May 29, 2024
Cancer Therapy Market

The Global Cancer Therapy Market Is Driven By Rising Cancer Prevalence

The global cancer therapy market dominated by immuno-oncology drugs is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Cancer therapies involve the use of drugs, surgery, radiation, targeted therapy, and immunotherapy to treat cancer and destroy cancer cells. Targeted therapies work by blocking the growth and spread of cancer by interfering with specific molecules molecular targets that are involved in the growth, progression, and spread of cancer. The global cancer therapy market consists of drugs for breast cancer, lung cancer, colorectal cancer, prostate cancer, blood cancer, gastrointestinal cancer, skin cancer, ovarian cancer, cervical cancer and other cancers. Targeted therapies play a major role in cancer treatment as they precisely deliver medications to cancer cells while sparing normal cells. The key advantage of targeted therapies is improved efficacy with lesser side effects compared to conventional cancer therapies like chemotherapy which damages both cancer and normal cells.

Market key trends:
One of the major trends driving the cancer therapy market growth is the rising focus on immuno-oncology. Immuno-oncology is an innovative approach to treat cancer by harnessing the power of the immune system to recognize and destroy cancer cells. Checkpoint inhibitors for various cancers like Merkel cell cancer, melanoma, kidney cancer and lung cancer have witnessed substantial approval and uptake in the last decade. Another key trend is the increased funds and initiatives for R&D of innovative targeted therapies and cell therapies. Pharmaceutical companies are investing heavily in targeted therapy research for difficult-to-treat cancers. There is also a rise in the number of clinical trials exploring combination therapies usingtargeted therapies along with immunotherapy and other modalities to enhance efficacy.

Porter’s Analysis
Threat of new entrants: The cancer therapy market faces moderate threat from new entrants due to high R&D costs for development of new drugs and technologies. Bargaining power of buyers: The bargaining power of buyers in the form of patients is moderate due to availability of alternative treatment options. Bargaining power of suppliers: Suppliers have moderate bargaining power due to intellectual property rights and patents on drugs and technologies that create entry barriers. Threat of new substitutes: Threat from new substitutes is low as no direct substitute for cancer treatment exists. Competitive rivalry: The cancer therapy market witnesses high competition among existing players to gain greater market share.

Key Takeaways
The global cancer therapy market is expected to witness high growth.

Regional analysis focused on North America dominates the market and is expected to continue its dominance over the forecast period supported by growing prevalence of cancer cases and high adoption of advanced technologies for cancer diagnosis and treatment.

Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it