by The cancer therapy market is estimated to be valued at US$ 171,143.8 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer therapy aims to treat cancer by slowing or stopping the growth of cancer cells. The goal of cancer therapy is to cure the cancer if possible or control cancer growth and spread to prolong survival and improve quality of life. Various cancer therapies available are chemotherapy, targeted therapy, immunotherapy, and surgery among others. The rising prevalence of cancer globally drives the need for effective treatment options to improve outcomes.
Market key trends:
The growing cancer patient pool across the world is a major factor propelling the growth of the cancer therapy market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. The four most common cancers in 2020 were lung cancer, breast cancer, colorectal cancer, and prostate cancer, accounting for 43% of all new cancer cases. Increasing research efforts towards development of novel and targeted therapies are expected to create potential opportunities for players in the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The cancer therapy market has moderate threat from new entrants due to high capital investment requirements for R&D.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives however therapeutic area expertise gives advantages to existing players.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and integration of operations by existing players.
Threat of new substitutes: Threat from new substitutes is high due to ongoing innovation.
Competitive rivalry: Intense.
SWOT Analysis
Strengths: Established brands, large product portfolio, rising spend on R&D.
Weaknesses: High R&D costs, patent expiries.
Opportunities: Growth in emerging markets, rising cancer incidence.
Threats: Price control regulations, drug development challenges.
Key Takeaways
The Global Cancer Therapy Market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing prevalence of cancer and adoption of targeted drug therapies. The market size for 2023 was US$ 171,143.8 Mn.
The North America cancer therapy market holds the major share due to established healthcare infrastructure, availability of advanced treatments, and high healthcare expenditure. Asia Pacific is expected to grow at a high rate owing to increasing patient pool, healthcare reforms, and availability of generic drugs.
Key players operating in the cancer therapy market include Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company, among others. Companies are focused on developing novel targeted therapies as well as combination treatments to cater to the needs of cancer patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
