The brain tumor treatment market worldwide is anticipated to reach a market value of US$ 3,114.2 million in 2023 and US$ 6,228.2 million by 2033, registering a CAGR of 7.2% during the forecast period. Key factors that are anticipated to foster the expansion of the brain tumour diagnosis market globally include the rising prevalence of such malignancy and the expanding elderly population. Treatment for brain tumours saw a CAGR of 4.7% over the preceding ten years.
Brain tumor refers to an abnormal mass of tissue wherein the brain cells magnify and expand in an unbridled manner. Primary brain tumor makes up the majority of brain tumor incidences. For example, as per the study released by a Cancer Journal for Clinicians, in the year 2021, approximately 83,570 people were identified with brain tumors in the United States, from which primary brain tumors formed 70.3% of the cases. The rise in brain tumors can be attributed to a surging aging population, an accelerating rate of smokers, and increasing exposure to electromagnetic radiation.
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Brain tumor contributes 1-2% of all cancer types. Moreover, the mortality rate for people suffering from this cancer is also high. Most of these cases are observed in North America and Asia Pacific. National Brain Tumor Society (NBTS) declared that it is offering funding worth US$ 1,00,000 to contribute toward the study conducted on the efficiency of CT-179, which is a novel drug candidate. This drug is expected to be a potential treatment for glioblastoma.
A growing pool of patients and a surging focus of key players toward research and development to launch advanced drugs with clinical advantages for the management of this condition is expected to fuel market growth.
Top Highlights from the FMI’s Analysis of the Brain Tumor Treatment Market:
- North America’s brain tumor treatment industry has a massive stake in the market. In 2022, the region represented 34.2% market share, suggesting significant investment opportunities in the market.
- Europe garnered a 24.2% value share in 2022 and is expected to observe an expansion in market size in the upcoming years. Surging investments in the healthcare sector and increasing cases of brain tumors are expected to attract key players in this market.
- The United States’ stake in the market is significantly high, i.e., 30.2%. Increasing medical tourism to seek top-quality healthcare services is projected to accelerate market growth.
- Germany held 5.1% of the market in 2022. The prominence of the country in Europe and the world over and the widespread prevalence of cancer cases have opened significant revenue-generating prospects for market participants.
- China is expected to be the robust market for brain tumor treatment in the forecast period, luring manufacturers to expand and build capacities in the country.
- India is another key market for brain tumor treatment in terms of CAGR. Over the forecast period, India is expected to observe a CAGR of 7.2%.
- The United Kingdom registered a CAGR of 5.1% over the forecast period.
- Based on product, the temozolomide segment captured 25.6% of the market share in 2022.
- Under the category of end users, the hospital pharmacies segment gained a massive share of 44.8% in 2022.
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Key Developments in the Market:
- To maximize the administration of certain psychedelic drug candidates, Nextage Therapeutics and MindMed signed an MOU in April 2021 that ascertains deployment of the patented Brain Targeting Liposome System (BTLS) delivery technology.
- GenMarkDiagnostics and Roche came into a definitive merger agreement in March 2021 for Roche to entirely obtain GenMark for a value of US$ 24.05 per share in an all-cash transaction.
Key Companies Profiled:
- Genentech USA
- Bristol Myers Squibb
- Hoffmann- La Roche
- AstraZeneca Plc.
- Pfizer Inc.
- Novartis AG
- Antisense Pharma
- Merck & Co
- MacLeod’s Pharmaceutical Limited
- Mankind Pharma
- Siemens Healthineers AG
- Dr. Reddy’s Laboratories Ltd.
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Key Segments Covered in the Brain Tumor Treatment Industry Analysis:
By Product:
- Temozolomide
- Carmustine
- Cisplatin
- Bevacizumab
- Geftinib
- Erlotinib
By End User:
- Hospital Pharmacies
- Ambulatory Surgical Centers
- Individual Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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