Cancer Therapeutics Market
Number of pages: 120 | Report Format: PDF | Published date: May 05, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 133.24 billion |
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Revenue Forecast in 2031 |
US$ 261.94 billion |
|
CAGR |
7.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cancer therapeutics market was valued at US$ 133.24 billion in 2022 and is expected to register a revenue CAGR of 7.8% to reach US$ 261.94 billion in 2031.
Cancer Therapeutics Market Fundamentals
Cancer therapeutics refers to treatments and medications for cancer and related conditions. Chemotherapy, targeted therapy, immunotherapy, hormone therapy, and other therapeutics are used in cancer treatment. Cancer therapeutics aim to stop the spread of cancer, slow the proliferation of cancer cells, and enhance the quality of life for cancer patients. Multiple prescription drugs and cancer therapies are currently available, and they either target cancer itself or its environment, such as blood vessels that feed tumors with nutrients. For instance, chemotherapy uses chemicals that kill rapidly dividing cells, including cancer cells, while immunotherapy uses the immune system's capacity to identify and eliminate cancer cells. Targeted therapy uses drugs that specifically target the distinctive properties of cancer cells, such as mutations or abnormal proteins.
Future cancer therapies might incorporate novel treatment methods, such as gene therapy, which entails altering genes to assist the immune system in locating and eliminating cancer cells. Other revolutionary medicines include CAR-T cell therapy, which involves altering immune cells to recognize and target cancer cells, and nanotechnology-based therapies, which employ microscopic particles to deliver pharmaceuticals directly to cancer cells.
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Cancer Therapeutics Market Dynamics
The cancer therapeutics market dynamics are influenced by the rising incidence of cancer globally, the rising desire for efficient and innovative cancer therapies, and ongoing research and development of new cancer therapeutics. According to the National Center for Health Statistics data, the United States is expected to see 1,958,310 new cancer cases and 609,820 cancer-related deaths in 2023. After two decades of reduction, prostate cancer incidence increased from 2014 to 2019 by 3% yearly, representing an additional 99,000 new cases. In contrast, other cancer incidence trends were more positive in men than women.
The cancer therapeutics market growth is also driven by the demand for efficient and personalized cancer therapies as patients and healthcare professionals look for cutting-edge treatments to enhance cancer patients' prognoses and quality of life. The creation of targeted medicines and personalized treatment regimens has been made possible by precision medicine and molecular diagnostics developments. These advancements can potentially increase the efficacy of cancer treatments and lessen the negative effects of conventional chemotherapy and radiation therapy. Additionally, rising research and development significantly influence the cancer therapeutics market size. New medicines and therapies are being invented to enhance outcomes for cancer patients and address the problems of drug resistance and cancer recurrence as more funding is dedicated to research and development. For instance, on January 31, 2023, the FDA granted breakthrough therapy designation to the CSF-1R inhibitor pimicotinib (ABSK02) for treating patients with tenosynovial giant cell tumors who are not amenable to surgery. With a focus on targeted medicines, immunotherapies, and combination therapies that can enhance treatment outcomes, pharmaceutical, and biotechnology companies are investing extensively in research and development to create new cancer therapeutics.
By enabling earlier cancer detection, a better understanding of tumor biology and disease progression, and the creation of more individualized treatment plans, developed diagnostics are driving the cancer therapeutics market growth. By using diagnostic tools like genomics, proteomics, and molecular imaging, researchers can better comprehend the biology of cancer from the ground up and find novel therapeutic targets. Genomic profiling, for instance, can assist in identifying genetic abnormalities and variations fueling the growth of tumors, which can subsequently be targeted with particular medicines.
However, the high cost of establishing and launching new medications to market, the rising prevalence of drug resistance, and the complicated regulatory landscape for drug approval are just a few of the cancer therapeutics market challenges. The market is also extremely competitive, with many businesses spending on R&D to create new, more potent cancer treatments. The industry is also challenged by the rising expense of cancer treatment and the requirement for more effective use of healthcare resources. Finally, inequities in access to cancer care and treatment remain a major problem, especially in low-income and developing nations with few resources available for cancer prevention, diagnosis, and treatment.
Cancer Therapeutics Market Ecosystem
This report provides the global cancer therapeutics market analysis in terms of revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global cancer therapeutics market overview is analyzed from the following perspectives: type, application, end user, and region.
