Cancer Therapy Market

Global Cancer Therapy Market Size (2023 to 2028)

The size of the global cancer therapy market is predicted to value USD 263.98 billion by 2028 from USD 169.69 billion in 2023, growing at a CAGR of 9.24% during the forecast period.

MARKET DRIVERS:

Increased patient assistance programs (PAPs), increased government initiatives for cancer awareness, rising cancer prevalence worldwide, vital R&D initiatives from key companies, and the expanding desire for personalized treatment are primarily driving the global cancer therapy market expansion.

An increase further aids the expansion of the cancer therapies market in pharmaceutical company collaboration and an increase in cancer research. Furthermore, the market is expected to grow as the senior population develops. During the forecasted period, the market is likely to be fuelled by rising government initiatives for cancer awareness and a growing desire for personalized medicine that delivers precise and effective results. Because surgery and radiotherapy are so effective at managing localized cancers, they control the market.

Several research institutions and divisions have been established to focus on cancer and to exploit cancer cells' weaknesses by identifying unique and revolutionary small-molecule medicines for customized cancer treatment. Growth will likely be fuelled by the creation and expanded availability of precise and highly effective treatment choices, aided by technological developments and higher R&D spending. In addition, the rapidly growing aging population, which is at a higher risk of acquiring cancer, presents market growth potential. Because of their relatively higher side effects and disadvantages, traditional cancer treatments such as chemotherapy, radiation therapy, and surgery are projected to be pushed aside by innovative biotherapy and immunological therapies, which are expected to boost growth.

MARKET RESTRAINTS:

The adverse side effects associated with cancer therapies, like Neutropenia, Lymphedema, Hair Loss, Nausea and Vomiting, Memory Problems, Cancer Pain, and Blood Clots, are the factors expected to limit the growth of the global cancer therapy market. In addition, limited awareness about cancer therapies and the high cost of oncology drug development is further estimated to challenge the market growth during the forecast period. Furthermore, the limitations of cancer therapies and their inability to completely eradicate cancer, especially in the later stages, also lead to a drawback for the market. 

Impact of COVID-19 on the global cancer therapy market:

Cancer is the uncontrolled growth of specific cells, leading to the tumor and the body's tissues dying. Therefore, treatment procedures to stop this unnecessary and invasive multiplication of cells in the body are known as cancer therapies. Cancer therapies mainly focus on eradicating these cells by targeting them through heat and killing or rendering them inactive through several other methods. Some of the standard therapies used for cancer are chemotherapy, hormone therapy, immunotherapy, radiation therapy, photodynamic therapy, stem cell therapy, targeted therapy, etc. Cancer therapies have existed since the 1930s, and even though cancer has existed since prehistoric times, the therapies have emerged relatively later. The growing advancements in cancer therapies worldwide support the market's growth.

The COVID-19 pandemic has significantly influenced worldwide healthcare systems and the cancer therapy market. Dana Farber Cancer Institute concluded that during the COVID-19 pandemic, there was a 46 percent decline in diagnoses of the six most frequent cancer types - breast, colorectal, lung, pancreatic, gastric, and esophageal cancers, according to research published in Cancer Connect 2020. The Centers for Disease Control and Prevention (CDC) and many medical professional organizations also recommended postponing cancer screening, other health-prevention services, and elective surgeries unless the risks outweigh the benefits. That hospital infrastructure is secured for COVID-19 patients' treatment. As a result of the COVID-19 pandemic, the cancer therapy market has been impacted. The situation, though, is likely to improve gradually. According to a research article published in the JCO Global Oncology 2020, nearly 88 percent of cancer care centers faced challenges in providing standard cancer care during the COVID-19 era for various reasons, including preventive measures, a lack of personal protective equipment, and a staff shortage.

REPORT COVERAGE:

This research report on the global cancer therapy market has been segmented and sub-segmented based on application, therapy, end-user, and region.

