Cancer therapy involves the use of drugs, surgery, and radiation to treat cancer. The major cancer therapies include chemotherapy, targeted therapy, immunotherapy, hormone therapy, and radiation therapy. Chemotherapy uses drugs to destroy cancer cells and works by stopping the cancer cells’ ability to grow and divide. Targeted therapy uses drugs to target specific vulnerabilities within cancer cells. Immunotherapy helps the body’s natural defenses to work better at fighting the cancer. Hormone therapy stops or blocks hormones cancer cells may need to grow. Radiation therapy uses high-energy beams to destroy cancer cells. Cancer therapy has become an integral part of cancer management and is used alone or in combination depending upon the cancer type and stage.

The global Cancer Therapy Market is estimated to be valued at Us$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR Of 7.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The market is primarily driven by the rise in cancer incidence globally. According to the World Cancer Research Fund International, in 2020, there were around 19.3 million new cancer cases and 10 million cancer deaths worldwide. The four most common cancers in 2020 were lung, breast, colorectal, and prostate cancer. The increased incidences have boosted the demand for effective cancer therapies. Furthermore, advancements in targeted therapies, immunotherapies, and personalized medicines have offered more efficacious treatment options, thereby fueling market growth. However, high treatment costs and side effects associated with certain cancer therapies may restrain the market to a certain extent.

Segment Analysis

The global cancer therapy market is dominated by chemotherapy segment which holds around 45% of the total market share. Chemotherapy is the standard of care treatment option for various types of cancers such as lung cancer, breast cancer, colorectal cancer, prostate cancer, and lymphoma. It is widely used due to its effectiveness in treating different stages of cancers. The targeted therapy segment is expected to witness faster growth during the forecast period owing to the emergence of targeted drug therapies with novel mechanisms of action and improved safety profiles.

PEST Analysis

Political: Government initiatives to spread cancer awareness and improve access to cancer screening and treatment facilities across various countries are boosting the market growth.

Economic: Rising healthcare spending on oncology-related treatments across developed and developing nations is driving the demand for advanced cancer therapies.

Social: Growing prevalence of cancer owing to changing lifestyles and increasing risk factors like smoking, obesity is leading more people to opt for cancer treatment.

Technological: Advancements in cancer research involving development of biomarkers, combination therapies, and personalized medicine are expanding treatment options and improving clinical outcomes.

Key Takeaways

The Global Cancer Therapy Market Demand is expected to witness high growth at a CAGR of 7.6% during 2023-2030.

Regional analysis:

North America currently dominates the market and is expected to retain its leading position throughout the forecast period. Higher healthcare spending and wider access and adoption of advanced cancer therapeutics in the US and Canada are contributing to the regional market growth.

Key players:

Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthineers, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Bayer AG, AstraZeneca, Pfizer Inc., Bristol-Myers Squibb, and Novartis AG. GE Healthcare and Siemens Healthineers are focusing on launching innovative diagnostic imaging solutions to guide treatment decisions and monitor therapy response. Roche, AstraZeneca, Pfizer, and Novartis have strong oncology pipeline with novel drug candidates in clinical trials that can widen treatment options if approved.

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