Bone Cancer Market size is valued at $ 1,223M by 2019, and is anticipated to grow at a CAGR of 5.4% during the forecast period 2020-2025. The Bone Cancer Market growth rate is attributed to the rise in prevalence of cancer is generating high demand for effective medications and treatments in the global market. Bone cancer can be benign or malignant. Persistent bone pain, lump over bones, and weakness of bones are some of the common symptoms for the disease. If such symptoms remain unchecked, then bone cancer become life-threating. Thus, timely diagnosis and treatment of the disease is crucial. This provides the developmental backgrounds for market growth. From improvement’s made to enhance timely diagnosis and treatment, in order to increase the survival rate to many governmental organizations taking initiatives to increase awareness about bone cancer is anticipated to propel the Bone Cancer Market during the forecast period 2020-2025.
- North America dominated the Bone Cancer Market with a share of 37% in the year 2019.
- The factors such as rising awareness amongst the population for bone cancer coupled with increase in medical infrastructure and advancement in technologies are amongst the major factor projected to impel growth of Bone Cancer Market.
- Favorable reimbursement policies, increasing healthcare expenditure, rising R&D investments by the market key players are the key factors owing to the growth in the segment during forecast period 2020-2025.
Bone Cancer Type – Segment Analysis
Primary bone Cancer (Sarcomas) segment held the largest share in the market over Secondary Bone Cancer as it classified into various types amongst which osteosarcoma is the mostly common type affecting the bones owing to its high prevalence amongst the children and teenagers. Also the cells causing it is further classified into high intermediate and low-grade depending on the ways of treatment. In adults, over 40% of primary bone cancers are caused by chondrosarcomas According The American Cancer Society’s estimates for cancer of the bones and joints for 2020 revealed that over 56% of the osteosarcoma affected are amongst the children and teenagers. Furthermore, R&D are being performed at various medical centers and other institutions across the globe owing to the high prevalence of various types of primary bone cancers.
Therapies Type- Segment Analysis
On the basis of therapy type, chemotherapy segment held the major share of the market in terms of revenue and is estimated to grow with a CAGR of 4.3%. The reason is attributed to the presence of FDA approved drugs. Chemotherapy of Bone Cancer is believed to rise effectively as researchers are also looking and testing for new chemo drugs, and trying to find better ways to use the drugs that already present. Furthermore, as bone cancer is amongst some of the most common cancer types and doctors are trying to find out chemo drugs that might reduce the side effects by studying the way the brain develops and works as the survivors grows older which is anticipated to further expand the consumption rate over the projection period of 2020-2025.
By Geography – Segment Analysis
North America dominated the Bone Cancer Market with a share of 39% in 2019. The application of Bone Cancer has grown rapidly over the last few years owing to the growing awareness amongst the doctors and mostly, because in the U.S. many clinical trials are underway for the bone cancer therapies while most of them are for finding new chemo drugs. According to the estimates by American Society of Clinical Oncology, the United States witnessed 3,450 new cases of bone cancer, and an unexpected 1,590 deaths due to bone cancer in the year 2018. Doctors and researchers are also trying to find out new ways to use the existing approved drugs like, addition of bisphosphonate called zoledronic acid (Zometa) to the bone cement, used in filing the space left after a giant cell tumor that decreases the chances of a tumor returning back to that place are to cater the Bone Cancer Market in the forecast period of 2020-2025.
Drivers – Bone Cancer Market
- Rising demand for target based therapies
There is a rise in demand of for novel target based therapies with the rapid technological advancements and progress in diagnosis and treatment techniques aided with increase in public awareness regarding bone cancer. Furthermore, with increasing investments by multinational companies in R&D is to act as a Bone Cancer key driver of the market during the forecast period 2020-2025.
Challenges – Bone Cancer Market
- High initial capital and maintenance cost
The major challenge for the market is the high cost of diagnosis and treatment of bone cancer. The Lack of expertise and inadequate knowledge about bone cancer in some developing countries which are unable to expense on R&D associated with discovery and development of novel therapies is the major problem which might act as a hinder to the market growth.
Bone Cancer Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Bone Cancer Market. In 2019, Bone Cancer Market is fragmented by the top ten players present in the market. Bone Cancer Market top 10 companies are Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co. Inc., Bayer AG, Bristol-Myers Squibb Company, Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd and others.
- In October 2, 2019 Q BioMed announces legal settlement and acquisition of FDA approved Non-Opioid Metastatic Cancer pain drug Strontium-89 Chloride USP, for the treatment of metastatic bone cancer pain.
- In May 18,2020 Astra Zeneca and Daiichi Sankyo Company Limited has been granted Breakthrough Treatment Designation in the U.S. for the treatment of metastatic non-small cell cancer.
- In May 13, 2020 The Janssen Pharmaceutical Companies of Johnson & Johnson announced the results of the pivotal phase III ERLEADA® (apalutamide) with significantly Improved overall survival, used in patients with Non-Metastatic Castration-Resistant Prostate Cancer.