Bone Cancer Treatment Market Expected to Reach $1.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bone Cancer Treatment Market," The bone cancer treatment market was valued at $1.2 billion in 2021, and is estimated to reach $1.8 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

When a tumour, or abnormal mass of tissue, develops in a bone, it results in bone cancer. It appears when abnormal bone cells multiply uncontrollably. Bone tumors are typically benign (not cancerous). Mostly, benign tumors do not pose a threat to life and do not spread to other bodily regions. There are numerous treatment methods available depending on type of tumor, ranging from straightforward observation through tumor removal surgery.
Some bone tumors are malignant (cancerous). Malignant bone tumors can metastasize or cause cancer cells to spread throughout the body. In almost all cases, treatment for malignant tumors involves a combination of chemotherapy, radiation, and surgery. Chemotherapy, radiation therapy, and surgery are virtually always used in the management of malignant tumors. While they can develop at any age, they are more common in children, teenagers, and young adults than in older adults.
Major factors that drive growth of the market are increase in patient population of the bone cancer. Bone cancer is occurring in adults, children and teenagers as well. In addition, many government are taking initiatives to create awareness among people about bone cancer treatment and escalating demand for healthcare services is expected to majorly drive the market growth.
Furthermore, many organizations have invested in R&D activities to develop and launch new products. In past few years, there has been an increase in product innovation and product launch and are the leading bone cancer treatment market trends. Thus, increase in product launch is expected to flourish the market growth. Many organizations are signing agreement for efficient supply and manufacturing of bone cancer drugs. For instance, in August 2021 Cellectar Biosciences, Inc announced its agreement with Evergreen Theragnostic, it has entered into a commercial manufacturing and supply agreement with Evergreen to provide long term commercial supply of iopofosine I-131 and supply of clinical study material for Cellectar’s pivotal study in Waldenstrom’s macroglobulinemia (WM). The agreement adds second manufacturer and expands Cellectar’s current supply capabilities.
Surge in healthcare, industrial development, and investments from developed countries in Asia-Pacific, along with rise in awareness is anticipated to positively impact the bone cancer treatment industry during the forecast period. However high treatment and diagnostic costs associated with treatment of bone cancer is expected to hamper the bone cancer treatment industry growth.
By type, the bone cancer treatment market size is segmented into osteosarcoma, chondrosarcoma, Ewing sarcoma, and others. The osteosarcoma segment generated maximum revenue in 2021, and is expected to continue this trend throughout the forecast period, owing to increase in osteosarcoma cases and surge in product development for this type of cancer.
Depending on drug type, the bone cancer treatment market analysis is divided into immunotherapy & targeted therapy and chemotherapy. The immunotherapy & targeted therapy segment dominated the market in 2021, and is expected to continue this throughout the forecast period, owing to identification of molecular targets of cancer cells and less harmful effects on health.
Depending on distribution channel, the bone cancer treatment market size is divided into hospitals pharmacies, drug store & retail pharmacies, and online provider. The hospital pharmacies segment dominated the market in 2021, as they offer precise drug according to status of disease. The online provider segment is expected to witness highest CAGR during the forecast period, owing to increase in trend of online sales and related discounts
North America accounted for a majority of the global bone cancer treatment market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in bone cancer treatment techniques and presence of key and robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, in bone cancer treatment market forecast owing to rise in bone cancer cases, development of healthcare infrastructure and increase in investment projects in the region.

 Key findings of the study
•    By type, the osteosarcoma segment was the highest contributor to the market in 2021.
•    By drug type, the immunotherapy & targeted therapy segment was the highest contributor to the market in 2021.
•    Depending on distribution channel, the hospital pharmacies segment was the highest contributor in 2021, and is expected to continue this trend during the forecast period.
•    Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.