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  • Published On : Nov 2022
  • Code : CMI5335
  • Industry : Pharmaceutical
  • Pages : 174
  • Formats :

The global cancer therapy market was valued at US$ 171,143.8 Mn in 2021 and is forecast to reach a value of US$ 300,830.5  Mn by 2028 at a CAGR of 8.4% between 2022 and 2028. The global cancer therapy market is experiencing strong growth due to the rise in burden of cancer around the world, favorable government initiatives, and initiatives for cancer awareness. Moreover, increase in demand for safe and effective cancer therapies worldwide is expected to boost the growth of the market. However, factors such as high cost of cancer therapies and side effects of cancer treatment are expected to hamper growth of the global cancer therapy market.

Global Cancer Therapy Market: Regional Insights

Based on geography, the global cancer therapy market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing incidence of cancer and increase in demand for safe and effective cancer treatment in the region. For instance, cancer immunotherapy have been approved to treat many types of cancer. An immunotherapy is a type of cancer treatment that helps the immune system fight cancer. According to the American Cancer Society, in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. This in turn is expected to increase demand for various cancer therapies.

Asia Pacific is also expected to witness significant growth in the global cancer therapy market due to the increase in prevalence of cancer and rise in demand for cancer treatment in the region. For instance, according to the Indian Council for Medical Research (ICMR), the number of Indians suffering from cancer is expected to rise to 29.8 million in 2025 from 26.7 million in 2021. Thus, with the increase in prevalence of cancer, the demand for cancer therapy, diving the growth of the global cancer therapy market in the region.

Figure 1. Global Cancer Therapy Market Share (%), by Region, 2022

Cancer Therapy  | Coherent Market Insights

Global Cancer Therapy Market Drivers:

Increasing incidence of cancer around the world is expected to augment the growth of the global cancer therapy market over the forecast period. Cancer therapy helps cure a cancer, shrink a cancer, or stop the progression of a cancer. Chemotherapy uses drugs to kill cancer cells, while radiation therapy uses high-energy beams to kill cancer cells. According to the World Health Organization (WHO), cancer was a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. The most common cancers were breast, lung, prostate, and colon and rectum cancer.

Favorable government initiatives and government initiatives for cancer awareness are expected to boost the growth of the global cancer therapy market during the forecast period. For instance, in August 2022, the National Cancer Grid (NCG) established the Koita Centre for Digital Oncology (KCDO) to promote use of digital technologies/tools to improve cancer care across India. Cancer care is evolving rapidly, and cancer therapies are becoming indispensable in enhancing cancer care worldwide. KCDO will also partner with academic and research organizations to promote research and development in cancer care.

Global Cancer Therapy Market Opportunities:

Increase in adoption or use of cancer therapies across the globe is expected to provide significant growth opportunities for players in the global cancer therapy market. For instance, with the rise in prevalence of cancer, the demand for safe and effective cancer therapy is also increasing rapidly. In May 2022, UVA Health and the Charlottesville-based Focused Ultrasound Center launched the Focused Ultrasound Cancer Immunotherapy Center, the world’s first center dedicated specifically to advancing a focused ultrasound and cancer immunotherapy treatment approach that could revolutionize 21st-century cancer care.

Increase in number of clinical trials or increase in research and development around the world is expected to offer lucrative growth opportunities for players in the global cancer therapy market. For instance, in June 2021, the Chimeric Antigen Receptor T-cell (CAR-T) therapy emerged as a breakthrough in cancer treatment. Clinical trials conducted globally have shown promising results in end stage patients, especially in patients suffering from Acute Lymphocytic Leukemia. This is a first in India gene therapy in early phase pilot clinical trial. The central government’s National Biopharma Mission-BIRAC has approved 19.15 crore (INR) to the team for conducting a first-in-human phase-1/2 clinical trial of the CAR-T cells.

