July 13, 2024
Cancer Cell Market

Cancer Cell Market is Expected to be Flourished by Emerging Personalized Medicine

Cancer, also known as malignant neoplasm, is a group of diseases involving abnormal cell growth with the potential to invade or spread to other parts of the body. The four main types of cancer cells are carcinoma, sarcoma, leukemia, and lymphoma and central nervous system cancers. Personalized medicines or precision medications are designed to target specific genes or proteins that contribute to the growth and survival of tumor cells. The global cancer cell market is primarily driven by increasing research & development activities in cancer therapeutics and rising prevalence of cancer across the globe.

The global cancer cell market is estimated to be valued at US$ 10799.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The global cancer cell market is expected to be flourished by emerging personalized medicine as it helps design effective treatments based on an individual patient’s genetic characteristics and their tumor. Personalized medicine aims to classify individuals into subpopulations that differ in their susceptibility to a particular disease, in the biology and/or prognosis of those diseases they may develop, or in their response to a specific treatment. The various approaches in personalized medicine like molecular diagnostics, pharmacogenomics, and others are enabling targeting of therapies to the correct patient populations, thereby maximizing efficacy and minimizing toxicity. The rising prevalence of cancer across the globe due to changing lifestyle patterns is another key driver expected to augment the growth of the market. According to the World Cancer Research Fund, approximately 1 in 6 deaths worldwide are due to cancer. An estimated 9.6 million deaths occurred in 2018 due to cancer which is expected to rise to 13.2 million by 2040. However, high costs associated with diagnostic tests and therapies as well as limited availability of skilled oncologists may restrain the market growth over the forecast period.

Segment Analysis

The cancer cell market is dominated by the immunotherapy sub segment which holds around 35% of the total market share. Immunotherapy is gaining traction due to its highly effective nature in treating cancer with minimum side effects as compared to other cancer treatment methods like chemotherapy. The immunotherapy segment is expected to grow at a CAGR of over 13% during the forecast period.

PEST Analysis

Political: Governments across the world are focusing on increasing healthcare spending to improve cancer treatment facilities. Many countries have launched national programs to spread awareness and enhance diagnosis rates.

Economic: Rising disposable incomes have increased healthcare expenditures. The growing geriatric population prone to cancer is also driving market growth. High treatment costs remain a key challenge.

Social: Changing lifestyles and lack of physical activity have increased cancer incidence rates. Social media is helping increase awareness and support for cancer patients.

Technological: Advances in areas like personalized medicine, immunotherapy, targeted drug therapy and stem cell therapy are expanding treatment options. Adoption of AI and IoT is further improving diagnostics.

Key Takeaways

The Global Cancer Cell Market Demand  is expected to witness high growth. The global cancer cell market is estimated to be valued at US$ 10799.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

North America dominates the market currently due to high cancer incidence rates and advanced healthcare infrastructure. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising awareness, improving diagnostic rates and increasing healthcare investments in countries like India and China.

Key players operating in the cancer cell market are Honeywell International Inc., Siemens AG, General Electric Company, and Schneider Electric SE.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it