Cancer Drugs Market Estimated to Witness High Growth Owing to Increasing Cancer Prevalence and Advancements in Targeted Therapies

Market Overview:
Cancer drugs are used to treat various types of cancer like lung cancer, breast cancer, blood cancer, prostate cancer and others. Chemotherapy, targeted therapy, immunotherapy and hormonal therapy are some common treatment options available. Cancer drugs are administered orally or through injection based on the stage and type of cancer. Advancing targeted therapies and immunotherapies have significantly improved the treatment outcomes for various cancers.

Market Dynamics:
The Cancer Drugs Market is primarily driven by the increasing prevalence of cancer worldwide. According to statistics by WHO, cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. Furthermore, advancements in targeted therapies and immunotherapies have transformed the treatment of cancer. For example, targeted therapies disrupt specific molecular pathways that support cancer growth and progression. Monoclonal antibodies and small molecule inhibitors are some common targeted therapies that have significantly improved treatment outcomes in lung cancer, breast cancer and leukemia. Advancing immunotherapies stimulate the body's own immune system to fight cancer and have shown promising results in melanoma and lung cancer. The development of novel targeted therapies and immunotherapies will continue to present lucrative opportunities in the market over the forecast period.

Segment Analysis
The global Cancer Drugs Market Demand is segmented into chemotherapy, targeted therapy, immunotherapy and hormonal therapy. The chemotherapy segment currently dominates the market and is expected to continue its dominance over the forecast period. Chemotherapy targets fast-growing cells and is used to treat many different types of cancer. It is used as the first line of treatment in several major cancer types like lung cancer, breast cancer, and colorectal cancer, thereby accounting for the largest market share.

PEST Analysis
Political: Government regulations and healthcare reforms in major countries are supporting drug innovation and drug access. Economic: Rising healthcare spending globally due to growing cancer incidence and increasing R&D expenditures by drug makers is driving the market growth. Social: Changing lifestyles and increasing risk factors like smoking, alcohol consumption, and obesity are resulting in high cancer cases. Technological: Advancements in cancer research for tailoring therapy as per patient's genetic profile and development of combination therapies are expanding treatment options.

Key Takeaways

The global cancer drugs market size is expected to reach US$ 143.9 Bn in 2023 and is projected to grow at a CAGR of 7.60% during the forecast period from 2023 to 2030. The high growth can be attributed to the increasing global prevalence of cancer owing to changing lifestyles and growing geriatric population.

Regional analysis: North America dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to the rising burden of cancer, strong R&D investments by biotech and pharmaceutical companies, and presence of advanced healthcare infrastructure in the region.

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.

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