USD 166.5 Billion
Report ID: SQMIG35H2214 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 75
Cancer Therapeutics Market size was valued at USD 166.5 Billion in 2021 and is poised to grow from USD 181.65 Billion in 2022 to USD 364.62 Billion by 2030, at a CAGR of 9.1% during the forecast period (2023-2030).
The global cancer therapeutics market was experiencing significant growth and evolution. The market's expansion was driven by several factors, including increasing cancer prevalence, advancements in medical technology, rising awareness of early diagnosis and treatment, and a growing aging population susceptible to cancer. One of the key drivers was the continuous development of innovative cancer therapies, such as immunotherapies, targeted therapies, and personalised medicine. These therapies have shown promising results in treating various cancer types and have significantly improved patient outcomes and survival rates. Additionally, the pharmaceutical industry's extensive research and development efforts in oncology have led to the approval of several new drugs, enhancing the overall treatment landscape. Furthermore, governments and healthcare organisations around the world have been actively investing in cancer research and promoting access to affordable and effective cancer treatments. This has led to the expansion of healthcare infrastructure and improved reimbursement policies, making cancer therapeutics more accessible to a larger population. Despite the positive trends, the global cancer therapeutics market faces some challenges. One of the major obstacles is the high cost associated with cancer treatments.
A majority of the novel therapies are expensive, making them unaffordable for a significant portion of the global population. This economic burden often leads to disparities in cancer care and limits access to cutting-edge treatments for those in less economically developed regions. Another challenge is the complex and lengthy regulatory approval process for new cancer drugs. The stringent requirements and extensive clinical trials necessary for drug approval can hinder the timely introduction of life-saving treatments to the market, delaying potential benefits to patients. Moreover, cancer heterogeneity and resistance remain significant hurdles in achieving complete remission and long-term survival in many cancer types. Developing effective treatments that can address these challenges requires ongoing research and collaboration between academia, industry, and regulatory bodies.
US Cancer Therapeutics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 166.5 Billion
Largest Segment
Lung cancer
Fastest Growth
Lung cancer
Growth Rate
9.1% CAGR
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The global cancer therapeutics market is segmented on the basis of application, therapy, and region. By application, the market is segmented into blood cancer, lung cancer, and other types of cancer. By therapy, the market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and other treatment modalities. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Cancer Therapeutics Market Analysis By Application
The global cancer therapeutics market can be analysed based on its application in different cancer types, including blood cancer, lung cancer, and other types of cancer. Among these applications, one dominant category is lung cancer, while one of the fastest-growing segments is blood cancer. Lung cancer has established itself as a dominant application in the cancer therapeutics market due to its high prevalence and significant impact on global health. Lung cancer is one of the leading causes of cancer-related deaths worldwide, and it presents a substantial healthcare burden. Treatment options for lung cancer encompass a wide range of therapies, including surgery, radiation therapy, chemotherapy, targeted therapy, and immunotherapy. The development of targeted therapies, especially for specific genetic mutations in non-small cell lung cancer (NSCLC), has significantly improved outcomes for certain patient subgroups. Additionally, immunotherapies, such as immune checkpoint inhibitors, have shown remarkable efficacy in both NSCLC and small cell lung cancer (SCLC), providing new hope for patients with advanced stages of the disease.
On the other hand, blood cancer, including leukaemia, lymphoma, and myeloma, is one of the fastest-growing segments in the cancer therapeutics market. The rising incidence of blood cancers, along with continuous advancements in treatment options, has fueled the growth of this segment. Treatments for blood cancer include chemotherapy, radiation therapy, stem cell transplantation, targeted therapy, and immunotherapy. In recent years, the emergence of novel immunotherapies, particularly CAR-T cell therapy, has revolutionised the treatment landscape for certain types of blood cancer. CAR-T cell therapy involves genetically engineering a patient's T cells to recognize and attack cancer cells, resulting in remarkable response rates and prolonged remissions in some cases. The success of CAR-T cell therapy has propelled blood cancer treatment into a new era of precision medicine and personalised therapy.
Cancer Therapeutics Market Analysis By Therapy
The global cancer therapeutics market can be analysed based on different types of therapies used in cancer treatment, including chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and other treatment modalities. Among these therapy segments, one dominant category is immunotherapy, while one of the fastest-growing segments is targeted therapy. Immunotherapy has emerged as a dominant force in the cancer therapeutics market due to its revolutionary approach in harnessing the body's immune system to fight cancer cells. It has shown remarkable success in treating various cancer types, including melanoma, lung cancer, renal cell carcinoma, and certain types of lymphomas. Immune checkpoint inhibitors, a key type of immunotherapy, have demonstrated unprecedented responses in patients with advanced or metastatic cancers, leading to durable remissions in some cases. The effectiveness and potential for long-term survival with fewer side effects have made immunotherapy a favoured choice for many oncologists and patients alike.
