by The global cancer therapy market is estimated to be valued at US$ 185,456.7 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer therapy includes different types of medical treatments used to treat cancer including chemotherapy, immunotherapy, targeted therapy, radiation therapy, and surgery. These therapies help to shrink or destroy cancer cells or prevent them from spreading in the body.
Market key trends:
One of the key trends in the cancer therapy market is the rising adoption of targeted therapy. Targeted therapy targets specific vulnerabilities within cancer cells and works differently than traditional chemotherapy drugs. These targeted drugs work in a more precise way and have lesser side effects than chemotherapy. Some examples of targeted therapies include trastuzumab, imatinib, crizotinib, and pembrolizumab. The growing success of targeted therapy in cancer treatment is expected to fuel the growth of the global cancer therapy market during the forecast period.
Segment Analysis
The global cancer therapy market is segmented by therapy type into chemotherapy, targeted therapy, immunotherapy, and others. The chemotherapy segment accounted for the largest share and is projected to continue its dominance over the forecast period owing to its wide availability and affordability as compared to other targeted therapies. Despite advancements in other therapies, chemotherapy remains the mainstay of cancer treatment according to stage and type of cancers due to its well established mechanisms of action and continued research & development in cytotoxic agents leading to new drug approvals.
Key Takeaways
The Global Cancer Therapy Market size is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of cancer worldwide coupled with rising research and development activities to develop new targeted therapies and immunotherapies for cancer treatment.
Regional analysis- North America dominated the cancer therapy market in 2023 owing to presence of leading players, advancement in biotechnology sector, and availability of funds for cancer research in the US and Canada. Asia Pacific is projected to be the fastest growing market during the forecast period driven by increasing healthcare spending, rising geriatric population, and growing awareness about cancer diagnosis and treatment.
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. These players are focusing on new product launches, collaborations, and geographic expansion to strengthen their market position. For instance, in 2023, Johnson & Johnson collaborated with Exicure to develop novel therapeutic agents for cancers using Exicure’s proprietary Spherical Nucleic Acid technology platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
