Chordoma Disease Therapeutics Market Analysis (2020-2027)
Chordoma is a rare type of cancer, which occurs in the spine region or from the base of the skull to the tailbone. Chordoma is included in a group of malignant bone and soft tissue tumors called sarcomas. Chordomas are the most common tumor of the sacrum and cervical spine.
Chordoma tumors can press the spine, brain, and nerves as they grow causing nerve problems such as tingling, numbness, weakness, lack of bladder or bowel control, sexual dysfunction, vision problems, endocrine problems, and swallowing difficulties.
Chordomas are generally treated depending upon its location, size, and appearance. However, even after the initial surgical treatment, chordomas may regrow or spread in other parts of the body. Chordomas are most commonly spread to the bones, lungs, liver or lymph nodes. The treatment options include surgery, radiation therapy, targeted therapy, and chemotherapies in advanced stages. The most frequently used treatment is targeted therapy, where the drugs specifically target cancerous cells.
The global chordoma disease therapeutics market size is expected to be valued at US$ 5,296.31 million in 2020 and is expected to exhibit a CAGR of 6.7% over the forecast period (2020-2027).
Figure 1. Global Chordoma Disease Therapeutics Market Value (US$ Mn), by Region, 2020
Increasing drug approvals for chordoma treatment is expected to propel the market growth over the forecast period
Increasing drug approvals from regulatory authorities for the treatment of chordoma is expected to drive growth of the chordoma disease therapeutics market over the forecast period. For instance, in May 2018, Bavarian Nordic A/S, a pharmaceutical company, received orphan drug designation from the U.S. Food and Drug Administration (FDA) for BN-Brachyury, a novel cancer vaccine indicated for the treatment of chordoma.
Figure 2. Global Chordoma Disease Therapeutics Market Share (%), by Drug Class, 2020
Increasing adoption of strategies such as mergers, agreements, and collaborations by key players is expected to drive the market growth over the forecast period
Market players are focused on adoption of inorganic growth strategies such as collaborations and agreements to strengthen their position in the chordoma disease therapeutics market. For instance, in January 2019, Biothera Pharmaceuticals entered into a licensing agreement with Cipla Limited for its potential bevacizumab biosimilar, BAT1706. Through this agreement, Cipla Limited received the rights to distribute and market the biosimilar in emerging markets.
Chordoma Disease Therapeutics Market Restraint
Chemotherapeutic drugs approved for the treatment of chordoma are not always effective and have several side effects such as nausea, headache, and hair loss, which is expected to restrain the market growth over the forecast period. Also, low prevalence of the disease and limitations associated with the treatment are factors affecting the market growth, followed by the high cost of diagnosis, treatment, and research & development.
Global Chordoma Disease Therapeutics Market – Impact of Coronavirus (Covid-19) Pandemic
Treatment options of cancer such as chemotherapy can weaken the immune system of cancer patients and increases the risk of getting infected. Hence, people suffering from cancer such as chordoma are at higher risk of developing serious complications due to COVID-19 disease. However, considering the criticality of the chordoma disease it has been recommended by the regulatory authorities to not delay of postpone the chemotherapy or immunotherapy for the treatment of chordoma disease.
Healthcare providers are adopting telehealth solutions to conduct their services for cancer patients while maintain the social distancing to combat COVID-19 pandemic without compromising the health of cancer patients. Patients can arrange virtual appointments with their doctors for consultations. Healthcare providers are taking following measures to reduce the spread of COVID-19 infection.
· Hospitals have restricted entries of visitors and only emergency cases are being handled.
· A screening for possible symptoms of COVID-19 is being performed for all the people who are entering the hospitals.
· Healthcare givers are encouraging patients to conduct patients’ schedule appointments via telemedicine platforms.
Key Players
Major players operating in the global chordoma disease therapeutics market include GlaxoSmithKline Plc, Bavarian Nordic A/S, Boehringer Ingelheim International GmbH, Pfizer, Inc., Merck & Co., Inc., Sanofi SA, Astellas Pharma Inc., AstraZeneca plc, Amgen, Inc., Bristol-Myers Squibb and Company, Novartis International AG, Bayer AG, Dr. Reddy’s Laboratories Ltd., and Mylan N.V.
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