Glioblastoma multiforme (GBM) is the most aggressive and common type of primary brain tumor in adults. GBM tumors are highly invasive and widespread throughout the brain, which makes complete surgical removal virtually impossible. Currently, the standard of care for newly diagnosed GBM involves maximal safe surgical resection followed by radiotherapy and temozolomide chemotherapy. However, the median survival for patients with GBM remains at only 12-15 months with current therapies.
The glioblastoma market is estimated to be valued at USD 1.15 Bn in 2024 and is expected to reach USD 2.74 Bn by 2031, growing at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2031.
Key Takeaways
Key Players: Key players operating in the glioblastoma market are F. Hoffmann-La Roche Ltd, Merck & Co., Inc., Arbor Pharmaceuticals, Pfizer Inc., AbbVie Inc., Bristol-Myers Squibb Company, Sun Pharmaceutical Industries Ltd, Teva Pharmaceutical Industries Ltd., and Amgen Inc.
Key Opportunities: The development of novel targeted therapies and immunotherapies offer promising opportunities in the Glioblastoma Market. Research into tumor treating fields (TTFields) therapy is also giving hope of improving survival rates. Adoption of combinational therapies bringing synergies from multiple treatment modalities will further drive the market.
Global Expansion: Rising geriatric population across world increasing the risk of brain tumor diagnosis. Additionally, growing healthcare expenditure in emerging nations of Asia Pacific and Latin America creating new revenue pools for glioblastoma drug manufacturers globally.
Market Drivers
The rising geriatric population is a major driver for the glioblastoma market. Age is the strongest risk factor for glioblastoma, with the average age at diagnosis being 64 years. With increasing life expectancy worldwide, the number of elderly individuals is projected to surge significantly in the coming decades. This would correspondingly raise the prevalence of glioblastoma as well. Therefore, the growing senior population base is expected to propel demand for glioblastoma treatments over the forecast period.
PEST Analysis
Political: Regulations for healthcare and drug approval are becoming more stringent to ensure patient safety. This impacts development timelines and costs for new glioblastoma therapies.
Economic: Rising healthcare costs are a concern for many countries. Governments explore ways to provide access to effective treatments while containing overall medical spending.
Social: Growing awareness about brain cancers increases demand for more treatment options. People look for minimally invasive procedures and personalized medicines for better quality of life.
Technological: Advancements in areas like gene sequencing, targeted drug delivery and immunotherapy offer hope. Combination therapies that cut tumors from multiple angles show promise. Further research combines technologies for improved outcomes.
Geographical Regions with High Market Value
Currently, North America accounts for the largest share of the global glioblastoma market value due to advanced healthcare infrastructure and higher affordability in countries like the US. Greater awareness and faster adoption of new therapies contribute to this region's prominence. Europe is another major revenue generator with widespread insurance coverage and a large population base. Parts of Asia Pacific are emerging rapidly as healthcare sectors expand in countries such as Japan, China and India.
Fastest Growing Region
Asia Pacific shows potential as the fastest growing region for the glioblastoma market in the future. Rapid economic development, growing private healthcare expenditure, increasing medical tourism and huge patient pools present significant opportunities. Widespread health insurance schemes are improving access to premium treatments. Additionally, greater collaborations between global pharmaceutical companies and local Asian players will help introduce innovative therapies sooner in this region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