On the other hand, targeted therapy is one of the fastest-growing segments in the global cancer therapeutics market. Targeted therapies work by targeting specific molecules or genetic mutations that drive the growth and spread of cancer cells. These therapies offer a more personalised approach to treatment, as they are tailored to patients with specific biomarkers or mutations. Targeted therapies have shown significant efficacy in cancers such as breast cancer, lung cancer, colorectal cancer, and leukaemia, among others. As the understanding of cancer biology and genetics advances, the development of novel targeted therapies is rapidly growing, and the availability of companion diagnostics is enabling better patient selection for these treatments.
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North America, comprising the United States and Canada, holds a dominant position in the global cancer therapeutics market. This dominance can be attributed to several factors, including a high prevalence of cancer, well-established healthcare infrastructure, a strong emphasis on research and development, and a favourable regulatory environment. North America is home to some of the world's leading pharmaceutical and biotechnology companies, continuously investing in oncology research to develop innovative and effective cancer therapies. Additionally, the region has witnessed significant advancements in precision medicine and personalised treatment approaches, further contributing to its dominant position in the market.
On the other hand, the Asia-Pacific region is one of the fastest-growing markets for cancer therapeutics. The rising incidence of cancer, increasing awareness of early diagnosis and treatment, and improving healthcare infrastructure are some of the factors driving this growth. In recent years, countries in the Asia-Pacific region, including China, India, Japan, and South Korea, have witnessed significant investments in oncology research and development, as well as clinical trials for novel cancer therapies. Moreover, the availability of cost-effective manufacturing capabilities in the region has enabled better access to cancer treatments for patients, leading to the overall growth of the market in Asia-Pacific.
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Cancer Therapeutics Market Drivers
Rising Cancer Prevalence
Advancements in Medical Technology
Cancer Therapeutics Market Restraints
High Cost of Cancer Treatments
Side Effects and Toxicity
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The global cancer therapeutics market is highly competitive and constantly evolving, with numerous pharmaceutical and biotechnology companies driving innovation in cancer treatment. The competitive landscape is characterised by a diverse range of companies engaged in the research, development, and commercialization of oncology drugs and therapies. Major players in the market are investing heavily in oncology R&D, focusing on novel drug candidates and innovative treatment modalities. These companies often collaborate with academic institutions and research organisations to explore new avenues for cancer treatment. Additionally, strategic partnerships, licensing agreements, and mergers and acquisitions are common strategies used by companies to strengthen their market presence and expand their product portfolios. The market's competitiveness is further intensified by the continuous emergence of startups and biotech firms specialising in specific cancer therapeutics areas. These startups bring fresh perspectives and cutting-edge technologies to the market. The intense competition in the global cancer therapeutics market is ultimately beneficial for patients, as it fosters a dynamic environment that drives advancements in treatment options, improves patient outcomes, and brings new hope to those affected by cancer.
Cancer Therapeutics Market Top Player’s Company Profile
Cancer Therapeutics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global cancer therapeutics market analysis, North America's dominant position is likely to be sustained due to its strong research and development infrastructure, while the Asia-Pacific region's fast-paced growth will be driven by its growing healthcare investments and the increasing adoption of cutting-edge cancer therapies. The Global Cancer Therapeutics Market continues to witness significant growth and evolution, driven by several factors that are shaping the landscape of cancer treatment worldwide. Rising cancer prevalence, fueled by factors like an aging population and lifestyle changes, remains a key driver, creating a growing demand for effective therapies. Advancements in medical technology, including genomics and molecular diagnostics, have enabled the development of targeted therapies and personalised medicine, leading to better treatment outcomes and reduced side effects. Immunotherapies, particularly immune checkpoint inhibitors and CAR-T cell therapy, have emerged as game-changers in cancer treatment, offering new hope for patients with previously limited options. Precision medicine and combination therapies are gaining momentum, aiming to enhance treatment efficacy and overcome drug resistance. The market also sees a surge in the development and approval of biosimilars, increasing patient access to costly biologics.
Moreover, personalised cancer vaccines and liquid biopsies are promising areas of research, offering more tailored and non-invasive approaches to cancer detection and treatment monitoring. Investments in oncology research by pharmaceutical companies, research institutions, and governments continue to drive the discovery of novel drug targets and innovative therapies. The patient-centric approach is gaining traction, with a focus on improving the patient experience and supportive care services throughout the cancer treatment journey. The integration of digital health technologies and artificial intelligence is playing a vital role in cancer research and treatment planning, providing data analysis, patient monitoring, and decision-making support. Despite these positive trends, challenges such as the high cost of cancer treatments, drug resistance, and stringent regulatory processes persist. Additionally, ensuring equitable access to cutting-edge therapies and addressing ethical and social considerations in cancer care remains a priority. The Global Cancer Therapeutics Market is poised for further growth and transformation as ongoing research and technological advancements continue to shape the future of cancer treatment. The industry's dedication to innovation and the growing emphasis on patient-centred care offer hope for improved outcomes and quality of life for cancer patients worldwide. However, staying abreast of the latest developments and addressing challenges with collaborative efforts will be crucial in meeting the global burden of cancer and enhancing the lives of those affected by the disease.
Report Metric | Details |
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Market size value in 2021 | USD 166.5 Billion |
Market size value in 2030 | USD 364.62 Billion |
Growth Rate | 9.1% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cancer Therapeutics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cancer Therapeutics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cancer Therapeutics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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