Malignant Mesothelioma Market Poised for 7.6% CAGR Growth, Expected to Surpass $1.16 Billion by 2034

Increasing Investments in Clinical Studies by Key Players Augmenting the Malignant Mesothelioma Market Growth. Fact.MR Report

The global malignant mesothelioma market is estimated to attain US$ 561.9 million in 2024 and expand at a promising 7.6% CAGR through 2034. The market is forecast to reach a valuation of US$ 1,164.9 million by 2034.

Rising cases of malignant mesothelioma among people exposed to asbestos for a long duration are increasing the market demand for malignant mesothelioma therapeutics. The surging geriatric populace, which is highly susceptible to this cancer, is also favoring the market growth.

Heightened emphasis on the creation of more advanced and effective cancer treatment methods is also projected to fuel market growth. Further, players are expected to continue investing in research studies to make efficiencies in their product offerings. Industry contenders are also focusing on obtaining product approvals for their drugs/ medications to increase their revenues.

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Key Takeaways from the Malignant Mesothelioma Market Study:

• The malignant mesothelioma market size was US$ 387.5 million in 2019. The market in North America is estimated to capture a 37% global share in 2024. The region is forecast to attain a valuation of US$ 389 million by 2034, recording a CAGR of 6.5% throughout this decade.
• Latin America, in contrast to North America, is projected to acquire a meager 11.9% in 2024. The region is, however, expected to observe considerable cases of malignant mesothelioma, which is anticipated to raise demand for treatment and clinical trials for the same. Thus justifying its 9.4% CAGR through 2034.
• Pemetrexed and combination drugs are the leading drug types, which are estimated to acquire a market share of 49.8% in 2024. Additionally, it is a commonly opted drug type for malignant mesothelioma, which is likely to register a CAGR of 7.8% through 2034. The parenteral route of administration is forecast to obtain a share of 92.3% by 2034.
• People frequently purchase medication for malignant mesothelioma from hospital pharmacies, making it a leading distribution channel. This segment is estimated to occupy 51.3% market share.

”Market players are expected to find high growth prospects in developing countries of East Asia and Latin America. As a result, they are predicted to focus on cost-efficiency and value-based offerings," says a Fact.MR analyst.

Growing Research and Development Efforts Expanding Malignant Mesothelioma Market

Major pharmaceutical companies are making substantial investments in research and development to introduce targeted therapies aimed at specific molecules and pathways involved in the growth and spread of cancer cells. These advancements are fostering a positive outlook for malignant mesothelioma treatments. Additionally, the adoption of high-resolution CT scanning for detecting abnormalities in affected body parts is further accelerating market growth.

Challenges Hindering Malignant Mesothelioma Drug Adoption

The high cost of malignant mesothelioma treatment remains a significant challenge, limiting accessibility in regions with moderate income levels. Many patients struggle to afford these expensive medications, reducing their adoption. Furthermore, the low survival rate associated with existing treatment options—typically five years or less—dampens demand, as patients and healthcare providers seek more effective solutions with better prognoses.

Key Factors Driving Malignant Mesothelioma Market Growth

The rising consumption of tobacco and cigarettes, often used as a stress-relief mechanism, has been identified as a primary factor contributing to the increasing prevalence of malignant mesothelioma. Growing health awareness among individuals has led to a surge in early screenings and precautionary measures, fueling the demand for diagnostic and treatment options.

Additionally, an increasing number of regulatory approvals for combination therapies is expected to propel market expansion. Pharmaceutical firms are actively collaborating with research organizations to evaluate the impact of combination drug therapies on malignant mesothelioma. Several companies are also conducting extensive clinical trials to explore innovative treatment approaches due to the limited availability of patented techniques. These collective efforts are expected to drive advancements in malignant mesothelioma therapeutics, shaping the future of the market.

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Competitive Landscape

Focus areas of key players include novel drug development, enhancement of existing therapies, and market expansion. To expand their market size, leading companies are employing strategies like acquisitions, mergers, partnerships, and collaborations.

Leading companies are playing a crucial role in raising public awareness about early detection, risks associated with mesothelioma, and treatment options to meet rising patient demand for therapeutic and diagnostic products.

Recent Developments Shaping the Malignant Mesothelioma Market

• Polaris Group, a biopharmaceutical MNC that concentrates on the research and development of novel biological medications for cancer as well as other metabolic disorders, showcased data from the Phase 2/3 ATOMIC Study in April 2022. The study included a randomized, multicenter, double-blind, and placebo-controlled trial of ADI-PEG 20, along with Cisplatin and Pemetrexed in patients with unresectable MPM, short for Malignant Pleural Mesothelioma, with sarcomatoid or biphasic histology.
• Merck & Co., in March 2023, declared positive results from a phase 2/3 study, which was conducted for anti-PD-1 therapy Keytruda along with chemotherapy among patients suffering from malignant pleural mesothelioma.

More Valuable Insights on Offer

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