Global Solid Tumor Therapeutics Market - Segmented by Type of Cancer, Drugs, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global solid tumor therapeutics market is expected to register a CAGR of 15% during the forecast period of 2018–2023. Solid tumor therapeutics are pharmaceuticals that specifically treat various cancers, such as breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and others. Solid tumors are an abnormal mass of tissue that usually does not contain cysts or liquid areas.
Increasing Incidence of Cancer
Cancer has a major impact on societies across the world. The most common cancers in 2016 were breast cancer, lung & bronchus cancer, prostate cancer, colon & rectum cancer, bladder cancer, melanoma of the skin, non-Hodgkin lymphoma, thyroid cancer, kidney & renal pelvis cancer, leukemia, endometrial cancer, and pancreatic cancer. In 2014, an estimated 15,780 children and adolescents of ages zero to 19 were diagnosed with cancer, and 1,960 died of the disease. In 2012, 14.1 million new cases were reported worldwide. More than four out of 10 new cases of cancer were lung, female breast, bowel or prostate cancer, worldwide. So, this increasing incidence of cancer is driving the solid tumor therapeutics market.
The other factors, such as the increase in demand for POC testing, new product approvals in ovarian, pancreatic and prostate cancers, and the increase in molecular testing are driving the solid tumor therapeutics market.
Price Erosion Due to Generic Competition
The pharmaceutical company, Novartis, has seen a decline in their income due to the competition for their generic drug, Gleevec, in the United States. The generic drug became available in February 2016. The company’s net income fell from USD 2.31 billion to USD 2.01 billion in 2015.
The United States patent for the basic compound for Gleevec expired in July 2015, resulting in one of Sun Pharmaceutical Industries' subsidiaries being allowed to sell a generic version of the drug in America from February 2016. Gleevec has already been launched in the United States, while the European launch was in December 2016. The generic copy could harm sales of Novartis's best-selling drug, which accounts for approximately 24% of its oncology portfolio, and 15% of its pharmaceutical offering. The patent for Pemetrexed expired in Japan and major European countries in December 2015, while the United States patent expired in January 2017. Meanwhile, generics from competitors gaining approvals in Europe and Japan are expected to hamper the drug's future sales. Ortho Biotech Oncology Research & Development, a member of the Johnson & Johnson family of companies, developed the drug, which received the US FDA approval in April 2011. It is protected by two patent licenses and is marketed by another Johnson & Johnson company, Janssen Biotech. A lawsuit was filed against Mylan regarding the filing of an abbreviated new drug application (ANDA) with the US FDA for producing a generic version of Zytiga. These generic medicines are hindering the growth of the solid tumor therapeutics market. The other factors, such as expensive procedures and regulatory complications are also hindering the growth of the market.
United States Leads the Market in North America
The United States solid tumor therapeutics market held the largest market share in 2017 in the North American region due to the presence of high-quality healthcare system and modern medical technology in the country. Additionally, the growing awareness about cancer among the public is likely to contribute towards the growth of the solid tumor therapeutics market.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook