Rising demand for personalized medicine and initiatives for cancer awareness are set to boom growth of cancer therapeutics market

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Cancer Therapeutics Market by Treatment Type [Chemotherapy, Immunotherapy, Targeted Therapy and Radiation Therapy], Application [Bladder Cancer, Breast Cancer, Colon & Rectal Cancer, Lung Cancer, and Prostate Cancer], End User [Hospital and Cancer Specialty Center] – Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+Reports, the global cancer therapeutics market was pegged at ~US$ 112.8 billion in 2020. The market is expected to witness a CAGR of ~7.5% from 2021 to 2031. 

Rising prevalence of cancer across the globe, strong product pipeline, growing demand for personalized medicine, an increasing number of cancer awareness programs, and growing public & private funding for R&D activities of cancer therapeutics are some of the key factors propelling the growth of cancer therapeutics market. However, the high cost of drug development and the high cost and adverse effects of cancer therapy are likely to restrain market growth to a certain extent.

Government bodies and numerous organizations across the globe are making efforts to accelerate the development and commercialization of cancer drugs and therapies by providing the necessary funding, grants, permissions, clearances, and approvals. For instance, in April 2020, the FDA granted accelerated approval to Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with triple-negative breast cancer that has spread to other parts of the body.

According to WHO, Cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. Across the globe, about 1 in 6 deaths occur due to cancer. By 2040, the global burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths due to the growth and aging of the population.

Prominent players are progressively taking collaborative initiatives with several organizations, research centers & companies in order to encourage R&D of novel cancer treatment. For instance, in April 2020, Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, announced a global collaboration and option agreement with Janssen Biotech, Inc. (Janssen), one of the Pharmaceutical subsidiary of Johnson & Johnson for novel iPSC-derived cell-based cancer immunotherapies.

However, the high cost of cancer treatment is expected to restrain the market growth to a certain extent. As cancer survival rates rise, so do the price tags of life-saving treatments. Many patients struggle with the physical and emotional effects of high out-of-pocket medical costs. Low-income families, who are uninsured or underinsured, face medical bills more than four times their annual salaries and cannot afford the rising costs of cancer treatments. According to a 2019 survey conducted by The Mesothelioma Center at Asbestos.com, 63% of cancer patients and relatives reported financial struggles following a cancer diagnosis.

The Asia Pacific region is projected to be the fastest-growing cancer therapeutics market. The high growth of the region can mainly be attributed to developing healthcare infrastructure, increasing investments by public & private sectors, increasing number of clinical trials in the region owing to less stringent regulations,  rising awareness among people about different types of cancers, and their early diagnosis and treatment. Countries such as India, China, and Japan in the APAC region are projected to offer significant growth opportunities owing to the presence of large patient pool.

Some of the prominent players operating in the cancer therapeutics market are Merck Sharp and Dohme Corp, Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Bayer AG, F. Hoffmann-La Roche Ltd, AstraZeneca, Amgen Inc., and Lilly USA, LLC, among others.

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