Cancer therapy includes chemotherapy, immunotherapy, targeted therapy and radiotherapy to treat cancerous cells, tumors and other abnormal growths in the body. These therapies help to destroy or limit the growth of cancer cells and improve quality of life by managing cancer related symptoms. The global Cancer Therapy Market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of cancer across the globe has been a key factor fueling the growth of the cancer therapy market. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The number of new cancer cases is expected to rise by over 60% over the next two decades. Consequently, the demand for effective cancer therapy options has surged significantly in recent years. Additionally, various initiatives taken by governments and NGOs to spread awareness regarding cancer prevention, screening, and treatment have further contributed to the market growth. Continuous research and development for novel and targeted cancer therapies also provide lucrative opportunities in the cancer therapy market.
SWOT Analysis
Strength: The cancer therapy market possesses several strengths such as rising research and development activities aimed at developing innovative oncology therapies. Additionally, increasing demand for targeted therapies for cancer treatment also acts as a major strength.
Weakness: High costs associated with the research and development of novel cancer therapies is a key weakness. Moreover, side effects related to cancer treatments also act as challenges.
Opportunity: Growth opportunities lie in the development of combination therapies and personalized medicine for cancer treatment. Moreover, rising focus on immunotherapies for cancer also presents lucrative opportunities.
Threats: Patent expiries of major therapy drugs pose significant threats to market players. Stricter regulations for the approval of oncology drugs also restrict the growth opportunities.
Key Takeaways
The Global Cancer Therapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The North America region currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the growing incidence of cancer, rising healthcare expenditure, and availability of advanced treatment options in the region.
Key players operating in the cancer therapy market include 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 players are focusing on developing innovative combination therapies and personalized medicine to strengthen their positions in the market.
The cancer therapy market in the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. Factors such as rising healthcare spending, increasing cancer incidence, growing awareness regarding cancer treatment, and improving healthcare infrastructure in emerging Asian countries will drive the regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
