Global Gastrointestinal Stromal Tumors Therapeutics Market 2019-2023

About this market

The gastrointestinal stromal tumors therapeutics market has witnessed an increase in the use of therapeutics. The demand for therapeutics is expected to increase owing to the increasing advances in the research of targeted checkpoint inhibitors such as programmed cell death protein 1 (PD-1) inhibitors and cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) inhibitors. For instance, the market is expected to benefit significantly from the anticipated launch of KEYTRUDA, a novel PD-1 inhibitor by Merck, during the first half of the forecast period. The drug has shown superior efficacy in the clinical stages for the treatment of gastrointestinal stromal tumors. Also, these drugs are already approved for other indications and have been maintaining a blockbuster status. This would help these drugs to penetrate fast in the global gastrointestinal stromal tumors therapeutics market after their approval and launch, thereby increasing the adoption of therapeutics during the forecast period. analysts have predicted that the gastrointestinal stromal tumors therapeutics market will register a CAGR of over 6% by 2023.

Market Overview

Increasing awareness campaigns

Gastrointestinal stromal tumors are a rare type of cancer; hence, the awareness of the disease is deficient among the people. As a result, the diagnosis of the indication is often delayed until the late stages due to the lack of knowledge of the symptoms, which is leading to an increase in the challenges with the treatment. Therefore, the morbidity of the disease is high. To overcome this challenge, various organizations are conducting awareness campaigns at both regional level and global level. For instance. The Life Raft Group is a non-profit organization that focuses on providing information, educating medical professionals, and providing support to conduct innovative research for the treatment of gastrointestinal stromal tumors. The organization aims at reducing the time between the first appearance of the symptom to the diagnosis of the disease and between the diagnosis and the treatment. Similarly, the GIST Cancer Research Fund is another organization that is actively involved in increasing the awareness of the indication in the US. Hence, the growth in the number of awareness campaigns is leading to the increasing diagnosis of the disease during the early stages, which is resulting in more patients undergoing treatment on time, thus driving the market growth.

High treatment costs

A significant share of the global gastrointestinal stromal tumor’s therapeutics market is dominated by specialty drugs such as GLEEVEC, STIVARGA, and SUTENT. These drugs are priced very high when compared with traditional chemotherapy drugs due to their ability to target multiple proteins. Most of the patients, who do not have health insurance or access to patient assistance programs by vendors or governments, cannot afford the treatment using these drugs, which reduces the patient adherence and poses a challenge to the market growth. Also, the expected launch of various biologics is likely to increase the costs of treatment during the forecast period. The complex manufacturing process and high R&D costs of biologics often lead to vendors offering these drugs at a high price. These high treatment costs using therapeutics are expected to be one of the significant challenges to market growth during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the gastrointestinal stromal tumor’s therapeutics market during 2019-2023, view our report.

Competitive Landscape

The market appears to be moderately concentrated. The presence of a few companies, including Bayer AG and Bristol-Myers Squibb Co. makes the competitive environment quite intense. Factors such as the growing geriatric population and the increasing awareness campaigns will provide significant growth opportunities to the gastrointestinal stromal tumors therapeutics companies. Merck & Co. Inc., Novartis AG, and Pfizer Inc. are some of the major companies covered in this report.