Cancer therapy involves the use of drugs, surgery, radiation therapy or other interventions to treat cancer and its symptoms. Various cancer therapies are available in the market which include chemotherapy, targeted therapy, immunotherapy and others. Targeted therapies block the growth and spread of cancer by interfering with specific molecular targets that are involved in the growth, progression, and spread of cancer. 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 use of targeted cancer therapies has increased significantly over the past decade. Targeted therapies offer advantages over conventional chemotherapy as they interfere with specific molecular targets crucial for cancer growth with minimal damage to normal cells. Rise in initiatives by governments and non-profit organizations to spread awareness about targeted cancer therapies and increasing expenditure on R&D of novel targeted therapies are some of the key factors accelerating the adoption of targeted therapies. Biopharmaceutical companies are engaging in collaborations and partnerships to develop new targeted therapies with higher efficacy and novel targets. Continuous approval of new targeted therapies along with combination therapies by regulatory authorities is expected to further boost the cancer therapy market growth over the forecast period.
Segment Analysis
The global cancer therapy market is dominated by chemotherapy sub segment. Chemotherapy accounts for over 40% of market share as it is currently one of the most common treatments available for cancer patients. Chemotherapy involves the use of cytotoxic anti-cancer drugs to destroy cancer cells or slow down their growth and reproduction. It is widely used for treating various types of cancers including breast cancer, lung cancer, blood cancers and others.
Key Takeaways
The Global Cancer Therapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is growing at a CAGR of 8.4% and is expected to reach a size of US$ 201103.55 Mn by 2030.
Regional analysis:
North America region currently dominates the global cancer therapy market. Higher prevalence of cancer cases, growing R&D investments for innovative cancer drugs, established healthcare infrastructure are some key factors driving growth of cancer therapy market in the region. Asia Pacific region is expected to witness fastest growth during the forecast period. Rising awareness about cancer treatment, growing healthcare spending, increasing focus of global players on emerging markets are expected to support market growth in Asia Pacific region.
Key players:
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. Pfizer Inc. holds leading market share supported by its strong product portfolio and global presence.
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