its capabilities in developing innovative solutions for treating solid tumors in the cancer treatment market.

Major companies operating in the solid tumor cancer treatment market report are AstraZeneca plc, Amgen Inc., B. Braun Melsungen AG, Bristol Myers Squibb & Company, Eli Lilly & Company, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Novartis AG, Pfizer Inc., Olympus Medical Systems, Astellas Pharma Inc., Celgene Corporation, GlaxoSmithKline plc, Takeda Pharmaceutical Company Ltd., Celldex Therapeutics Inc., AbbVie Inc., Bayer AG, Biogen Inc., Eisai Co. Ltd., Exelixis Inc., Genentech Inc., Gilead Sciences Inc., Incyte Corporation, Ipsen Biopharmaceuticals Inc., Janssen Biotech Inc., Karyopharm Therapeutics Inc., Kyowa Kirin Co. Ltd., MedImmune LLC, Medivation Inc., Millennium Pharmaceuticals Inc., MorphoSys AG, Onyx Pharmaceuticals Inc., Regeneron Pharmaceuticals Inc., Sanofi SA, Seattle Genetics Inc., Spectrum Pharmaceuticals Inc., Taiho Pharmaceutical Co. Ltd., Tesaro Inc., Verastem Inc., Zymeworks Inc..

North America was the largest region in the solid tumor cancer treatment market in 2023. The regions covered in the solid tumor cancer treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solid tumor cancer treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The principal treatments for solid tumor cancer encompass chemotherapy, targeted therapy, immunotherapy, hormone therapy, and surgical interventions. Chemotherapy involves drug-based therapies aimed at halting cell division or eliminating cancer cells to impede their growth. Its applications extend across various cancer types such as breast, cervical, colorectal, lung, prostate, among others. These treatments are utilized across diverse end-users such as hospitals, research institutes, and home care settings.

The solid tumor cancer treatment market research report is one of a series of new reports that provides solid tumor cancer treatment market statistics, including solid tumor cancer treatment industry global market size, regional shares, competitors with a solid tumor cancer treatment market share, detailed solid tumor cancer treatment market segments, market trends and opportunities, and any further data you may need to thrive in the solid tumor cancer treatment industry. This solid tumor cancer treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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