Brain tumor treatment market to be valued US$ 5,904.82 million by 2032

New Delhi: The global brain tumor treatment market is anticipated to showcase an opulent growth opportunity over the estimation period from 2022 to 2032 with a robust CAGR of 7.2%. The market managed to garner a valuation of US$ 2,946.17 Million in 2022 and is expected to accumulate a market value of US$ 5,904.82 Million by 2032.

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.

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).

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. are some of the key companies profiled in the full version of the report.

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.

More Insights into the Brain Tumor Treatment Market

The North American region is anticipated to dominate the global brain tumor treatment market by accounting for a 34% share in the global market. Owing to increasing incidences of glioblastoma coupled with technological advancements have led to a surge in the North American brain tumor treatment market.

Propelling healthcare infrastructure, greater per capita healthcare spending, and comparatively higher awareness regarding advanced technologies are certain to impact rendering factors. In addition to that, the presence of advanced healthcare facilities and innovative research centers is yet another prominent reason for fueling the demand for brain tumor treatment & therapeutics.

Europe is anticipated to have a significant contribution to this space over the forecast period, which can be attributed to the increasing prevalence of malignant cancers in countries like the U.K. For instance, as per statistics provided by the Office for National Statistics, UK, in 2021, around 11,000 new cases were registered in the region.

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.

♦ 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.

These insights are based on a report on Brain Tumor Treatment Market by Future Market Insights.