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Cancer Therapy Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 171,143.8 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 8.4% 2028 Value Projection: US$ 300,830.5 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Treatment Type: Chemotherapy, Target Therapy, Immunotherapy Therapy, Hormone Therapy, and Others
  • By Cancer Type: Blood Cancer, Breast Cancer, Prostate cancer, Skin Cancer, Lung Cancer, and Others
  • By End User: Hospital, Specialty Clinic, and Radiation Center
Companies covered:

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

Growth Drivers:
  • Increasing incidence of cancer around the world
  • Favorable government initiatives and government initiatives for cancer awareness
Restraints & Challenges:
  • High cost of cancer therapies
  • Side effects of cancer treatment

Global Cancer Therapy Market Trends:

Preventing cancer is a significant public health challenge worldwide, with an increasing burden in almost every country. Thus, with the rise in burden of cancer, demand for safe and effective cancer therapy is also increasing with a rapid pace. As a result, market players are focusing on developing and launching novel therapies, and this trend is expected to continue during the forecast period, driving the growth of the cancer therapy market.

Moreover, the recent trend in the global cancer therapy market is rise in use of targeted therapies for cancers. There are several types of targeted therapies, such as gene expression modulators, hormone therapies, apoptosis inducers, signal transduction inhibitors, angiogenesis inhibitors, and many other therapies. This trend is also expected to continue during the forecast period, driving the growth of the global cancer therapy market.

Global Cancer Therapy Market Restraints:

High cost of cancer therapies is expected to hamper the growth of the global cancer therapy market. For instance, on average, the cost of cancer treatment in India is around INR 503,118 (US$ 6,300) with a minimum expense of INR 90,561 (US$ 1,134) and a maximum cost of INR 27,67,149 (US$ 34,650). However, worldwide, the cost of treatment depends on the stage at which the cancer was detected and the type of cancer. The high cost associated with oncology therapy is restraining the growth of the global cancer therapy market.

Side effects of cancer treatment are expected to hinder growth of the global cancer therapy market. For instance, despite significant advancements in cancer therapy, such as immunotherapy, clinical application of immunotherapy for cancer patients has some challenges associated with safety and efficacy. Some types of cancer therapies may cause severe or even fatal allergic and inflammation-related reactions. However, these reactions are rare.

Figure 2. Global Cancer Therapy Market Share (%), by Therapy Type, 2022

Cancer Therapy  | Coherent Market Insights

Global Cancer Therapy Market Segmentation:

The global cancer therapy market report is segmented into Treatment Type, Cancer Type, End-User, and Geography.

Based on Treatment Type, the cancer therapy market is segmented into Chemotherapy, Target Therapy, Immunotherapy Therapy, Hormone Therapy, and Others. Out of which, Chemotherapy Segment is expected to dominate the cancer therapy market over the forecast period and this is attributed to the increase in prevalence of cancer. Chemotherapy is most often used to treat cancer. It is a drug treatment that uses powerful chemicals to kill fast-growing cells in the body.

Immunotherapy Segment is also expected to witness significant growth in the near future and this is owing to the increasing usage of cancer immunotherapy. Cancer immunotherapy enables the immune system to recognize and target cancer cells, making it a universal answer to cancer.

Based on Cancer Type, the market is segmented into Blood Cancer, Breast Cancer, Prostate cancer, Skin Cancer, Lung Cancer, and Others. Out of which, Breast Cancer Segment is expected to dominate the market over the forecast period and this is attributed to the increase in prevalence of breast cancer worldwide. According to WHO, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally.

Prostate Cancer Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of prostate cancer. Prostate cancer is the second most common cause of cancer and the sixth leading cause of cancer death among men worldwide.

Based on End-User, the cancer therapy market is segmented into Hospital, Specialty Clinic, and Radiation Center. Out of which, Hospital Segment is expected to dominate the market over the forecast period and this is attributed to the increase in awareness among people about cancer care. Hospitals are collaborating with pharma companies for novel cancer therapies.

Radiation Center Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of radiation centre worldwide. The radiation center provides access to the highest quality radiation therapy services.

