A brain tumor is an abnormal and uncontrolled proliferation of cells in the brain. It can be benign or malignant. Brain tumor arises from brain tissue and rarely spreads. The tumor eventually compress and damage other structures in the brain. According to American Brain Tumor Association (ABTA), there are two types of brain tumors – primary and secondary. Primary tumors arises from brain tissue and secondary tumors arises from other parts of the body and spreads to brain. Gliomas are most common type of primary tumors which arises from brain’s glial tissue. Glioblastoma multifome is a fast growing and of higher grade when compared to other tumors. Advanced medications are available to treat the brain tumors. Increasing pharmaceutical R&D spending is expected to provide the lucrative growth for the global brain tumor treatment market over the forecasted period.
Increasing incidence of brain tumor (Glioblastoma) is one of the leading factor driving the growth of the market globally. For instance, as per the American Society of Clinical Oncology (ASCO), brain tumor incidence rate growing at 2.6% compared to the last year. An estimated 22,850 cases diagnosed with primary cancerous tumors of the brain in the U.S. Furthermore, increasing geriatric population is also driving the brain tumor market. Increasing consumer awareness regarding the latest technological advancements in therapies, and medications are responsible for the growth of global brain tumor treatment market.
Increase in incidence rate of brain tumor has fuelled the demand for effective treatment. As such, global companies are spending significant portion of their revenue on R&D to develop novel medications. Many products related to novel drug delivery technologies are lined up for FDA approval. Increasing demand for advance medication to treat brain tumors is expected to fuel overall growth of the market.
Depending upon the geographic regions brain tumor treatment market segmented into seven key regions: Those are North America, Latin America, and Eastern Europe, Western Europe, and Asia pacific excluding japan, Japan, Middle East and Africa. North America and European region is expected to dominate the global brain tumor market throughout the forecast period, owing to increasing incidences of glioblastoma coupled with technological advancements.
Though North America and Europe are expected to lead the market, Asia Pacific is anticipated to witness robust growth. Significant increase in incidence rate of brain tumors along with shifting of locus of economic activity and dynamism to this region is expected to boost the demand for drugs responsible for brain tumor treatment. Latin America and MEA are expected to witness moderate growth during the forecast period. Companies need to capitalize their resources in emerging regions to gain market share in brain tumor treatment market.
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Key players in the brain tumor treatment market are Genetech U.S.A, Bristol Myers Squibb, Hoffmann- La Roche, AstraZeneca plc, Pfizer, Inc., Novartis AG, Antisense Pharma, Merck & Co, Macleods Pharmaceutical Limited, Mankind Pharma, Dr. Reddys Laboratories Ltd.