WILMINGTON, DE / ACCESSWIRE / July 4, 2023 / Transparency Market Research Inc. - The global glioblastoma multiforme (GBM) treatment market was valued at US$ 1.61 Bn in 2020 and is expected to to hit US$ 3.72 Bn by 2028. It is projected to expand at a CAGR of 8.1% during the forecast period from 2021 to 2028.
Increase in incidence of chronic GBM, improved regulatory support for early approval of therapeutics, increase in research funding, and rise in government support are fueling the GBM treatment market. According to statistics of the Centers for Disease Control and Prevention, the occurrence of GBM ranges from 0.59 to 5 in every 100,000 individuals, and this rate is increasing in several countries across the globe. This rate of occurrence of GBM indicates that the demand for treatment is expected to rise exponentially, which in turn, is likely to fuel market development.
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Furthermore, increase in prevalence of brain and nervous system cancers is propelling the GBM treatment market. Several pharma companies are undertaking R&D on generic products, for the treatment of glioblastoma, and thus boosting their glioblastoma multiforme treatment market share.
Key Findings of Report
Investments in Drug Development Fueling Market Value -GBM is a potentially life-threatening autoimmune disease, therefore pharmaceutical companies are engaging in R&D for drug development and other therapeutic innovations. They are leveraging government stimulus packages in order to keep economies running.
During COVID-19, pharma companies worked at breakneck speeds to ensure robust supply of life-saving medications, therapeutics, and other drugs at hospitals, clinics, and ambulatory surgical centers. Healthcare stakeholders in the GBM treatment strived to ensure the availability of chemotherapy and radiation therapy for uninterrupted treatment of the condition during the pandemic.
Collaborations between Pharma Companies and Universities Attract Funding from International Cancer Organizations - Glioblastoma multiforme is the most common and aggressive form of brain cancer; however, it has poor medical outcomes, as it progresses rapidly in the human body. This is triggering the need for high investment in R&D activities. However, high mortality and morbidity rates of GBM are deterring small and mid-sized healthcare companies from entering the market. These companies should partner with large pharma companies or major healthcare institutions to leverage their resources and capital power.
On the other hand, pharma companies in the GBM treatment market are expected to collaborate with researchers from universities to accelerate the drug development of glioblastoma multiforme. They are entering into strategic alliances with research institutions for the clinical development of radiopharmaceutical therapy. Such collaborations are prompting international cancer organizations to fund R&D activities for the treatment of glioblastoma multiforme.
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Growth Drivers
- Rise in occurrence of chronic glioblastoma multiforme, increase in research funding, and rise in government support are fueling the glioblastoma multiforme treatment market
- Increase in approvals for novel therapeutics is augmenting market growth
Regional Landscape
North America accounts for significant share of the GBM treatment market. Favorable regulatory framework in the U.S. is boosting market development in the region. Cutting-edge and advanced healthcare infrastructure in the U.S. is aiding the development of drug repurposing for the treatment of glioblastoma multiforme. Major healthcare companies are optimistic about investments in R&D to increase the availability of novel drugs and other therapeutics across the region.
Furthermore, favorable regulatory environment, which facilitates the development and early approvals of GBM medications, is fueling the GBM treatment market in North America. Therefore, North America is projected to be a key region of the global glioblastoma multiforme treatment market in the next few years.
Competitive Analysis
The glioblastoma multiforme treatment market is considerably consolidated, with the top 10 players controlling majority of market share. Large companies are focusing on R&D activities to develop improved drugs and other therapeutics for the condition.
Key players in the glioblastoma multiforme treatment market include AbbVie Inc., Agenus Inc., Bristol-Myers Squibb Company, Celldex Therapeutics Inc., Cortice Biosciences Inc., F. Hoffmann-La Roche Ltd., OncoSynergy, Activartis GmbH, Arog Pharmaceuticals Inc., Cavion LLC. CTI BioPharma Corporation, Eisai Co. Ltd., Peregrine Pharmaceuticals Inc., Exelixis Inc., and Merrimack Pharmaceuticals Inc.
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The global glioblastoma multiforme treatment market is segmented as follows;
Global Glioblastoma Multiforme Treatment Market, by Treatment
- Radiation Therapy
- Chemotherapy
- Temozolomide
- Bevacizumab
- Carmustine
- Other Types of Chemotherapy
- Other Treatments
Global Glioblastoma Multiforme Treatment Market, by End-user
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Global Glioblastoma Multiforme Treatment Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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