Cancer Therapy Market To Be Valued at US$ 300,830.5 Mn By 2030 With CAGR of 8.4% | Pfizer Inc., Novartis AG, Merck & Co. Inc.

Cancer therapies aid in the prevention, treatment, or reduction of cancer. Chemotherapy, radiation therapy, immunotherapy, and targeted therapy are the most often utilised treatments. It is a pharmacological therapy that uses potent chemicals to kill the body’s rapidly proliferating cells. Most frequently, chemotherapy is used to treat cancer. While high-energy beams are used in radiation therapy to eliminate cancer cells. A type of cancer treatment known as immunotherapy aids the immune system’s battle against the disease. Targeted therapy focuses on the alterations in cancer cells that promote their multiplication, growth, and spread.

📌 Market Statistics

By the end of 2023, the global cancer therapy market is anticipated to be worth US$ 184,987.8 Mn.

📌 Drivers

The global market for cancer therapy is anticipated to develop as a result of an increase in demand for safe and effective cancer treatments brought on by more public knowledge of the disease. For instance, Johnson & Johnson (JNJ.N) and its partner Legend Biotech Corp. produced a medicine in March 2022 that the U.S. Food and Drug Administration (USFDA) approved to treat a specific form of white blood cell cancer. The FDA’s decision opens the door for Legend’s first product to be licenced in the country at a time when the watchdog has increased its scrutiny of medication trials carried out in China. The Legend-J&J therapy was initially trialled in China before moving on to the US and Japan.

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📌 Opportunities

The incidence and prevalence of cancer are predicted to rise globally, creating considerable potential prospects for companies in the worldwide cancer therapy industry. For instance, despite advancements in cancer preventive and treatment methods, the number of cancer diagnoses seems to be increasing. Due to the rising incidence of cancer, there is an urgent need for safe and efficient cancer treatments all around the world. The American Cancer Society (ACS) projects that there will be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the United States in 2022, or around 1,670 fatalities each day.

📌 Restraints

Some significant factors that are anticipated to impede the growth of the global cancer therapy market include the high cost of cancer medicines and their adverse effects. In India, for example, the average cost of cancer treatment is about INR 503,118 (US$ 6,300), with a minimum cost of INR 90,561 (US$ 1,134) and a high cost of INR 27,67,149 (US$ 34,650). In India, the total cost of chemotherapy ranges from INR 2,954 (about US$ 37) to INR 49,909 (about US$ 625). However, the method of administering chemotherapy affects the price of cancer treatment in India.

📌 Impact

The market for cancer therapies has been significantly impacted by the COVID-19 outbreak. The most prevalent cancer kinds, including breast cancer, lung cancer, colorectal cancer, gastric cancer, pancreatic cancer, and esophageal cancer, saw a decline in diagnoses. Additionally, it was advised by both government and non-governmental organisations that cancer screenings and other preventative treatments be delayed in order to protect hospital infrastructure for COVID-19 patient care. In summary, the pandemic had a significant negative influence on the market expansion for cancer therapies.

📌 Key Takeaways

The market for cancer therapies was valued at US$ 171,143.8 Mn in 2021 and is anticipated to grow at a CAGR of 8.4% from 2022 to 2028 to reach US$ 300,830.5 Mn.

Chemotherapy held a prominent position among therapy types in the worldwide biosensors market in 2021, accounting for 33.2% of the market’s value share.

📌 Market Trends

The market for cancer therapies is anticipated to rise as a result of increased emphasis on cancer prevention and management as well as supportive government programmes. The burden of cancer prevention is rising in practically every nation, making it a substantial public health concern globally. As a result, the demand for safe and effective cancer therapy is rising quickly along with the burden of cancer. Because of this, market participants are concentrating on creating and releasing novel medicines, and this trend is anticipated.

📌 Competitive Landscape

Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company are a few of the major companies competing in the global market for cancer therapies.

📌 Recent Developments

To speed up the industry-wide discovery and delivery of ground-breaking medicines for cancer patients, Roche purchased Flatiron Health in February 2018.

The United States Food and Drug Administration (FDA) approved a regulatory filing for Tagrisso in first-line non-small cell lung cancer in December 2017.

Avastin biosimilar ABP 215 received approval from the European Medicines Agency (EMACommittee )’s for Medicinal Products for Human Use (CHMP) in November 2017, according to an announcement from Amgen and Allergan (bevacizumab).

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📌 Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Cancer Therapy Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Cancer Therapy Industry Impact

Chapter 2 Global Cancer Therapy Competition by Types, Applications, and Top Regions and Countries
2.1 Global Cancer Therapy (Volume and Value) by Type
2.3 Global Cancer Therapy (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Global Cancer Therapy Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Cancer Therapy Market Analysis
Chapter 6 East Asia Cancer Therapy Market Analysis
Chapter 7 Europe Cancer Therapy Market Analysis
Chapter 8 South Asia Cancer Therapy Market Analysis
Chapter 9 Southeast Asia Cancer Therapy Market Analysis
Chapter 10 Middle East Cancer Therapy Market Analysis
Chapter 11 Africa Cancer Therapy Market Analysis
Chapter 12 Oceania Cancer Therapy Market Analysis
Chapter 13 South America Cancer Therapy Market Analysis
Chapter 14 Company Profiles and Key Figures in Cancer Therapy Business
Chapter 15 Global Cancer Therapy Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology