The cancer drugs market is estimated to be valued at US$ 143.9 Bn in 2023 and is expected to exhibit a CAGR of 7.60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer drugs include chemotherapy drugs, targeted therapy drugs, immunotherapy drugs and others. Chemotherapy drugs such as cisplatin, carboplatin, paclitaxel, docetaxel and others are predominantly used for treating various cancer types including lung cancer, breast cancer, ovarian cancer, colon cancer, leukemia and others. Targeted therapy drugs interrupt molecular pathways that contribute to cancer cell growth. Immunotherapy drugs empower patient’s immune system to fight cancer by modifying specific molecules or cells and enhancing immune response against cancer cells.
Market Dynamics:
The increasing prevalence of cancer cases around the world is a major driver fueling growth of the cancer drugs market. As per the WHO, cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Moreover, strong pipeline of novel drugs and ongoing clinical trials for various cancer types are expected to drive market growth over the forecast period. According to cancer research UK, there are nearly 600 active cancer drugs in clinical trials globally. Development of innovative targeted therapy and immunotherapy drugs will further augment growth of the market between 2023 and 2030.
SWOT Analysis
Strength: Cancer Drugs Market Demand has advanced research and development capabilities. The high unmet need of cancer patients drives innovation in the market. Growing awareness about advanced treatment options empowers patients.
Weakness: High costs associated with drug development limits the number of players. Stringent regulatory norms prolong market approval timelines. Adverse effects of certain drugs reduce treatment compliance.
Opportunity: Emerging economies provide scope for market expansion due to growing medical expenses. Combination therapies present new avenues to enhance clinical outcomes. Personalized medicines based on genetic screening can boost market growth.
Threats: Patent expiries of blockbuster drugs increase competition. Low healthcare budgets in developing nations pose affordability challenges. Alternate treatment options like immunotherapy curb sales potential to some extent.
Key Takeaways
The global cancer drugs market is expected to witness high growth, exhibiting CAGR of 7.60% over the forecast period, due to increasing prevalence of cancer worldwide. As per WHO, cancer burden is projected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis
North America dominates currently due to large healthcare expenditure and availability of advanced drugs. Asia Pacific is poised to grow at the fastest pace owing to rising healthcare spending, heavy cancer burden and expanding medical infrastructure in China and India. Europe holds significant market share and is anticipated to maintain its position during the forecast period.
Key players
Key players operating in the cancer drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among others. These firms have large product portfolios and global commercial footprints ensuring market leadership.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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