Cancer Therapeutics Market by Type
Based on the types, the global cancer therapeutics market is segmented into chemotherapy, immunotherapy, targeted therapy, and others.
Chemotherapy accounted for the largest revenue share of the global cancer therapeutics market in 2022. Chemotherapy is a form of cancer therapy that employs chemicals to destroy cancer cells and rules the market for cancer therapies due to its success in treating various cancers. The use of chemotherapy is optional; it may be combined with other therapies like radiation therapy or surgery. It concentrates on quickly proliferating cancer cells, stopping them from dividing and replicating. Chemotherapy is adaptable since it can be given orally, intravenously, or topically, among other ways. Furthermore, chemotherapy has been used and studied extensively, and a substantial body of clinical evidence supports its efficacy in treating various cancers.
Cancer Therapeutics Market by Application
Based on the applications, the global cancer therapeutics market is segmented into blood cancer, breast cancer, prostate cancer, gastrointestinal cancer, gynecologic cancer, respiratory/lung cancer, and others.
According to the cancer therapeutics market analysis, breast cancer accounted for the highest revenue share of the global cancer therapeutics market in 2022. Due to the high prevalence and incidence rates of breast cancer worldwide, it contributes significant revenue to the cancer therapeutics market share. According to the World Health Organization, breast cancer accounts for about 30% of all cancer cases worldwide, making it the most prevalent cancer in women. Breast, lung, colon, rectum, and prostate cancers are the most prevalent types of cancer. The use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities. As a result, considerable investment has been made in the study and creation of novel treatments for breast cancer. Additionally, because breast cancer is a complex illness with numerous subtypes, targeted therapies that can be customized to the unique features of each patient's tumor have been developed. The knowledge of the biology of breast cancer has also increased because of developments in diagnostics, such as genomic profiling and molecular imaging, which have created more specialized treatment regimens.
Cancer Therapeutics Market by End User
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Based on the end users, the global cancer therapeutics market is segmented into hospitals, cancer specialty centers, ambulatory care centers, and others.
Hospitals accounted for the highest revenue share of the global cancer therapeutics market in 2022. Since hospitals are the primary setting for cancer diagnosis, treatment, and care, they dominate the cancer therapeutics market. Hospitals can offer comprehensive care to patients with difficult or advanced cancers because they can access the most recent developments in cancer treatment, including medications and clinical trials. Hospitals frequently work with academic institutions and research organizations to promote cancer research and provide novel therapeutics. As a result, hospitals are an essential part of the ecosystem for cancer treatment and are vital in fostering innovation and enhancing patient outcomes.
Cancer Therapeutics Market by Region
Based on the region, the global cancer therapeutics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global cancer therapeutics market in 2022. With a sizable and expanding population, North America has a high prevalence of cancer. According to CDC, in the United States, 1,752,735 new cancer cases were reported in 2019, while 599,589 people died from the disease. 439 new cases of cancer and 146 cancer-related deaths were reported for every 100,000 persons. The most recent year for which incidence data are accessible is 2019.
Additionally, North America has a developed healthcare infrastructure with a sizable number of cancer treatment facilities and hospitals with cutting-edge tools and technology. A strong regulatory framework in the area also encourages innovation and the creation of novel cancer treatments. Last, North America is home to a thriving pharmaceutical sector that includes many of the top producers of cancer medications worldwide. These elements have led to the dominance of North America in the worldwide market for cancer medicines and have helped the continent become a leader in developing and delivering cancer treatments.
Cancer Therapeutics Market Competitive Landscape
Multiple companies across the globe are investing in the research and development of novel cancer therapeutics, which is expected to improve the cancer therapeutics market outlook. Notable market participants account for the largest revenue share of the global cancer therapeutics market include,
Cancer Therapeutics Market Strategic Development
The global cancer therapeutics market was valued at US$ 112.8 billion in 2020.
Chemotherapy accounted for the largest revenue share of the global cancer therapeutics market.
Increased awareness for early cancer diagnosis and advancement in R&D are the major drivers for the cancer therapeutics market.
Key companies operating the global cancer therapeutics market are Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Bayer AG, and F. Hoffmann-La Roche Ltd.
The global cancer therapeutics market is expected to grow at a revenue CAGR of 7.8% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain