Cancer therapy market witnesses high demand due to increasing incidences of various cancers globally. Cancer therapies include targeted therapies, chemotherapy, immunotherapy and others which help treat cancer more effectively and precisely. Targeted therapies bind specifically to certain proteins or genes essential for tumor growth and spread. These therapies include small molecule drugs, monoclonal antibodies and fusion proteins. Advances in precision medicine and development of new targeted cancer drugs help healthcare professionals tailor treatment according to individual patient’s genetic makeup and tumor characteristics.
The global cancer therapy market is estimated to be valued at US$ 201103.55 Million 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 key trends:
One of the key trends in cancer therapy market is the rising adoption of targeted therapies. Targeted therapies play a major role in the treatment of various cancers including lung cancer, breast cancer, colorectal cancer and others. New targeted therapies including Herceptin, Avastin, Gleevec and others are more effective and have fewer side effects compared to traditional chemotherapy. Growing focus of manufacturers on development of novel targeted drugs is further boosting the adoption of targeted therapies. According to American Society of Clinical Oncology, around 30% of newly diagnosed cancer patients receive targeted therapies during their treatment course.
Threat of new entrants: The threat of new entrants in the cancer therapy market is moderate as significant capital investments are required to enter the market and develop new drugs. Also, patents protect existing cancer drugs from generics which prevents new competition.
Bargaining power of buyers: The bargaining power of buyers in the cancer therapy market is moderate as there exist many players providing cancer therapies. However, developments in critical diseases give buyers less power.
Bargaining power of suppliers: Suppliers of raw materials for cancer drugs have moderate to low bargaining power as inputs are available from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is low since alternative treatment methods require time to gain regulatory approvals and market adoption. The demand for existing treatment options remains strong.
Competitive rivalry: The competition in the cancer therapy market is high as the key market players try to increase their market share by expanding their product portfolios through acquisitions and partnerships.
The Global Cancer Therapy Market Size is expected to witness high growth in the forecast period. Regionally, North America is expected to dominate the market during the analysis period driven by high prevalence of cancer and healthcare expenditure. The Asia Pacific region will grow at a significant rate owing to growing demand for cancer therapeutics, rising healthcare investments, and rapid adoption of new therapeutics.
North America is expected to hold the largest share in the cancer therapy market. This is attributed to the rising prevalence of cancer, increasing healthcare spending, technologically advanced medical procedures, and availability of reimbursements. Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to high burden of cancer cases, growing medical tourism sector, improving healthcare infrastructure, and rising awareness.
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 mainly focusing on acquisition and collaboration activities to strengthen their product offerings and geographic presence in the cancer therapy market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it