by The global Cancer Drugs Market is estimated to be valued at US$ 143.9 Bn in 2023 and is expected to exhibit a CAGR of 7.60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer drugs are medicines that directly kill cancer cells or stop them from growing or multiplying. They work by stopping or slowing the growth of cancer cells in the body. They are an important part of cancer treatment and are often used along with other cancer treatments like chemotherapy, radiation therapy, hormone therapy, immunotherapy or targeted therapy.
Market key trends:
One of the major trends witnessed in the Cancer Drugs Market Demand is the boost in immunotherapy and targeted therapies. Many patients are benefiting from these types of therapies, especially for melanoma and lung cancer. Immunotherapies help boost the body’s natural defenses to fight cancer. Targeted therapies target specific vulnerabilities within tumor cells. These types of drugs are more effective with fewer side effects than traditional chemotherapy. Monoclonal antibodies are a type of immunotherapy that binds to cancer cells and flags them for attack by the body’s immune system. Many biopharma companies are focusing on immuno-oncology and targeted therapies to develop innovative cancer treatment options.
Segment Analysis
The cancer drugs market is segmented based on drug class, therapy type, indication, and distribution channel. Within drug class, target cancer drugs formed the largest segment in 2023, accounting for nearly 40% of the market share. Targeted cancer drugs are dominating the segment as they selectively target specific cancer cells and molecules involved in tumor growth and progression with minimal effect on normal cells. This reduces chemotherapy side effects and improves patient outcomes.
Key Takeaways
The global cancer drugs market is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing prevalence of cancer globally. The American Cancer Society estimates that 1.8 million new cancer cases will be diagnosed in the US in 2023 alone.
Regional analysis
North America held the largest share of the cancer drugs market in 2023 and is expected to remain dominant during the forecast period. This is attributed to the rising prevalence of cancer and increasing approvals of new drugs in the region. The Asia Pacific region is anticipated to register the fastest growth over the forecast period supported by growing geriatric population, improving healthcare infrastructure, and rising healthcare expenditure in countries such as India and China.
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. Pfizer Inc. retained its dominant position in the market supported by its wide portfolio of cancer therapies such as Ibrance, Inlyta, and Sutent among others. Celgene Corporation witnessed exponential growth through the commercial success of its blockbuster drugs such as Revlimid and Pomalyst.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.