Global Cancer Therapy Market: Key Developments

In March 2018, Amgen and Allergan received positive CHMP opinion for ABP 980 (biosimilar Herceptin) for the treatment of three types of cancers.

In January 2018, Roche and GE teamed up to develop integrated digital diagnostics platform, in order to improve oncology and critical care treatment.

In November 2017, AstraZeneca and the Chinese Future Industry Investment Fund established a joint venture to develop new medicines in China. Faslodex received United States FDA approval for the treatment of advanced breast cancer in combination with Abemaciclib.

Global Cancer Therapy Market: Key Companies Insights

The global cancer therapy market is highly competitive. This is attributed to the rise demand for safe and effective cancer therapies worldwide, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global cancer therapy market are 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.

*Definition: Cancer treatment is the use of surgery, radiation, medications, and other therapies to cure a cancer, shrink a cancer, or stop the progression of a cancer. The most commonly used therapies are chemotherapy, radiation therapy, immunotherapy, and targeted therapy.

Cancer therapies, such as chemotherapy, radiation therapy, immunotherapy, and targeted therapy, help cure a cancer, shrink a cancer, or stop the progression of a cancer. Chemotherapy uses drugs to kill cancer cells. It is a drug treatment that uses powerful chemicals to kill fast-growing cells in the body. Radiation therapy is the use of high-energy radiation to treat cancer. An immunotherapy is a type of cancer treatment that helps the immune system fight cancer. Targeted therapy is a type of cancer treatment that targets the changes in cancer cells that help them grow, divide, and spread.

Market Dynamics:

Rising prevalence of cancer worldwide, increase in demand for safe and effective cancer therapy, government initiatives for cancer awareness, and increase in research and development initiatives by key players are major factors expected to drive growth of the global cancer therapy market.

For instance, according to the Indian Council for Medical Research (ICMR), the number of Indians suffering from cancer is expected to rise to 29.8 million in 2025 from 26.7 million in 2021. Thus, with the increase in prevalence of cancer, the demand for cancer therapy, diving the growth of the global cancer therapy market in the region.

Moreover, in March 2022, the U.S. Food and Drug Administration (FDA) approved a new therapy that zeros in on cancer cells to destroy them. The treatment, 177Lu-PSMA-617, uses a molecule that selectively seeks out and attaches to a specific protein on the cancer cell surface called PSMA (prostate-specific membrane antigen). The technology delivers radiation that damages DNA and destroys the cancer cell.

Key features of the study:

  • This report provides in-depth analysis of the global cancer therapy market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global cancer therapy market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global cancer therapy market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cancer therapy market.

Detailed Segmentation:

  • Global Cancer Therapy Market, By Treatment Type:
    • Chemotherapy
    • Target Therapy
    • Immunotherapy Therapy
    • Hormone Therapy
    • Others
  • Global Cancer Therapy Market, By Cancer Type:
    • Blood Cancer
    • Breast Cancer
    • Prostate cancer
    • Skin Cancer
    • Lung Cancer
    • Others
  • Global Cancer Therapy Market, By End User:
    • Hospital
    • Specialty Clinic
    • Radiation Center
  • Global Cancer Therapy Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • Pfizer Inc.
    • Novartis AG
    • Merck & Co. Inc.
    • Johnson & Johnson
    • GlaxoSmithKline PLC
    • Hoffmann-La Roche Ltd.
    • Bayer AG
    • AstraZeneca
    • Amgen
    • Bristol-Myers Squibb Company

Frequently Asked Questions

The global cancer therapy market size is estimated to be valued at US$ 184,987.8 Million in 2022 and is expected to exhibit a CAGR of 8.4% between 2022 and 2028.
Increasing incidence of cancer around the world and favorable government initiatives and government initiatives for cancer awareness is fueling the growth of the market.
The chemotherapy segment is the leading therapy type segment in the market.
High cost of cancer therapies and side effects of cancer treatment are major factors restraining growth of the market.
Major players operating in the market are 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.

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