Cancer therapies help cure a cancer, shrink a cancer, or stop the progression of a cancer. The most commonly used therapies are chemotherapy, radiation therapy (radiotherapy), immunotherapy, and targeted therapy. Chemotherapy uses drugs to kill cancer cells. It is a drug treatment that uses powerful chemicals to kill fast-growing cells in the body. Chemotherapy is most often used to treat cancer. While radiation therapy uses high-energy beams to kill cancer cells. An immunotherapy is a type of cancer treatment that helps the immune system fight cancer. Targeted therapy targets the changes in cancer cells that help them grow, divide, and spread.

Market Statistics:

The global cancer therapy market is estimated to account for US$ 184,987.8  Mn in terms of value by the end of 2022.

Drivers:

Increase in demand for safe and effective cancer therapy due to rise in awareness among people about cancer is expected to propel the growth of the global cancer therapy market. For instance, in March 2022, the U.S. Food and Drug Administration (USFDA) approved a therapy developed by Johnson & Johnson (JNJ.N) and its partner Legend Biotech Corp. to treat a type of white blood cell cancer. The FDA's decision paves the way for Legend's first approved product in the United States, at a time when the regulator has stepped up its scrutiny of drug trials conducted in China. The Legend-J&J therapy was tested initially in China, and then in the United States and Japan.

Opportunities:

Increase in incidence/prevalence of cancer across the globe is expected to offer significant growth opportunities for players in the growth of the global cancer therapy market. For instance, although cancer prevention and treatment strategies have improved over the years, cancer diagnoses appear to be rising. With the increase in burden of cancer, the demand for safe and effective cancer therapy is also increasing with a rapid pace worldwide. According to the American Cancer Society (ACS), in 2022, a total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the U.S., which is about 1,670 deaths a day.

Restraints:

High cost of cancer therapies and side effects of cancer therapies are some major factors expected to hinder 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). The total chemotherapy cost in India ranges from INR 2,954 (US$ 37) to INR 49,909 (US$ 625). However, the cost of cancer treatment in India depends on how chemotherapy is given.

To know the latest trends and insights prevalent in the Global Cancer Therapy Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/cancer-therapy-market-5335

Global Cancer Therapy Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 has had a significant impact on the cancer therapy market. There was a decrease in the diagnoses of the most common cancer types, such as breast cancer, lung cancer, colorectal cancer, gastric cancer, pancreatic cancer, and esophageal cancer. Moreover, government and non-governmental organizations recommended that the cancer screening and other prevention services to be postponed to secure hospital infrastructure to treat COVID-19 patients. In short, the pandemic had a severe impact on the growth of the cancer therapy market.

Key Takeaways:

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.

Among therapy type, chemotherapy segment held dominant position in the global biosensors market in 2021, accounting for 33.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

Increase in focus on cancer prevention and management and favorable government initiatives are expected to aid in the growth of the cancer therapy market. 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.

Competitive Landscape:

Major players operating in the global 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.

Recent Developments:

In February 2018, Roche acquired Flatiron Health to accelerate industry-wide development and delivery of breakthrough medicines for patients with cancer.

In December 2017, the United States Food and Drug Administration (FDA) accepted regulatory submission for Tagrisso in 1st- line EGFR-mutated non-small cell lung cancer.

In November 2017, Amgen and Allergan announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) had adopted a positive opinion for the marketing authorization of ABP 215, a biosimilar to Avastin (bevacizumab).

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