Fairfield Market Research, a leading market research firm, has recently released its preliminary findings, indicating a promising growth outlook for the global stomach cancer treatment market over the course of the next few years. The rising prevalence of gastric cancer, coupled with advancements in targeted therapy and immunotherapy, as well as the introduction of new drugs, is expected to fuel the expansion of the stomach cancer treatment market.
The World Health Organization (WHO) predicts that incidences of stomach cancer will see a significant increase, reaching 1.24 million cases by 2025. Additionally, Globocan reports that gastric cancer cases were approximately 1.1 million in 2020 and are projected to surpass 1.4 million by the end of 2030. This surge in gastric cancer prevalence has imposed a considerable financial and mental burden on patients, prompting pharmaceutical companies to invest in developing innovative drugs for treatment. The impact of the COVID-19 pandemic further delayed cancer diagnoses and treatments, leading to a rise in cancer spread among patients. As a result, there has been an increased adoption of novel therapeutics for treating gastric cancer, which has, in turn, bolstered the growth of the stomach cancer treatment market.
Targeted therapy has emerged as an efficient approach in the treatment of stomach cancer. By targeting specific genes present in cancer cells, these therapies effectively mark and destroy malignant cells. A significant milestone in the targeted therapy landscape was reached in November 2021 when Japan Pharmaceuticals and Medical Devices Agency (PMDA) approved Merck's KEYTRUDA as a first-line treatment for patients with unresectable, recurrent, or advanced esophageal carcinoma. The increasing cases of cancer, along with the rising popularity of targeted therapies, are expected to drive substantial value growth in the stomach cancer treatment market.
Major pharmaceutical companies are actively investing in research and development activities to produce novel and advanced drugs for treating stomach cancer. Several potential candidates for stomach cancer treatment are in the final stages of clinical trials, and once they receive FDA approval, their global release is anticipated to significantly influence the growth of the stomach cancer treatment market. For example, MacroGenics received Orphan Drug Designation (ODD) from the US Food and Drug Administration (FDA) for its Margetuximab, used in the treatment of gastroesophageal junction and gastric cancer. Furthermore, LintonPharm in China received authorization to proceed with a phase 3 clinical trial to evaluate Catumaxomab for advanced gastric cancer and peritoneal carcinomatosis. The increasing demand for biosimilars in the treatment of stomach cancer is also expected to contribute to the market's growth.
From a value standpoint, North America is anticipated to account for a significant share in the stomach cancer treatment market. The region has witnessed a rise in gastric cancer cases and an increased adoption of advanced targeted stomach cancer therapy. According to the Canadian Cancer Society's 2021 report, approximately 4000 individuals in Canada are expected to develop stomach cancer. Additionally, Globocan reported around 29,772 new stomach cancer cases in North America and around 8804 new cases in Mexico in the year 2020. The availability of superior healthcare infrastructure, favorable government support, and the use of advanced technology in cancer treatment and research centers further bolster the region's position in the market.
Eli Lilly and Company, Celltrion Inc., Pfizer Inc., Merck & Co. Inc., F. Hoffmann-La Roche Ltd., Ipsen Pharma, Jiangsu Hengrui Medicine Co. Ltd., Bristol Myers Squibb Company, Bayer AG, Taiho Pharmaceutical Co. Ltd., and Novartis AG are among the key players in the stomach cancer treatment market. These major players have been implementing various strategies, such as acquisitions, partnerships, collaborations, and new product launches, to gain a competitive edge.
The future of the global stomach cancer treatment market appears to be promising, driven by the rising prevalence of gastric cancer and the growing adoption of targeted therapy. The efforts of pharmaceutical companies in developing novel drugs and the increasing number of pipeline candidates in clinical trials are expected to further propel the market's growth. North America, with its advanced healthcare infrastructure and significant cases of gastric cancer, is likely to lead the charge. As the market continues to evolve, competition among key players is expected to intensify, leading to further innovations in the field of stomach cancer treatment.
What is driving the growth of the stomach cancer treatment market? The growth of the stomach cancer treatment market is primarily driven by the rising prevalence of gastric cancer, increasing adoption of targeted therapy, and the introduction of new drugs for treatment.
How does targeted therapy work in treating stomach cancer? Targeted therapy involves targeting specific genes present in cancer cells, making it easier to mark and destroy those cells, resulting in more efficient cancer treatment.
Which region is expected to lead the global stomach cancer treatment market? North America is likely to lead the global stomach cancer treatment market due to its superior healthcare infrastructure, government support, and increasing adoption of advanced targeted therapies.
What are some of the major players in the stomach cancer treatment market? Key players in the stomach cancer treatment market include Eli Lilly and Company, Celltrion Inc., Pfizer Inc., Merck & Co. Inc., and F. Hoffmann-La Roche Ltd., among others.
What strategies are companies adopting to gain a competitive advantage in the market? Companies are implementing strategies such as acquisitions, partnerships, collaborations, and new product launches to gain a competitive edge in the stomach cancer treatment market.
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