Pfizer Inc., Novartis AG , Bayer AG, and Blueprint Medicines Corporation, among others, are the major players in the global gastrointestinal stromal tumour treatment market.
The global gastrointestinal stromal tumour treatment market is anticipated to grow at a CAGR of 5.8% during the forecast period of 2021-2026. As per the analysis of Expert Market Research, the market is further expected to be driven by the growing awareness and understanding of this type of tumour.
In recent years, there have been a splurge of investment from medical research institutes and organisations worldwide for R&D regarding the gastrointestinal stromal tumour. This has resulted in the market expansion of gastrointestinal stromal tumour treatment market. Geographically, North America is a significant market for gastrointestinal stromal tumour treatment and is likely to maintain its dominant position in the forecast period as well. The rapid adoption of unhealthy dietary food products and the resulting unhealthy lifestyles of people, accelerated by the usage of food additives in such food products, is expected to provide a boost to the market for gastrointestinal stromal tumour treatment. Meanwhile, Europe and the Asia Pacific are expected to observe healthy growth in the forecast period. Another key factor driving the gastrointestinal stromal tumour treatment industry is the developments in clinical practice guidelines.
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The market is expected to grow over the forecast period led by increasing acquisitions to support the market growth. For instance, in April 2021, Pfizer (SWX: NOVN) announced the acquisition of Amplyx Pharmaceuticals, a US-based pharmaceutical firm focused on the development of therapies for diseases that affect people with compromised immune systems. Earlier, in January 2020, Novartis completed its acquisition of The Medicines Company (the “Company”) through the completion of a merger of its indirect wholly-owned subsidiary, Medusa Merger Corporation. Such developments in the industry are expected to boost the market growth in the upcoming years.
Headquartered: New York, United States
Pfizer Inc., an American multinational pharmaceutical as well as biotechnology conglomerate, manufactures medicines and solutions for immunology, cardiology, oncology, endocrinology, and neurology. Pfizer follows the highest standards for the development of its drugs. It has a team of more than 1,500 scientists supervising over 5,00,000 lab tests and more than 36 clinical trials before the first prescription. The company registered total revenue of about $41.908 billion in the fiscal year 2020.
Establishment: December 1996
Headquartered: Basel, Switzerland
Novartis International AG is a multinational pharmaceutical conglomerate based in Switzerland. It is one of the largest pharmaceutical companies in the world. The company manufactures various drugs like clozapine, diclofenac, valsartan, cyclosporine, letrozole, methylphenidate, carbamazepine, terbinafine, deferasirox, and imatinib mesylate. Novartis also commands great market power and is a full-time member of the European Federation of Pharmaceutical Industries and Associations (EFPIA), the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) and the Pharmaceutical Research and Manufacturers of America (PhRMA).
Establishment: 1 August 1863
Headquartered: Leverkusen, Germany
Bayer AG is a Germany-based pharmaceutical and life sciences conglomerate. The company is primarily engaged in human and veterinary pharmaceuticals, consumer healthcare products, agricultural chemicals, seeds and biotechnology products. The Bayer Group comprises 385 consolidated companies and operates in 83 countries. The company has an employee strength of about 99,538 personnel. It registered total revenue of about EUR 43.54 billion in 2020.
Headquartered: Massachusetts, United States
Blueprint Medicines Corporation is an American biopharmaceutical company. The Company deals in the treatment of patients with genomically defined diseases guided by abnormal kinase activation. It focuses on developing drug candidates that provide clinical responses to patients without adequate treatment options. It has also developed a small molecule drug pipeline in cancer and genetic disease. The research and development wing of the company is engaged in developing BLU-667, a drug candidate that targets RET, a receptor tyrosine kinase, which is activated by mutations or translocations.
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