Solid Tumors Market Size, Share, Trends | 2032

Report Description

Solid Tumors Market Outlook 2032

The global solid tumors market size was USD XX Million in 2023 and is projected to reach USD XX Million by 2032, expanding at a CAGR of XX during 2024–2032. The market growth is attributed to the increasing investments in healthcare by government bodies to enhance diagnostic and screening methods.

Solid tumors are the most common type of cancer. The market is constantly evolving with new drugs and therapies being developed to treat various types of solid tumors. Targeted therapies and drugs are designed to attack specific cancer cells, reducing damage to healthy cells. These therapies are prevalent in the solid tumor market with drugs such as Herceptin and Tarceva being used to treat breast and lung cancer.

Precision medicines are becoming increasingly important in the treatment of solid tumors, with drugs being developed to target specific genetic mutations in cancer cells. Combining different drugs or treatments is common to treat solid tumors. Combining checkpoint inhibitors with chemotherapy or targeted therapies has shown promising results in clinical trials. The rising prevalence of cancer is projected to boost the market in the coming years.

• According to the International Agency for Research on Cancer (IARC), the global burden of cancer has increased, with an estimated 19.3 million new cases and 10.0 million cancer deaths in 2020. This means that approximately one in five people worldwide develop cancer in their lifetime, and one in eight men and one in 11 women die from the disease.
  

  Get Free Sample Report
  

Impact of AI on the Solid Tumors Market

Artificial intelligence is transforming the solid tumors market in various ways, from drug discovery to personalized medicine. AI helps to analyze vast amounts of data, identify patterns, and make predictions, which improve cancer diagnosis and significantly treatment and patient monitoring. AI algorithms analyze medical images to detect tumors and identify potential biomarkers for personalized cancer treatments.

AI improves clinical trials and patient recruitment process by identifying potential patients based on genetic profiles, medical history, and other factors. For instance, AI algorithms analyze electronic health records (EHRs) and medical claims data to identify patients who meet clinical trial criteria, streamlining the patient recruitment process.

Solid Tumors Market Dynamics

Get Free Sample Report

Major Drivers

Growing awareness of cancer and the rising efforts to enhance early detection and screening boost the demand for solid tumor treatments. Early intervention often leads to enhanced treatment outcomes and increased demand for therapeutic options. Furthermore, the increasing instances of metastatic cancer are driving the market. For instance,

• According to the report published by the National Cancer Institute on February 29, 2024, about 623,405 people are living with metastatic breast, lung, prostate, bladder, or colorectal cancer or metastatic melanoma in the US, and this number is estimated to reach to 693,452 by 2025.

The role of patient advocacy groups in raising awareness, influencing policies, and empowering patients to actively participate in treatment decisions contributes to increased demand for therapies that align with patient-centric approaches. Improvement in diagnostic technologies, such as imaging techniques and liquid biopsies, aids in the early and accurate diagnosis of solid tumors, thereby driving the demand for targeted therapies tailored to specific tumor characteristics.

Existing Restraints

Several challenges are hindering the solid tumors market. One major factor is the high cost of treatment, which is hampering the market. Additionally, a shortage of skilled professionals and inadequate healthcare infrastructure in developing economies are significant obstacles. Strict regulatory policies and a lack of awareness of advanced treatments among the general public further impede the market.

Emerging Opportunities

Increasing investment in research and development activities for the development of enhanced cancer treatment creates lucrative opportunities in the market. The rising demand for highly effective chemotherapeutic agents is expected to create immense opportunities in the solid tumor market during the forecast period. Furthermore, the growing emphasis on patient-centered care in oncology focused on improving quality of life, symptom management, and psychosocial support for patients with solid tumors is fueling the market.

 Scope of the Solid Tumors Market Report

 The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report. 

Solid Tumors Market Segment Analysis

Site of Origin Analysis

Based on site of origin, the global market is divided into prostate cancer, ovarian cancer, bladder cancer, pancreatic cancer, and others.
The pancreatic cancer segment held a large market share in 2023 and is projected to grow at a rapid pace during the projected period due to the high mortality rate of pancreatic cancer. The disease is often diagnosed at an advanced stage when treatment options are limited, contributing to the challenges in managing and treating pancreatic cancer. Identifying reliable biomarkers for early detection and prognosis is a key focus in pancreatic cancer research. Biomarkers aid in identifying individuals at a high risk, enabling early intervention and potentially improving survival rates.

• As per the report published by the American Cancer Society in January 2024, the average lifetime risk of pancreatic cancer is about one in 58 in men and one in 60 in women. However, the chances of each person getting this cancer are affected by certain risk factors.

The prostate cancer segment is expected to expand at a significant pace during the forecast, period due to the increasing prevalence of prostate cancer, with high rates observed in elderly men. Prostate-specific antigen testing and digital rectal examinations are commonly used for early detection of prostate cancer. Efforts in screening and early diagnosis contribute to improved outcomes and treatment options.

Genetic testing is becoming prevalent in prostate cancer diagnosis and treatment planning. Identifying genetic mutations and variations helps tailor treatment strategies based on specific characteristics of the individual’s cancer.

Get Free Sample Report

Therapy Type Analysis

On the basis of therapy type, the solid tumors market is characterized by chemotherapy, immunotherapy, and targeted therapy.

