Cancer therapy involves the use of drugs, surgery and radiation to treat cancer. Some common cancer therapies include immunotherapy, targeted therapy, hormone therapy, chemotherapy and radiation therapy. Targeted therapy specifically targets molecular changes in cancer cells that help them grow, divide and spread. Recent years have witnessed significant advancements in targeted therapy with development of innovative targeted drugs against various cancer types.

The global cancer therapy market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Advancements in targeted therapy is one of the major drivers fueling growth of the cancer therapy market. Development of novel targeted drugs targeting specific mutations in cancer cells has improved efficacy and reduced side effects associated with conventional chemotherapy. For instance, development of Herceptin by Roche targeted HER2 protein in breast cancer cells. This has significantly improved treatment outcomes for HER2-positive breast cancer. Additionally, availability of comprehensive genomic profiling helps in identifying molecular changes in tumors and matches patients with suitable targeted therapies.

Increasing prevalence of cancer is another factor boosting demand for cancer therapies. Rising environmental pollution, changing lifestyle habits, and rapidly aging population are some of the key factors contributing to increasing incidence of various cancer types globally. According to World Health Organization (WHO), cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This rising disease burden will consequently drive the need for improved diagnosis and treatment of cancer including various therapy options.

SWOT Analysis

Strength: There is high demand for cancer therapies as cancer prevalence has been increasing significantly. The market has witnessed numerous product approvals and launches for novel therapies. Increased R&D investments from key players have led to the development of targeted therapies and immunotherapies with higher efficacy rates. Growing awareness about early detection and treatment of cancer also supports market growth.

Weakness: High costs associated with the development of oncology drugs and therapies limit their access and affordability. Stringent regulatory processes can delay the approval and commercialization of new cancer treatments. Managing toxicity and safety of therapies remains a challenge.

Opportunity: Emerging economies across Asia Pacific and Latin America present lucrative opportunities owing to rising healthcare expenditures and demand. Increasing focus on personalized medicine will drive the demand. Growing pipeline of cell and gene therapy candidates offers scope for future revenues.

Threats: Intense competition between market players impacts profit margins. Generic competition once patents expiry can hamper revenues of leading brands. Social and economic challenges in developing nations restrain market growth.


Key Takeaways

The Global Cancer Therapy Market Size is expected to witness high growth. The market size is projected to reach US$ 301113.55 Mn by 2030 from US$ 201103.55 Mn in 2023, expanding at a CAGR of 8.4% during the forecast period.

Regional analysis

North America is currently the dominant regional market for cancer therapies accounting for more than 35% share of global revenues. Higher cancer incidence, availability of advanced diagnostics and treatment facilities, and presence of leading pharmaceutical companies drive the region's large market size. Asia Pacific market is expected to witness fastest growth through 2030 supported rising healthcare spending in China and India along with increasing focus on oncology research.

Key players

Key players operating in the 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. Key players are engaged in new product development through M&A deals and clinical trials to strengthen their portfolios.

For More Insights, Read: https://www.trendingwebwire.com/cancer-therapy-market-trends-growth-and-regional-outlook-2023-2030/