Cancer Therapy Market is forecast to reach a value of US$ 300,830.5 Mn by 2028 at a CAGR of 8.4% between 2022 and 2028 | Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC

The global cancer therapy market is facing strong growth owing to the increase in burden of cancer globally, favorable government rules, and initiatives for tumor awareness. Furthermore, rise in need for protective and efficient cancer treatment globally is anticipated to fuel the growth of the market. Anyhow, reasons such as expenses of cancer treatment and complications of cancer treatment are anticipated to hinder growth of the global cancer therapy market.

*Definition: Cancer therapy is the usage of operation, radiation, medicine, and other treatments to cure a malignancy, shrink a tumor, or stop the development of a tumor. The most generally utilized treatments are chemotherapy, radiation treatment, immunotherapy, and targeted therapy.

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Global Cancer Therapy Market: Regional Insights

Geographically, the global cancer therapy market is divided into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.

By regions, North America is anticipated to obtain highest share in the market during the predicted duration due to the rising prevalence of cancer and rising demand for protective and efficient cancer therapy in the region. For example, cancer immunotherapy have been granted to cure many kinds of cancer. An immunotherapy is a kind of cancer therapy that aids the immune system fight cancer. As per the ACS, in 2022, there will be approximately 1.9 million new cancer cases examined and 609,360 cancer fatalities in the U.S. This further is anticipated to rise need for several cancer treatments.

Asia Pacific is also anticipated to advocate significant growth in the global cancer therapy market owing to the rise in cases of cancer and increasing demand for cancer treatment in the nation. For example, as per the ICMR, the count of Indians suffering from malignancy is anticipated to increase to 29.8 million in 2025 from 26.7 million in 2021. Hence, with the rise in cases of cancer, the need for cancer therapy, fueling the growth of the global cancer therapy market in the region.

Global Cancer Therapy Market Drivers:

Rising cases of cancer globally is anticipated to propel the growth of the global cancer therapy market during the predicted timeframe. Cancer therapy aids cure a tumor, shrink a malignancy, or stop the development of a cancer. Chemotherapy utilized medicines to destroy tumor cells, while radiation treatment utilizes huge-energy beams to destroy cancer tissues. As per the WHO, cancer was a dominating cause of fatality globally, holding for around 10 million fatalities in 2020, or around one in six fatalities. The most general cancers were colon, prostate, breast, lung, and rectum tumor.

Favorable government rules and government creativities for malignancy awareness are anticipated to fuel the growth of the global cancer therapy market over the predicted duration. For example, in August 2022, the NCG recognized the KCDO to endorse usage of digital technologies/tools to enhance malignancy care in India. Cancer care is increasing quickly, and cancer treatments are being crucial in improving cancer care globally. KCDO will also collaborate with academic and research companies to promote R&D in cancer care.

Opportunities:

Rise in adoption or usage of cancer treatment globally is predicted to offer important growth opportunities for companies in the global cancer therapy market. For example, with the increase in cases of cancer, the need for safe and efficient cancer treatment is also rising effectively. In May 2022, UVA Health and the Charlottesville-based FUC introduced the FUCIC, the globe’s first center dedicated particularly to develop a focused ultrasound and cancer immunotherapy treatment method that could transform 21st-century cancer care.

Rise in need of medical tests or rise in R& D globally is anticipated to provide lucrative growth opportunities for companies in the global cancer therapy market. For example, in June 2021, the CAR-T therapy arose as an innovation in cancer therapy. Clinical trials conducted across the globe have shown favorable outcomes in end stage patients, particularly in patient’s pain from ALL. This is a first in India gene therapy in initial phase pilot medical test. The central regulatory NBM-BIRAC has granted 19.15 crore (INR) to the team for performing a first-in-human phase-1/2 medical test of the CAR-T cells.

Global Cancer Therapy Market Trends:

Inhibiting cancer is a noteworthy public health challenge globally, with a rising burden in every region. Hence, with the increase in burden of malignancy, need for safe and efficient cancer treatment is also rising with a quick pace. Resulting, key players are aiming on introduction and initiation novel treatments, and this trend is anticipated to continue over the predicted duration, fueling the growth of the cancer therapy market.

