Number of pages: 120 | Report Format: PDF | Published date: 05 May, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global cancer therapeutics market was pegged at US$ 112.8 billion in 2020 and is expected to witness a CAGR of 7.5% during the forecast period.
Cancer also called malignancy, is an abnormal growth of cells. There are more than 100 types of cancers including breast cancer, bladder cancer, colon & rectal cancer, lung cancer, and prostate cancer. Cancer treatment includes the use of chemotherapy, immunotherapy, radiation, and other therapies to cure, shrink or stop the progression of cancer. Depending on the disease progression, the patient may receive one or a combination of treatments.
The global cancer therapeutics market is mainly driven by the rising prevalence of cancer across the globe, strong product pipeline, growing demand for personalized medicine, and increasing cancer awareness programs. Furthermore, growing public & private funding for R&D activities is also likely to play a pivotal role in contributing to the growth of the market. However, the high cost of drug development, the high cost of cancer therapy, and the adverse effects related to cancer therapeutics are likely to restrain market growth to a certain extent.
The global cancer therapeutics market has been analyzed from four perspectives: Treatment Type, Application, End-User, and Region.
Cancer Therapeutics Market by Treatment Type
Based on treatment type, the cancer therapeutics market has been segmented into chemotherapy, immunotherapy, targeted therapy, radiation therapy, and others (hormonal therapy, stem cell transplants, targeted therapy, etc.). The chemotherapy segment dominated the market with the largest share in 2020. The large share of the chemotherapy segment is attributed to the fact that it is the most commonly prescribed treatment for cancer. It uses certain drugs to kill cancer cells or to stop them from growing and spreading to other parts of the body.
Cancer Therapeutics Market by Application
Based on application, the cancer therapeutics market has been segmented into bladder cancer, breast cancer, colon & rectal cancer, lung cancer, prostate cancer, and others (endometrial cancer, pancreatic cancer, thyroid cancer, etc.). The breast cancer segment dominated the market with the largest share owing to its high prevalence. About 1 in 8 U.S. women develop invasive breast cancer. In 2021, an estimated 281,550 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S., along with 49,290 new cases of non-invasive (in situ) breast cancer. Such a large pool of cancer population will further propel the growth of the breast cancer diagnostics market.
Cancer Therapeutics Market by End User
Based on end-user, the cancer therapeutics market has been segmented into hospitals, cancer specialty centers, and others (ambulatory care centers, clinics, etc.). The hospital segment dominated the market with the largest share in 2020. The growth of the segment can be attributed to the growing number of patients visiting hospitals for cancer diagnosis and treatment and the favorable reimbursement scenario; especially in the developed markets.
Cancer Therapeutics Market by Region
Based on region, the global cancer therapeutics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the cancer therapeutics market, followed by the Asia Pacific. The large share of North America in the global market can largely be attributed to the presence of prominent players offering cancer therapeutics, the high prevalence of the different types of cancers in the region, greater awareness among people regarding cancer, and better reimbursement scenario compared to many parts of the world.
Some of the prominent players operating in the cancer therapeutics market includes:-