The Brain Tumor Treatment Market generated US$ 2,946.17 million in 2022 and is anticipated to reach US$ 5,904.82 million by 2032, growing at a CAGR of 7.2%. Key factors anticipated to foster the growth of the brain tumor diagnosis market globally include the rising prevalence of such cancer and the expanding geriatric population. In the historical period 2022-2032, the market for treating brain tumours experienced a CAGR of 6.8%.
The surge in cancer and the growing geriatric population is one of the key drivers fueling growth in the market. The brain tumor treatment market is anticipated to surge at a healthy 7.2% CAGR during the forecast period. As per the FMI reports, sales in the market were recorded with a steady CAGR of 6.8% from 2017 to 2021.
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According to the statical report of 2016, the Central Brain Tumor Registry of the United States (CBTRUS) estimated 79,270 new cases of primary malignant, non-malignant, and other CNS cancers were diagnosed in the U.S. in 2020. Due to the surge in brain cancer cases all over the world, is likely to propel the demand for brain tumor diagnosis/treatment throughout the forecast period (2022-2032).
Key Takeaways
- Over the past few years, there have been tremendous technological advancements in the healthcare industry due to which advanced treatments for every disease are providing efficient results. Accelerating research activities in the oncology sector and surging adoption of advanced cancer treatments are likely to augment growth in the market.
- Glioblastoma multiforme is considered to be the fastest growing and higher-grade tumor when compared to other types of tumors. Due to advanced medications, the treatment of brain tumors has been more efficient. Increasing pharmaceutical R&D spending is expected to provide lucrative growth for the global brain tumor treatment market over the forecasted period.
- The rise in the prevalence of brain tumors has fueled the demand for impactful treatment. According to the American Society of Clinical Oncology (ASCO), there has been a 2.6% hike in the brain tumor incidence rate in comparison with the last year. An estimated 22,850 cases are diagnosed with primary cancerous tumors of the brain in the U.S. Furthermore, the increasing geriatric population is also driving the brain tumor market.
- Key market players are spending a significant portion of their revenue on research and development of novel medications. There is a range of novel drug delivery technologies waiting to get approved by the FDA. Backed by these surging innovations, the brain tumor treatment market is ready to exhibit propelling growth.
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- Surging technological advancements and customer awareness regarding the latest treatment options and therapies are responsible for the growth of the global brain tumor treatment market.
- On the basis of region, North America is expected to capture the highest share owing to the advanced healthcare facilities and hefty investment in the research program to find an effective treatment for brain tumors.
Competitive Landscape
- Genetech U.S.A
- 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.
The leading market players are spending a major portion of their revenue on research and development of novel drugs which is increasing clinical trials. The encouraging healthcare policies and smooth drug approval program by FDA is another aspect driving the market for brain tumor treatment.
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Key Segments Covered in the Brain Tumor Treatment Industry Analysis
Brain Tumor Treatment Market by Product:
- Brain Tumor Treatment via Temozolomide
- Brain Tumor Treatment via Carmustine
- Brain Tumor Treatment via Cisplatin
- Brain Tumor Treatment via Bevacizumab
- Brain Tumor Treatment via Geftinib
- Brain Tumor Treatment via Erlotinib
Brain Tumor Treatment Market by End User:
- Brain Tumor Treatment in Hospital Pharmacies
- Brain Tumor Treatment in Ambulatory Surgical Centers
- Brain Tumor Treatment in Individual Pharmacies
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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