by Cancer drugs, also known as chemotherapy drugs or antineoplastic drugs, are a class of drugs that are used in cancer treatment to slow or stop cancer cell growth, control or kill cancer cells, and/or minimize symptoms. The global market has witnessed significant growth in recent times owing to increasing cancer prevalence and improving access to cancer therapies. Some common cancer drugs include oxaliplatin, fluorouracil, capecitabine, paclitaxel, docetaxel, imatinib, trastuzumab, rituximab, gefitinib, and erlotinib. These drugs play a vital role in chemotherapy, targeted drug therapy, immunotherapy, and hormonal therapy.
The global cancer drugs market is estimated to be valued at US$ 154.04 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing prevalence of cancer cases globally is the prime driver of this market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Rising prevalence can be attributed to factors such as growing elderly population, changing lifestyle behaviors, environmental pollution, and tobacco consumption. In addition, the cancer drugs market is expected to be flourished by ongoing research and development activities focused on development of novel and effective therapies, targeted drugs, and monoclonal antibodies for treatment of various cancer types. Initiatives undertaken by public and private organizations to spread cancer awareness and improve accessibility of screening and treatment facilities is also anticipated to fuel market growth over the forecast period.
Segment Analysis
Cancer Drugs Market is segmented into chemotherapy drugs, targeted therapy drugs, immunotherapy drugs and hormone therapy drugs. Chemotherapy drugs segment currently dominates the market, accounting for over 35% share in 2019. Chemotherapy drugs destroy cancer cells by interfering with cellular replication or impairing mitosis. They work by killing fast-growing cells in the body, which include cancer cells. This makes chemotherapy drugs one of the most widely used drugs for cancer treatment globally.
PEST Analysis
Political: Governments across major countries are investing heavily in cancer research and providing funding for development of new drugs. Various initiatives are being taken to improve access to cancer treatment.
Economic: Rising healthcare expenditures and growing demand for cost-effective drugs are influencing the market. Significant R&D investments by companies is positively impacting the market growth.
Social: Increasing global cancer burden and awareness about early detection and treatment is driving the demand. Growing acceptance of targeted therapies and immunotherapies is transforming the cancer treatment landscape.
Technological: Advancements in fields of genomics, proteomics and personalized medicine is leading to discovery of novel drug candidates. Combination therapies and precision medicine is gaining traction.
Key Takeaways
Global Cancer Drugs Market Size is expected to witness high growth at a CAGR of 9.8% during the forecast period of 2023 to 2030.
Regional analysis:
North America region currently dominates the market owing to growing geriatric population, increasing healthcare expenditure and presence of leading manufacturers. The United States holds over 40% share in the North America cancer drugs market.
Key players operating in the Cancer Drugs Market are U.S. Silica Holdings Inc., Sibelco Group, Fairmount Santrol Holdings Inc., Emerge Energy Services LP, Badger Mining Corporation, Covia Holdings Corporation, Preferred Sands LLC, Hi-Crush Partners LP, SCR-Sibelco N.V., Pattison Sand Company.
*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.
