The cancer therapy market is estimated to be valued at US$ 171,143.8 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer therapy includes different treatment methods such as chemotherapy, radiation therapy, immunotherapy, targeted therapy, and stem cell transplant used to treat cancer. These therapies work by slowing or stopping the growth of cancer cells in the body. Cancer is one of the leading causes of mortality worldwide, therefore the demand for efficient and effective cancer therapies is growing steadily.
Market Dynamics:
The growth of the cancer therapy market is majorly driven by the increasing incidence of cancer worldwide. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. The rising risk factors such as smoking, alcohol consumption, occupational exposure to carcinogens, increasing pollution levels, and changing lifestyle have significantly contributed to the rising cancer burden globally. Furthermore, growing healthcare expenditure in developing countries is also expected to support the market growth over the forecast period. According to estimates, global healthcare spending will grow at an annual rate of 5.4% between 2019 and 2023 to reach $8.3 trillion.
Market key trends:
With rapid advancements in cancer research and developments in targeted therapies and immunotherapies, the Global Cancer Therapy Market is witnessing several key trends. One major trend is rising adoption of personalized cancer medicine or precision medicine approach. This approach analyzes a patient's genetic makeup and cancer profile to customize treatment based on the specific mutations driving the cancer. Another key trend is the rise of cancer immunotherapies such as immune checkpoint inhibitors. This type of therapy helps the body's own immune system fight cancer more effectively. There is also a rising focus on combination therapies that combine immunotherapy with other treatment types such as chemotherapy or targeted therapy to strengthen anti-tumor response.
SWOT Analysis
Strengths: Wide range of treatment options available with rapid drug development. Rising prominence of targeted therapies and immunotherapies.
Weaknesses: High costs associated with cancer treatment burden healthcare systems. Resistance to therapies develops over time requiring new treatment approaches.
Opportunities: Personalized medicine approaches can expand treatment effectiveness. Large pipeline of novel drug candidates offer potential for future market growth.
Threats: Stringent regulatory processes increase complexity and costs of drug development. Patent expiries of blockbuster drugs open door for biosimilars.
Key Takeaways
The global cancer therapy market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of cancer worldwide. Rising geriatric population, unhealthy lifestyle habits, and environmental pollutants are major drivers fueling the cancer burden.
Regional analysis: North America dominates the cancer therapy market currently due to presence of advanced healthcare facilities and high adoption of novel drugs. However, Asia Pacific is expected to exhibit the fastest growth over the coming years driven by rising healthcare spending, growing awareness regarding early detection, and improving availability of therapies.
Key players: Key players operating in the cancer therapy market are Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company, among others. These major players are focusing on developing innovative targeted drugs and immunotherapies through extensive R&D activities to consolidate their market position.
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