The cancer therapy market comprises equipment and therapies used in the diagnosis and treatment of cancer. Products such as radiation devices, brachytherapy equipment, surgical devices used for various cancer treatment procedures. The global demand for cancer treatment has increased significantly due to the rising prevalence of cancer worldwide. Cancer therapy helps identify cancer in the early stages and effectively treat patients, improving survival rates.
The Global cancer therapy market is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
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. These players are focusing on new product launches and innovation to strengthen their market presence.
The key opportunities in the Cancer Therapy Market Size include development of advanced diagnostic imaging systems and combination therapy approaches involving immunotherapy along with conventional therapy. The development of personalised cancer medicines offers opportunities for market growth.
There is significant potential for the global expansion of the cancer therapy market. Key players are focusing on geographic expansion plans and entering emerging markets in the Asia Pacific, Latin America, Middle East and Africa regions. Partnerships with local players help gain market share in these high growth regions.
Market Drivers
The increasing global incidence and prevalence of various Cancer Therapy Market Size And Trends types is a major market driver. It is estimated that over 20 million new cancer cases are reported annually worldwide. Moreover, initiatives undertaken by governments and health organizations to spread cancer awareness and improve accessibility to diagnosis and treatment boost the market growth. The heavy R&D investments by industry players to develop innovative cancer therapies further fuel the demand.
PEST Analysis
Political: Government policies supporting cancer research through funding. Regulations regarding pricing of drugs and medical devices. Patent laws and data exclusivity deciding generic competition.
Economic: Growing global GDP and healthcare spending increasing demand for advanced cancer care therapies. Shift to value based healthcare raising concerns over costs of new technologies. Economic burden of cancer on patients and health systems.
Social: Increasing awareness about cancers, risk factors, screening and survival rates driving patients to seek timely diagnosis and treatment. Aging population in developed nations expanding cancer patient pool. Social support from NGOs enhancing access to care.
Technological: Advancements in genomics, precision medicine and AI facilitating personalized therapies. Automation, digitization and connectivity making therapies less invasive. Nanotechnology based drug delivery improving efficacy of treatments. Novel biologics and immunotherapies revolutionizing cancer management.
Geographical regions with major market share
North America dominates the cancer therapy market led by the US owing to well established healthcare infrastructure, widespread health insurance, higher per capita income and prevalence of lifestyle diseases. North America accounts for over 30% share of the global market.
Fastest growing region
Asia Pacific region is poised to be the fastest growing market for cancer therapies during the forecast period led by developing economies like India and China. Factors driving growth include rising incidence of cancer, increasing healthcare spending, expanding medical tourism industry and growing focus of global industry players on these emerging markets. APAC market is projected to register a CAGR of over 10% through 2031.
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