Published Date : 24 May 2023
The global cancer therapeutics market was valued at USD 181.59 billion in 2022 and it is expanding around USD 365.99 billion by 2030 with a CAGR of 9.1% over the forecast period 2022 to 2030.
Cancer therapeutics is the treatment to stop or prevent cancer. It includes chemotherapy, radiation therapy, surgery, immunotherapy, and others. There are various types of cancer therapeutics. The therapeutic you receive will depend on the type of cancer you have. Some people will have only one treatment, but some have a combination of treatments, like surgery with chemotherapy and radiation therapy. Biomarker testing is used to provide cancer information. It helps you and your doctor choose a cancer treatment. Chemotherapy uses drugs to kill cancer cells. Hormone therapy slows or stops the growth of breast and prostate cancers that utilizes hormones to grow.
In hyperthermia treatment, body tissue is heated at 113 °F to aid damage and kill cancer cells with low or no harm to normal tissue. Immunotherapy helps your immune system fight cancer. In photodynamic therapy, a drug activated by light is used to kill cancer and other abnormal cells. Radiation treatment uses high doses of radiation to kill cancer cells and shrink tumors. Stem cell transplant helps to restore stem cells that grow into blood cells in individuals who have had their stem cells destroyed by high doses of chemotherapy or radiation therapy.
Surgery is also used to treat cancer, in which a surgeon removes cancer from your body. Targeted therapy targets the transformations in cancer cells that help them grow, divide and spread. Cancer treatment uses therapies to cure a tumor, shrink it, or stop cancer progression. Cancer therapeutics help to achieve a cure for your cancer.
It allows you to live a normal life span. Cancer treatment is used as primary, adjuvant, or palliative. The immediate treatment removes cancer from your body or kills all the cancer cells. The adjuvant treatment kills any cancer cells that may remain after primary treatment. Palliative treatments relieve the side effects of treatment or signs and symptoms caused by cancer.
The global cancer therapeutics market is majorly driven by the increasing prevalence of cancer cases across the globe. In line with this, the COVID-19 pandemic has impacted the healthcare industry worldwide and the cancer therapeutics market growth. During the COVID-19 pandemic, there was a reduction in the diagnosis of breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. However, the situation gradually improved. The rising patient assistance programs (PAPs) and growing government initiatives for cancer awareness positively influence market growth.
The strong R&D initiatives and surging demand for personalized medicine catalyze market growth. The increasing incidence of cancer cases and the escalating need for advanced cancer therapies for effective treatment propel market growth. The rising FDA approvals, strategic alliances, and heavy research and development investments favor market growth. The increasing collaboration between pharmaceutical companies and growing cancer research activities strengthen the market growth.
The rising focus of vendors on emerging markets, favorable government regulations, inflating disposable incomes, growing urban population, and improved infrastructure stimulates market growth. The sedentary lifestyles and growing geriatric population boost the market growth. The increase in the incidences of all types of cancer fuel the market growth. The rising cancer burden across the globe and the high consumption of alcohol and tobacco drives the market growth.
The rapid adoption of effective diagnosis and treatment creates a positive outlook for the market. The growing initiatives of the government and various non-profit organizations in spreading awareness about cancer therapeutics catalyze market growth. The rising prevalence of chronic diseases and heavy investments and developments in the biopharmaceutical industry propel market growth. The development of various innovative drugs and therapies and the widespread availability of multiple drugs and diagnostics related to cancer treatment favor market growth.
Cancer Therapeutics Market Report Scope:
|Market Revenue in 2023||USD 198.08 Billion|
|Projected Forecast Revenue in 2030||USD 365.99 Billion|
|Growth Rate from 2022 to 2030||CAGR of 9.1%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Based on the region, North America dominated the cancer therapeutics market growth. It accounted for the largest revenue share due to the increasing cases of cases, rapid adoption of cancer therapeutics, rising investments in research and development activities, and the growing popularity of personalized medicine. On the other hand, Asia Pacific is expected to be the fastest-growing segment during the forecast period due to improving infrastructure, increasing cases of cancer, rising geriatric population, unhealthy lifestyles, high consumption of alcohol and tobacco, investment by the major players in the market, growing government spending on the healthcare, and inflating disposable incomes.
Market Driver: Increasing incidence of cancer
The increasing prevalence of cancer across the globe significantly contributes to market growth. In line with this, unhealthy lifestyles and high consumption of alcohol and tobacco positively impact market growth. Lung, breast, and prostate cancer are the most common types of cancer. The presence of strong and well-established healthcare infrastructure in developed countries catalyzes market growth. The availability of better access to advanced healthcare diagnosis and treatment facilities and favorable reimbursement policies of the government propel the market growth.
The rapidly growing prevalence of cancer among the population favors market growth. The heavy investments in research and development activities and the development of effective cancer drugs strengthens the market growth. The collaborations of the companies with the research institutes and the surging awareness regarding the availability of innovative and more effective cancer therapeutics boost the overall market growth.
The presence of a huge population, high penetration of the top pharmaceutical companies, the developed cancer therapeutics, and the growing geriatric population positively influence the market growth.
Market Opportunity: Rising research and development activities
The heavy investment in research and development activities offers numerous opportunities for the cancer therapeutics market growth. In line with this, the market players are focusing on developing effective and advanced cancer therapeutics. The increasing cancer research activities fuel the market growth. The escalating requirement for advanced cancer therapies to efficiently treat patients boosts the overall market growth. The growing government initiatives for cancer awareness and the rising popularity of personalized medicine catalyze market growth. Introducing new and modern therapies such as targeted and immunotherapies accelerates market growth.
The ongoing R&D initiatives for developing drugs for cancer treatment offer lucrative opportunities for market expansion. The rising demand for preventive care and early treatment and the launch of technologically advanced therapeutics stimulate market growth. The new product launches for cancer treatment by leading players catalyze market growth.
Market Restraint: Adverse effects of therapeutics
The adverse effects of cancer therapeutics restrict the market growth. The negative effects arising from cancer therapeutics limit the market growth. For instance, various side effects have been seen due to targeted therapy, such as skin problems, gastrointestinal problems such as diarrhea, high blood pressure, rashes in several body parts, and blisters. Immunotherapy also causes adverse effects such as fatigue and nausea. All these are anticipated to limit market growth in the forecast period.
Market Challenge: Poor cancer diagnostics facilities
The lack of cancer diagnostic facilities challenges market growth. Furthermore, the high costs of cancer drugs hamper the market growth.
Major Key Players:
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