The targeted therapy segment held a large share of the market and is projected to register a considerable CAGR during the assessment period, owing to a specific approach to cancer treatment that focuses on blocking the growth and spread of cancer cells by interfering with specific molecules involved in tumor progression. Targeted therapies have been developed for the treatment of various types of solid tumors. The choice of targeted therapy depends on the specific molecular characteristics of the tumor.

The ongoing clinical trials and research efforts focus on identifying new molecular targets, understanding resistance mechanisms, and developing innovative small molecule targeted cancer therapy to contribute to segmental growth. Furthermore, collaborations between academia, pharmaceutical companies, and research institutions drive advancements in solid tumor treatments.

The immunotherapy segment is expected to expand at a high CAGR during the forecast period. It is a type of treatment that uses the immune system of the body to fight cancer. It works by stimulating the immune system to recognize and attack cancer cells. The rising demand for immunotherapy among cancer patients propels the segment.

Route of Administration Analysis

Based on route of administration, the market is segmented into oral, parenteral, and others.
 
The oral segment is anticipated to account for a large market share in the coming years, owing to convenient and patient-friendly options compared to traditional treatments. The convenience of oral medications helps to improve the quality of life of cancer patients and reduces frequent hospital visits. Pharmaceutical companies are investing in the R&D activities of oral formulation for cancer therapies. This includes developing new drugs as well as converting existing intravenous drugs into oral forms to expand treatment options.

The parenteral segment is anticipated to hold a substantial share of the market during the, projected period due to the intravenous administration route used for delivering chemotherapy, immunotherapy, and other cancer treatments directly into the bloodstream. This allows for rapid and widespread distribution of the medication throughout the body.

Some cancer treatments involve complex infusion regimens, requiring careful monitoring by healthcare professionals. This involves continuous infusions, intermittent dosing, or a combination of different medications.

Site of Care Analysis

Based on site of care, the solid tumors market is segregated into hospitals, specialty clinics, homecare, and others.

The hospitals segment held a major market share in 2023 and is expected to register a significant growth rate during the forecast period, owing to the availability of advanced medical facilities, including cutting-edge medical equipment, to provide high-quality healthcare services, making them a preferred choice for patients with severe illnesses such as cancers. Hospitals are the primary healthcare institutions that provide acute care to patients. Moreover, the increasing prevalence of cancer, growing demand for advanced cancer treatments, and improving healthcare infrastructure drive the segment.

The specialty clinics segment is anticipated to grow at a rapid pace during the assessment period, as specialty clinics offer personalized treatment plans tailored to each patient’s needs. Patients with cancer prefer specialty clinics, as they provide focused care and require shorter wait times than hospitals. Oncologists at specialty clinics work closely with patients to develop individualized treatment plans, including surgery, chemotherapy, radiation therapy, targeted therapy, or a combination of these therapies, based on the type and stage of the solid tumor.

Get Free Sample Report

Distribution Channel Analysis

Based on distribution channel, the solid tumor market is fragmented into hospital pharmacies, retail pharmacies, online pharmacies, and others.

The hospital pharmacies segment held a major market share in 2023 due to their ability to manage potential drug interactions, especially in cases where patients are receiving multiple medications concurrently. Hospital pharmacies provide only prescribed medications and treatment to patients admitted to the hospital. They are the primary source of cancer medications for patients undergoing treatment in hospitals.

The online pharmaiesy segment is projected to hold a significant share of the market during the projected timeframe, owing to the convenience of purchasing medication online. These pharmacies offer various services including doorstep delivery, discounts, and easy accessibility. Online pharmacy is becoming increasingly popular among patients who prefer the comfort of their homes.

Regional Outlook

In terms of region, the solid tumors market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America dominated the market in 2023 and the market in the region is anticipated to expand at a rapid pace during the forecast period, due to various factors, such as technological advancements in healthcare, regulatory changes, and development in the field of oncology companion diagnostic. The adoption of personalized medicine approaches, including genomic profiling and molecular diagnostics, has been on the rise in the region. Furthermore, the rising incidence of cancer in the region propels the market. For instance,

• The American Cancer Society estimates that approximately 66,440 people (34,530 men and 31,910 women) are expected to be diagnosed with pancreatic cancer and about 51,750 people (27,270 men and 24,480 women) are anticipated to die of pancreatic cancer in the US in 2024. Pancreatic cancer accounts for approximately 3% of all cancers in the US and 7% of all cancer deaths.

Tailoring treatments based on individual patient characteristics has become an integral part of cancer care in this region. The structure of health insurance systems impacts patient’s access to expensive cancer treatments. Increasing healthcare reimbursement policies in North America significantly drive the market in the region.

The market in Asia Pacific is anticipated to hold a large market share during the projected period, due to the rising awareness of cancer prevention and early detection. Patient education and advocacy initiatives contribute to a well-informed population seeking timely medical attention. Access to affordable cancer therapies and the availability of treatment options in the region drive the market. Moreover, the rising death rate by cancer contributes to market growth in the region.

• Asia Pacific is the most populous region in the world, with 4.6 billion people, representing 60% of the global population. The region bears a disproportionate burden of cancer, with an estimated 9.5 million cases diagnosed in 2020, accounting for nearly half of all cancer cases across the globe. Cancer caused nearly 6 million deaths in Asia in 2020, representing 58% of global cancer deaths.
  

  Get Free Sample Report