The Solid Tumor Market in Europe is estimated to hike at a robust CAGR during the forecast period.
The proliferation of lung cancer is majorly driving the solid Tumor market in Europe. Also, the increasing prevalence in the female population, unhealthy lifestyles, and hormonal imbalances during the menstrual cycle are fuelling the solid tumor market growth in the European region.
In addition, the growing awareness, increasing disposable income, and rising demand for cancer treatment are further uplifting the market growth. On the other hand, growing investments and funding by the government and private organizations on research and development activities are expected to provide lucrative growth opportunities for the market players.
Chemotherapy had the most significant share in the therapy sector for solid tumor cancer treatment in 2020, owing to the availability of a generic form at a low cost, which has increased its popularity in cancer treatment. It is used to treat tumors in various human body parts, either alone or in combination.
Furthermore, biological molecules like immunotherapy and targeted therapy are gaining popularity in cancer treatment due to their superior pharmacodynamic properties, ensuring minimal side effects and maximum therapeutic efficiency. As a result, a good reimbursement environment boosts the demand for cancer therapy even more. In addition, other factors such as increasing healthcare spending, improving healthcare infrastructure, and initiatives by the government through medical tourism are uplifting the market growth. Moreover, the new product approvals in ovarian cancer, prostate cancer, and pancreatic cancer dominate the market growth.
However, the high cost of cancer therapy, rising volume of generic therapeutic products, and surge in drug patent cliff are hampering the market growth.
This research report on the European solid tumor market has been segmented and sub-segmented into the following categories:
Regionally, Europe had the second-largest share of the global solid tumor market in 2020, and it is anticipated to grow significantly during the forecast period. This is because the European Medical Agency (EMA) provides a favorable regulatory environment for the development and distribution of pharmaceuticals used to treat solid tumor cancer, which accounts for 30.2 percent of the market. The regional market growth is attributed to the increasing healthcare spending, availability of advanced healthcare infrastructure, and favorable reimbursement policies. The major growth contributors in the region are Germany, the UK, Italy, France, and Spain.
Germany accounted for the largest share of the European Solid Tumor market in 2020, and it is projected to record a predominant share during the forecast period. Increasing cancer awareness, rising investments for advanced treatment procedures, and technological advancements in the healthcare sector are propelling the market growth.
On the other hand, the UK is most likely to showcase a significant share in the European Solid Tumor market during the forecast period. The market growth is contributed by Unhealthy lifestyles, increasing prevalence of hormonal imbalances in the female during the menstrual cycle, and growing healthcare expenditure by government and individuals.
Furthermore, the emerging countries in the region, such as Italy, France, and Spain, are estimated to contribute a substantial share to the European regional market growth. Breast, colorectal, liver, and lung cancers are the primary causes of cancer deaths across these countries. Growing demand for effective chemotherapeutics agents and supportive government policies are expected to fuel the Solid Tumor market growth.
KEY MARKET PLAYERS:
Companies playing a dominating role in the European Solid Tumor Market profiled in this report are Baxter International, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Eli Lilly and Company, AstraZeneca plc, Abbott Laboratories, Inc., Amgen, Inc., Biogen Idec, Inc., Boehringer Ingelheim GmbH, Johnson & Johnson, GlaxoSmithKline plc, Kyowa Hakko Kirin Co., Ltd., and Sanofi among others.
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