Cancer Therapy Market – By Therapy Type:

• Chemotherapy
• Targeted Therapy
• Immunotherapy
• Hormonal Therapy
• Other Treatment Types

Based on the therapy type, the targeted therapy segment is set to grow fastest during the forecast period. Targeted therapy is a type of cancer treatment in which medications are designed to target specific genes or proteins found in cancer cells. Hormone therapies, gene expression modulators, apoptosis inducers, angiogenesis inhibitors, signal transduction inhibitors, and many other cancer therapies are examples of targeted therapy. Targeted therapy is a fast-expanding field of cancer research, with many new targets being investigated. For instance, on the surface of some cancer cells, the human epidermal growth factor receptor two protein (HER-2) is expressed at high levels.

The chemotherapy segment is also expected to have significant growth in the market because it is the most common procedure and can be used to treat a wide variety of cancers. In addition, chemotherapy is used to shrink cancer cells before surgery or radiation. Therefore, they are often used as the primary procedure. 

Cancer Therapy Market – By Application:

• Blood Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer

Based on the application, lung cancer accounts for the most significant part of the global cancer therapy market during the forecast period. Furthermore, the lung cancer segment was predicted to hold the highest share in the next five years due to the increased number of patients suffering from lung diseases. In addition, the growing rates of lung cancer worldwide also led to growth in the market. According to WHO reports, lung cancer was the second most common cancer in the world, with lung 2.21 million cases in 2020.

Colorectal cancer is also expected to grow in the market during the forecast period due to the growing cases. According to WHO, there were 1.93 million cases of colorectal cancer in 2020, and the number is expected to grow during the forecast period. 

Cancer Therapy Market – By End-User:

• Hospitals
• Specialty Clinics
• Cancer and Radiation Therapy Centre

Based on the end-user, cancer & radiation therapy center segment is expected to hold the highest proportion of the global cancer therapy market during the forecast period. A considerable number of cancer treatments are carried out in these institutes as a result of these reasons.

The Hospitals and specialty centers are also expected to have grown during the forecast period due to the rising need for more available cancer treatment appointments as the cases are also on the rise. 

Cancer Therapy Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

Because of the rising adoption of cancer therapy and the growing burden of cancers in the United States, North America is likely to grow its market share. Furthermore, the Region's high concentration of essential players, growing FDA approvals, strategic alliances, and substantial research and development expenditures are projected to enhance the market. The rising number of cancer patients in the United States is a significant growth driver. In addition, the United States well-developed healthcare infrastructure and high adoption of technologically advanced cancer treatment technologies have positioned the country as an essential player in the market for cancer therapies.

Due to rising cancer prevalence in the Region, more understanding of various cancer medicines, and growing cooperation between the commercial and public sectors to offer innovative cancer therapies, Asia-Pacific is positioned to increase. In addition, the growing healthcare expenditure and massive populations in countries like China, India, Japan, etc., also drive the need for the market in the Region. Furthermore, the growing use of alcohol, smoking habits, and unhealthy lifestyles in the European and Asian regions also support market growth. 

KEY MARKET PARTICIPANTS:

A few of the notable companies operating in the global cancer therapy market profiled in this report are F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, AbbVie, Inc., Johnson & Johnson, Celgene Corporation, Astellas Pharma, Inc., Pfizer, Inc., Novartis AG, Merck KGaA, Bayer AG and Takeda Pharmaceutical Company Limited.

RECENT MARKET DEVELOPMENTS:

• GlaxoSmithKline PLC purchased TESARO Inc., an oncology-focused pharmaceutical business, in January 2019, expanding GSK's cancer pipeline and commercial abilities.
• Astellas Pharma Inc. announced in March 2021 that it had submitted a New Drug Application (NDA) for enfortumab vedotin has been submitted to Japan's Ministry of Health, Labour, and Welfare (MHLW) for the treatment of patients with locally advanced or metastatic urothelial carcinoma who have progressed after receiving anti-cancer therapy.
• Cadila Healthcare introduced Trastuzumab Emtansine, one of the first Antibody Drug Conjugate (ADC) biosimilars, in May 2021 to treat early and advanced HER2-positive breast cancer.
• The US Food and Drug Administration (FDA) authorized Amgen's LUMAKRAS (sotorasib) in May 2021 for the treatment of adult patients with KRAS G12C-mutated locally progressed or metastatic non-small cell lung cancer (NSCLC).
• Moderna received FDA approval for its combination skin cancer therapy in February 2023. The mRNA skin cancer vaccine with the drug ketruda from Merck & co INcs has proven highly effective as a combination in cancer therapy.