Cancer Therapy Market is Estimated to Witness High Growth
Cancer therapy includes treatment options targeting the elimination of cancerous cells and tissues in the body. Some common cancer therapy options comprise targeted drug therapy, immunotherapy, chemotherapy, radiation therapy, and surgery. Targeted drug therapy uses drugs to target specific vulnerabilities within tumor cells. Immunotherapy aims to stimulate or suppress the patient's immune system to attack cancer cells. Chemotherapy uses drugs to destroy cancer cells through interfering with their growth and division. Radiation therapy uses high-energy waves or particles to destroy cancer cells or damage their DNA. Surgery removes tumors and surrounding infected tissues.
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 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising incidence of various cancer types globally presents a major market opportunity for cancer therapy. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, with an estimate of 10 million cancer deaths in 2020. Some key facts highlighted by WHO include lung cancer being the leading cause of cancer death with 1.8 million deaths globally in 2020, breast cancer being the leading cause of cancer death among women with 685,000 deaths in 2020, and colorectal cancer being the third leading cause of cancer death with 935,000 deaths in 2020. The high cancer incidence has prompted increased spending on cancer treatment. For instance, the National Cancer Institute estimates that the annual cost of cancer in the US was $203.8 billion in 2020, including direct medical costs of $127.8 billion. The growing cancer burden as well as investments towards its treatment provide impetus to the cancer therapy market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The cancer therapy market has high barriers for new entrants due to heavy R&D investment needed to develop new therapies and diagnostic technologies. Patents also provide protections to existing companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many established brands and healthcare providers offering cancer therapies. However buyer loyalty depends on innovations and quality of service.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to requirement of specialized components and equipment for different cancer therapies. Companies try to stabilize supply costs through agreements.
Threat of new substitutes: Threat of substitution is low as different cancer therapies target different cancer types and stages. Integrated diagnostic and treatment approaches also limit substitutability.
Competitive rivalry: The market sees intense competition due to presence of global and regional brands focusing on therapy innovations and services.
SWOT Analysis
Strength: Established brands have extensive product portfolios, global presence, financial resources for R&D and acquisitions. Advancements in diagnostic technologies enable early detection.
Weakness: High costs of novel therapies limit adoption. Complex treatment protocols require specialized infrastructure and workforce.
Opportunity: Rapid growth in elderly population increases cancer prevalence. Emerging economies represent major future markets. Integrated diagnostic-therapy solutions present opportunities.
Threats: Stringent regulations delay approvals and market access. Price controls and reimbursement policies impact revenue. Data security and artificial intelligence related risks also exist.
Key Takeaways
The Global Cancer Therapy Market Size is expected to witness high growth. 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 7.6% over the forecast period 2023 to 2030.
Regional analysis related content: North America accounts for the largest share of the cancer therapy devices market, owing to growing incidence of cancer, promising government funding for cancer research, developed healthcare infrastructure, and presence of key players in the region. However, Asia Pacific region is expected to grow at the highest CAGR over the forecast period. This is attributed to rising healthcare infrastructure, increasing healthcare expenditure, growing awareness about early disease diagnosis, and rapid economic growth in emerging Asian countries.
Key players related content: Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco. These companies focus on organic and inorganic growth strategies such as new product launches, partnerships, and acquisitions to strengthen their market positions.
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