Market Trends of Oncology Based In-Vivo CRO Industry
This section covers the major market trends shaping the Oncology based In-Vivo CRO Market according to our research experts:
Solid Tumor Segment is Expected to Hold the Largest Market Share in the Oncology Based In-Vivo CRO Market
A solid tumor is an abnormal clump of cells containing no liquid or cyst. The major factors responsible for this segment's growth include new product approvals in ovarian, pancreatic, and prostate cancers and increasing government initiatives for cancer awareness. In addition, the other crucial driving factor is the increasing incidence of cancer. For instance, cancer has a significant impact on societies across the world. Increasing cancer cases is one of the key factors in market growth. The most common cancers in 2021 were breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, bladder cancer, melanoma of the skin, non-Hodgkin lymphoma, thyroid cancer, kidney and renal pelvis cancer, leukemia, endometrial cancer, pancreatic cancer. Cancer rates could increase by 50% to 15 million new cases by 2021, according to the World Cancer Report. Growing cancer is expected to increase the demand for therapies as the high burden of disease is fueling the demand for outsourcing drug development activities which is further expected to boost market growth during the forecast period. It also provides clear evidence that healthy lifestyles and public health action by governments and health practitioners could prevent this trend and prevent as many as one-third of all cancers worldwide. The American Cancer Society, the leading body in cancer stats and figures, reports 1,685,210 estimated new cancer cases and 595,690 deaths, due to cancer in 2021, in the United States. Hence, the increasing number of patients is expected to drive the market during the forecast period.
Similarly, various research studies provide insight into the use of therapies on solid tumors. For instance, a research report published in the National Library of Medicine in May 2022 stated that recently established methodologies had shown that it would be possible to get around the study's biological limitations and boost CAR-T therapy's efficacy and safety for solid tumors. Similarly, a research study published in the Journal of Parental and Enteral Nutrition in May 2022 shows solid tumors with esophageal cancer, urothelial cancer, cholangiocarcinoma, prostate cancer, sarcomas, and thyroid cancer all had a prevalence of sarcopenia greater than 50%. Sarcopenia was present in between 35% and 50% of cases of head and neck squamous cell carcinoma, pancreatic cancer, lung cancer, renal cell cancer, and ovarian cancer. Low skeletal muscle mass was prevalent in about 35% of colorectal cancer, gastric cancer, hepatocellular cancer, and breast cancer. Sarcopenia was commonplace in both the curative and palliative settings, at 39.6% and 49.2%, respectively. Increasing sarcopenia requires treatment which is expected to increase the demand for the outsourcing of drug development and increase the market growth during the forecast period.
Thus, the abovementioned factors are expected to increase market growth during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall oncology-based In-Vivo CRO market, throughout the forecast period owing to the increased adoption of cancer therapy and the growing burden of cancers in the United States. According to the Globocan 2021 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2021, with nearly 612,390 deaths. In 2021, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States. Increasing cancer cases are expected to increase the adoption of various cancer therapies which is expected to increase the growth of studied market in the region.
Additionally, the high concentration of key players in North America, increasing FDA approvals strategic alliances, and high investment in research and development activities are expected to boost the market in the region. For instance, in November 2021, Merck & Co. Inc entered into a definitive agreement to acquire Velosbio Inc., which is a privately held clinical-stage biopharmaceutical company committed to developing first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). Similarly, in March 2021, Johnson and Johnson received the US FDA Breakthrough Therapy Designation for JNJ-61186372 (JNJ-6372) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC).
Thus, given the aforementioned factors, the cancer based in-vivo CRO market is expected to grow significantly over the forecast period in North America.
