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 of 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer is characterized by abnormal cell growth with the potential to invade or spread to other parts of the body. Cancer therapy includes surgery, chemotherapy, targeted therapy, immunotherapy and radiation therapy to treat cancer. Surgery is utilized to remove the tumor whereas radiation therapy utilizes high-energy radiations to eliminate cancer cells. Chemotherapy involves the use of drugs to stop or slow the growth of cancer cells while immunotherapy boosts the body’s natural defenses to fight cancer. Targeted therapy blocks the growth and spread of cancer by interfering with specific molecular targets.
Market Dynamics:
The cancer therapy market is driven by the increasing incidence of cancer worldwide. According to WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Furthermore, advancements in cancer treatment technologies such as targeted therapy and immunotherapy are acting as major growth drivers for this market. Immunotherapy is revolutionizing cancer treatment landscape with drugs like checkpoint inhibitors and CAR-T therapy demonstrating promising results in several cancer types. In addition, growing focus on personalized medicine is also fueling the demand for targeted cancer therapies. Pharmaceutical companies are continuously investing in R&D to develop new targeted therapies and immunotherapies for various cancer indications. However, high cost of cancer treatment drugs poses a major challenge for market players.
SWOT Analysis
Strength: The Global Cancer Therapy Market has witnessed significant growth over the past few years owing to rising prevalence of cancer cases across the globe. Extensive R&D and drug pipeline have broadened the scope of available treatment options for patients. Furthermore, availability of favorable reimbursement policies for cancer management has boosted demand.
Weakness: High treatment costs continue to restrain the market growth. Development of novel cancer therapies requires substantial capital investments and a lengthy approval process. Adverse effects associated with certain cancer medicines limit their uptake among patients.
Opportunity: Growing geriatric population and sedentary lifestyle have augmented the risk of developing cancer, opening up new prospects. Emerging economies provide lucrative opportunities due to their huge unmet medical needs. Increasing healthcare expenditures in developing nations will drive market revenues.
Threats: Stringent regulations for drug approvals have made the process time-consuming. Lack of skilled oncologists poses challenges, especially in underdeveloped regions. Patent expiries of blockbuster drugs result in lower prices and reduce profit margins of manufacturers.
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 cancer prevalence across the world especially in developing countries. Increased healthcare spending along with advanced treatment options has provided a major impetus to market growth.
Regional analysis
North America dominated the global cancer therapy market and is expected to continue its dominance over the forecast period owing to rising cancer incidence and presence of sophisticated healthcare infrastructure and reimbursement framework in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period supported by growing medical tourism, rapid economic development and expanding patient pool in the region.
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 players are actively focusing on developing and commercializing innovative oncology drugs with better therapeutic outcomes and fewer side effects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.