Rising Neurogenic Tumors and Introduction of Novel Medications to Drive the Global Brain Tumor Drugs Market

calendar_today 30 August, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+ Reports, the global brain tumor drugs market was pegged at ~US$ 3.24 million in 2021. The market is expected to witness a CAGR of ~9.4% from 2022 to 2030.  

The increasing occurrence of brain tumor cases, both benign or malignant has greatly impacted the global brain tumor drugs market growth. As there is an increased rate of diagnosis of tumors due to the availability of advanced technologies in diagnostics, there is an increased demand for more effective drugs. Thus, many key players are investing in R&D activities to develop more innovative drugs and therapies. The governments of various economies are supported by funding the research to facilitate the development of treatments. This support thus leads increase in pipeline candidates for brain tumor drugs. 

However, the high cost of initial treatments of the existing therapies and the side effects associated with the therapy such as fatigue, appetite loss, anemia, etc. are the challenges to the market growth. Recently, many companies are using nanotechnology to treat cancer, in which nanoparticles can easily cross the blood-brain barrier and deliver the drug, as against other therapies. 

Over the years, there is a significant rise in the incidence of brain tumors. This may be due to factors such as exposure to radiation, rise in the elderly population, changes in lifestyle, environmental pollution, etc. According to the National Center for Biotechnology Information (NCBI), United States research, the incidence of glioblastoma tumor is 0.59-5 per 100,000 population. This rate is rapidly increasing globally. Thus, this incidence rate has a direct influence on demand for brain tumor drugs and hence propelling the market growth.  

Over the years, accelerated research activity in the oncology field and increased adoption of advanced cancer treatment techniques have increased the demand for brain tumor treatments worldwide. Many major companies are experimenting with drug development, resulting in an expanding drug pipeline. Scientists at Northwestern Medicine, in an international collaboration with scientists at the University of California, San Francisco, and the University of Hong Kong, have identified the drug that inhibits the growth of the most aggressive meningiomas and which meningioma respond to the new drug abemaciclib.

Many governments of developed and emerging economies are supporting the research organizations by funding their research in developing innovative technology and therapy for the treatment of brain tumors. In February 2022, U.S. President Joe Biden reinvigorated the Cancer Moonshot campaign with White House leadership with the aim to reduce the death rates from cancer by almost 25% in the next 25 years and to improve patients’ experience and their families supporting and surviving cancer. 

Asia Pacific region holds a significant share of the brain tumor drugs market and is expected to observe strong growth in the forecast period. An increase in the incidence rate of brain tumors that leads to an increased economic burden is encouraging governments of the emerging economies to support the development of cancer treatments. The development of new cancer drugs and ongoing clinical trials contribute in boosting the market growth. Smooth drug approvals and healthcare policies is another set of factors driving the brain tumor drugs market. An increase in the geriatric population, especially in countries like China, and India is also responsible for brian tumor drugs market expansion. 

Some of the prominent players operating in the brain tumor drugs market are AstraZeneca plc, Johnson & Johnson Inc., Merck & Co., Pfizer Inc., F. Hoffmann-La Roche Ltd., Y-mAbs Therapeutics, Inc., Shimadzu Corporation, Bristol-Myers Squibb Company, Bayer AG, and Dr. Reddy’s Laboratories Ltd. among others.

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