The global Glioblastoma Multiforme Treatment Market size is expected to reach USD 4.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.8% from 2021 to 2028. Some of the key players of this industry are Merck & Co., Inc., Amgen, Inc., F. Hoffmann-La Roche Ltd., Pfizer Inc.The market is driven by the rising prevalence of the disease and increasing approval for novel therapy and combination therapy.
In recent years, the industry has been growing rapidly owing to the introduction of innovative products and rising interest of major pharmaceutical companies in the market due to favorable guidelines and rising incidence of the disease. For instance, companies such as Bristol Myers Squibb; CNS Pharmaceuticals, Inc.; and Bayer have novel products in the pipeline for glioblastoma multiforme. These products are likely to boost competitive rivalry in the market in the coming years.
Moreover, companies are collaborating to develop novel treatments. For instance, in October 2019, Advaxis, Inc., a clinical-stage biotechnology company, announced a research collaboration agreement with the University of California for the development and commercialization of novel immunotherapy by using the company’s Lm Technology in mouse tumor models of glioblastoma multiforme. An increase in collaborations between researchers and market players is expected to boost the development of novel and effective treatment options for glioblastoma multiforme.
Existing companies are willing to acquire new companies with pipeline products to diversify their product portfolio. For instance, in May 2019, Merck announced the upfront USD 1.1 billion acquisition of Peloton Therapeutics, which grants it access to the PT2977 under trial glioblastoma drug. This acquisition is likely to strengthen its pipeline and improve its future revenue-generation ability.
Various initiatives undertaken by the governments and non-government bodies across the globe to increase awareness by educating people living with glioblastoma multiforme and raising funds for R&D activities and treatment are expected to fuel the glioblastoma multiforme (GBM) treatment market growth during the forecast period. For instance, Ping Mobile, a mobile messaging platform, has launched a mobile campaign to increase awareness about brain cancer. This helps in raising awareness about glioblastoma multiforme and motivating people to donate money for glioblastoma multiforme research activities.
Organizations such as the National Brain Tumor Society, Brain Tumour Foundation of Canada, and Cure Brain Cancer Foundation are also involved in many awareness campaigns to raise awareness among people about the condition. In the U.K., March is Brain Tumor Awareness month, a campaign established by member charities of Brain Tumor Research. The main aim of the campaign is to spread awareness about the lack of funding for brain tumor research, and it helps people understand brain tumors and their treatment. Moreover, Novocure undertook many activities to spread awareness about glioblastoma multiforme during Brain Tumor Awareness Month.
Related Press Release@ Glioblastoma Multiforme Treatment Market Report
Glioblastoma Multiforme Treatment Market Report Highlights
- Based on treatment, in 2020, radiation therapy held the largest share owing to various benefits associated with it such as improved survival rate and effectiveness
- By drug class, the others segment led the market in 2020 owing to the high number of prescriptions. The segment includes everolimus, corticosteroids, and 5-aminolevulinic acid (5-ALA)
- The hospitals end-use segment dominated the market in 2020 and the trend is expected to continue during the forecast period. Hospitals are preferred by patients in terms of treatment accessibility and convenience
- Asia Pacific is projected to witness the fastest growth during the forecast period owing to the presence of large unmet needs in the market and the growing awareness about glioblastoma multiforme
- North America dominated the market in 2020 due to favorable reimbursement policies and the presence of major players in the region