The global cancer therapeutics market size is expected to be worth around US$ 393.61 billion by 2032 from at US$ 164 billion in 2022, growing at a CAGR of 9.20% during the forecast period 2023 to 2032.
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The U.S. cancer therapeutics market size is expected to reach around US$ 112.25 billion by 2032 from at US$ 45.92 billion in 2022, representing at a CAGR of 9.40% between 2023 to 2032.
On the basis of region, North America is anticipated to conquer the largest share by 2032 owing to heavy funding via numerous organizations and rise in adoption of cancer therapeutics in the region. Moreover, surge in R&D investments is anticipated to facilitate the market growth during the forecast period.
The cancer immunotherapy market in the Asia Pacific region, especially in India, China and Japan is expected to witness high growth rate during the forecast period. The growth in this market is expected to be propelled by large population of patient seeking for the cancer treatment, aggressive investment by the major players in the market, increasing prevalence of cancer, increasing government spending on the healthcare, and rising disposable income of the patients has improved the access to cancer treatment in the region. Furthermore, the absence of stringent liberalization and regulations in Asian countries is also a factor turning Asia Pacific a lucrative market for cancer therapeutic.
Rise in prevalence of cancer cases and cancer research, surge in collaboration between pharmaceutical companies, and growth in geriatric population are the major factors that augment the growth of the cancer therapeutics market. Furthermore, according to the Globocan 2020 fact sheet, 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths owing to cancers all around the world. In addition, according to the International Agency for Research on Cancer (IARC) estimation, by the year 2040, globally the number of cancer patients is expected to grow up to 30.2 million and 16.3 million deaths all around the world. Therefore, rising incidence of cancer cases is expected to propel the need for advanced cancer therapies for the efficient treatment of patients which is likely to boost the cancer therapeutics market during the forecast period.
The pandemic affected health care sector in many extents heading from disturbing regular visits of the patients to the health care facilities, leading to the implementation of extra protective measures and social distancing with increased utilization of telehealth and virtual medicine and stressing and overwhelming the health care resources. Moreover, patients with cancer are susceptible population, and they are prone to various harms during pandemics like Covid-19, including but not limited to interruption of their cancer or usual medical care and vulnerability to life-threatening infections. Therefore, oncologists have faced various challenges in order to balance the delivery of high-quality and continuous cancer care with minimizing the risk to the patients during care. In addition, the impact of the Covid19 is likely to be high in developing income countries owing to the availability of poor infrastructure, limited resources, scarcity of medical supplies and personal protective equipment (PPE), shortage of health care providers and organized care teams, and poor access to technology which will result in a shortage of facility to provide and deliver critical care. In addition, in the year 2020, the number of patients diagnosed with cancer around the world reached 19.3 million, and the number of deaths due to cancer raised up to 10 million. Furthermore, there were 2.3 million new cases of breast cancer cases in the year 2020, by representing almost 12% of overall cancer cases. Also breast cancer is also one of the leading cause of cancer death among women.
|Market Size||US$ 393.61 Billion by 2032|
|Growth Rate from 2023 to 2032||CAGR of 9.20%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Top Selling Drug, Application, End User, Region|
|Companies Mentioned||F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, AbbVie, Inc., Johnson & Johnson, Celgene Corporation, AstellasPharma, Inc., Pfizer, Inc., Novartis AG, Merck KGaA, Eli Lilly and Company|
The global cancer therapeutics market trends are analyzed across the application vertical in the global report. In addition, the lung cancer is the dominating segment in the cancer therapeutics market, owing to favorable government regulations toward lung cancer therapeutic and rise in prevalence of lung cancer.
The global cancer therapeutics market growth is further analyzed via the top selling drugs vertical in the report. The Revlimid segment comprise of the largest share in the cancer therapeutics market in the year 2022, as it has received a designation of breakthrough therapy. Furthermore, revlimid belongs from immunomodulatory drugs secton. Revlimid is an oral cancer drug utilized for multiple myeloma therapy and treatments. This drug functions against cancer cells partly by affecting the immune system of the patient. In October 2016, the combination therapy results of Revlimid and daratumumab (Johnson and Johnson) reported a rise in progression-free survival rate for patients suffering from relapsed or refractory multiple myeloma. This combination treatment was granted a breakthrough therapy designation by the FDA in the year 2016.
Cancer and radiation therapy centers is the dominating segment of cancer therapeutic market however rising demand for specialty treatment owing to increasing disposable income and health concerns the specialty treatment segment is becoming the fastest growing segment during the forecast period of the market.
Key Market Developments
The Cancer Therapeutics Market is highly fragmented with the presence of several local and global companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
Segments Covered in the Report
By Top Selling Drugs
By End User
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