The cancer therapy market comprises various drugs and therapies used for the diagnosis and treatment of cancer. The market offers chemotherapy, targeted therapy, immunotherapy, radiation therapy, and stem cell therapy for treating different types of cancers.
The Global Cancer Therapy Market is estimated to be valued at US$ 231671.29 Billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 To 2031.
Cancer Therapy Market Size involves the use of drugs, radiation, immunotherapy or surgery for the treatment of malignant tumors. Chemotherapy and targeted therapy continue to hold major chunk of the market owing to ease of administration and use of newer targeted drugs. However, immunotherapy is gaining ground with recent approvals and commercialization of immuno-oncology drugs for different cancers. Radiation therapy remains prominent adjuvant treatment modality for most cancers. Rising cancer cases globally drive the demand for advanced cancer treatments and targeted therapies.
Key Takeaways
Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco.
The global Cancer Therapy Market Size And Trends is witnessing rising demand due to growing prevalence of cancer and increasing awareness regarding early detection. According to WHO, cancer remains a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. The pandemic further impacted cancer screenings and diagnosis pointing towards higher cases in coming years.
Several technological developments are underway within cancer space, such as, integration of artificial intelligence for improved diagnosis and treatment planning, targeted drug delivery, nanoparticle-mediated immunotherapy, proton therapy, cryoablation etc. These innovations are expected to revolutionize cancer management in coming decade.
Market Trends
The cancer therapy market is witnessing increased adoption of targeted therapies and immunotherapies. Drug makers are focusing on development of newer targeted drugs with improved efficacy and reduced side effects for major cancer types. Immuno-oncology emerged as a robust area attracting investment from large pharma companies.
Combination therapy is becoming standard treatment approach wherein two or more therapies are combined for improved outcomes. Chemotherapy continues to be used in combination with other therapies. Combinatorial approaches involving immunotherapy and targeted drugs hold promise. Increased focus on precision medicine also contributed to market trends with tailored therapies.
Market Opportunities
Rising cancer burden worldwide offers significant opportunities for market players. Developing economies are expected to contribute highest growth owing to increasing disposable income, healthcare investments and awareness. Further opportunities lie in development of biosimilars to replicate benefits of expensive targeted drugs.
Focus is on specialized drug delivery through sustained or targeted release to improve bioavailability and reduce toxicity. Several programs are evaluating nanoparticle-mediated drug delivery and controlled release implants. Adoption of artificial intelligence and digital tools present new opportunities for efficient diagnosis, monitoring and personalized treatment planning.
The COVID-19 pandemic had a significant impact on the cancer therapy market. During the initial lockdown period, many elective cancer screening procedures and non-emergency treatments were temporarily postponed to avoid virus transmission and focus healthcare resources on COVID patients. This led to a decline in new cancer cases detected in 2020.
However, patients already undergoing cancer treatment continued their therapies, with additional safety protocols implemented. The delayed cancer screenings are expected to potentially increase cancer diagnoses and present patients at later stages of the disease in the coming years, thereby boosting demand for therapy. Teleoncology also emerged as an important alternative for delivering cancer care remotely during this time to minimize hospital visits and ensure continuity of care. Going forward, newer drug development and diagnostic tests focusing on immunotherapy, targeted therapy and personalized medicine can help improve outcomes for patients.
The United States accounted for the largest share of the cancer therapy market in terms of value in 2024. This is due to the country having a highly developed healthcare system and rising per capita healthcare spending. Cancer also represents a major public health concern and leading cause of death in the US. However, growth is expected to be highest in Asia Pacific region during the forecast period. This is attributed to improving access to diagnostic and treatment services led by rapid economic development, rising healthcare infrastructure investment and increasing public awareness about early detection and benefits of therapy. Countries with large populations and unmet medical needs such as China and India will drive the regional market expansion.
Within the Asia Pacific, India emerged as the fastest growing regional market for cancer therapy in terms of value between 2024-2031. This is due to rising cancer incidence facilitated by growing life expectancy, aging population and changing lifestyle habits increasing risk factors like smoking, less physical activity and urbanization. Additionally, initiatives by both public and private organizations has led to greater access to advanced cancer care in tier 2 and 3 cities and rural India in recent years. The Indian government has also made oncology a major area of focus under various national health programs, with aims to reduce cancer mortality and expand therapy coverage. Overall, these efforts have created a conducive environment for solid market growth momentum.
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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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