Furthermore, the current trend in the global cancer therapy market is increasing the usage of targeted therapies for malignancy. There are various kinds of targeted treatments, such as signal transduction inhibitors, gene expression modulators, angiogenesis inhibitors, hormone treatment, apoptosis inducers, and many other treatments. This trend is also anticipated to continue over the predicted duration, fueling the growth of the global cancer therapy market.

Restraints:

Expenses of cancer treatment is anticipated to hinder the growth of the global cancer therapy market. For example, on average, the price of cancer treatment in India is across INR 503,118 with a lowest cost of INR 90,561 and a optimal price of INR 27, 67,149. Anyhow, globally, the price of treatment is based on the stage at which the malignancy was identified and the form of cancer. The expenses linked with oncology treatment is hindering the growth of the global cancer therapy market.

Complications of cancer treatment are anticipated to hamper growth of the global cancer therapy market. For example, despite considerable growth in cancer treatment, such as immunotherapy, medical uses of immunotherapy for malignancy patients has some limitations linked with safety and efficiency. Few kinds of cancer treatments may result in serious or even fatal allergic and swelling-related reactions. Anyhow, these reactions are rare.

Global Cancer Therapy Market Segmentation:

The global cancer therapy market report is divided into Treatment Type, Cancer Type, End-User, and Geography.

Based on Treatment Type, the cancer therapy market is divided into Immunotherapy Therapy, Chemotherapy, Target Therapy, Hormone Therapy, and Others. Out of which, Chemotherapy Segment is anticipated to lead the cancer therapy market during the predicted duration and this is credited to the rise in cases of cancer. Chemotherapy is most generally utilized to cure cancer. It is a medicine treatment that utilizes powerful chemicals to destroy fast-growing tissues in the body.

Immunotherapy Segment is also anticipated to spectator notable growth in the near future and this is due to the rising use of cancer immunotherapy. Cancer immunotherapy allows the immune system to identify and target cancer tissues, making it a common answer to malignancy.

Based on Cancer Type, the market is divided into Skin Cancer, Blood tumor, Breast Cancer, Prostate cancer, Lung Cancer, and Others. Out of which, Breast Cancer Segment is anticipated to lead the market during the predicted duration and this is accredited to the rise in occurrence of breast cancer globally. As per the World Health Organization, in 2020, there were 2.3 million women examined with breast cancer and 685 000 fatalities across the globe.

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Prostate Cancer Segment is also anticipated to witness notable growth in the near future and this is due to the rise in incidences of prostate cancer. Prostate cancer is the second highest cause of cancer and the sixth major cause of cancer fatalities amidst men globally.

Based on End-User, the cancer therapy market is divided into Hospital, Specialty Clinic, and Radiation Center. Out of which, Hospital Segment is anticipated to rule the market during the predicted timeframe and this is accredited to the rise in awareness amidst people regarding cancer care. Hospitals are partnering with pharma organizations for new cancer treatments.

Radiation Center Segment is also anticipated to witness notable growth in the near future and this is due to the rise in number of radioactivity center globally. The radiation center offers contact to the highest standard radiation treatment services.

Key Developments

In March 2018, Amgen and Allergan got effective CHMP opinion for ABP 980 (for the therapy of three kinds of cancers.

In January 2018, Roche and GE collaborated to innovated integrated digital diagnostics platform, to enhance oncology and critical care therapy.

In November 2017, AstraZeneca and the Chinese Future Industry Investment Fund introuced a joint venture to advance new drugs in China. Faslodex gained US FDA grants for the therapy of advanced breast cancer in grouping with Abemaciclib.

Global Cancer Therapy Market: Key Companies Insights

The global cancer therapy market is highly competitive. This is recognized to the increasing need for safe and efficient cancer treatments globally, resulting, players in the market are aiming on introduction of new products in the market.

Few key players in the global cancer therapy market are AstraZeneca, Pfizer Inc., Novartis AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Johnson & Johnson, Hoffmann-La Roche Ltd., Bayer AG, Amgen, and GlaxoSmithKline PLC, among others.

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