Cancer Therapeutics Market Size to Reach US$ 335.06 BN by 2029

The global cancer therapeutics market size is projected to reach around US$ 335.06 billion by 2029 from US$ 166.5billion in 2021 and expanding growth at a CAGR of 9.1% from 2021 to 2030.

Demand for cancer therapeutics remains strong in 2021. Some sales insight revealing the strong growth of cancer therapeutics during the past few years are listed below:

• The global cancer therapeutics market size is expected to reach US$365.99 billion by 2030
• In 2020, 19,292,789 new cases of cancer were diagnosed globally
• Approximately 9,958,133 cancer deaths were recorded globally in 2020
• The total number of cancer patients is estimated to reach to 30.2 million worldwide by 2040
• Breast cancer accounted for almost 12% of the total cancer cases across the globe
• Lungs cancer is the most prevailed type of cancer across the globe
• The new cancer cases are expected to rise by 47% from 2020 to 2040

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Leading Regions Market Review

Cancer Therapeutics Market Captured by North America

There is an increased incidences of cancer recorded in the US. The rising consumption of fast food and processed food and rising prevalence of smoking and alcohol consumption are the prominent factors that has significantly contributed to the growing number of cancer patients in the region.According to American Cancer Society, over 1.8 million new cancer casesand around 606,520 cancer deaths were registered in 2020 in US. Lungs, breast, and prostate cancer were the most prevailed type of cancer in US. The presence of strong and well-established healthcare infrastructure, better access to the advanced healthcare diagnosis and treatment facilities, presence of top pharmaceutical companies, and favorable reimbursement policies of the government are the major drivers of the cancer therapeutics market in North America.

The rapidly growing prevalence of cancer among the population in North America is expected to fuel the growth of the North America cancer therapeutics market during the forecast period. Moreover, the per capita healthcare expenditure is high in US. The total healthcare expenditure in US constitutes around 18% of the GDP of US. Therefore, surging healthcare expenditure is providing better access to the diagnosis and advanced and innovative cancer therapeutics.

What are the key trends in the Global Cancer Therapeutics Market?

The major companies operating in the cancer therapeutics market are heavily spending on the research and development activities to develop effective cancer drugs with minimal or no side effects. Furthermore, the rising collaborations of the companies with the research institutes is expected to provide growth prospects to the manufacturers in the forthcoming future. For instance, FujiFilm Corporation entered a joint research program with National Cancer Center of Japan to develop new cancer therapies using liposome formula.

The rising penetration of telehealth platforms across the globe and rising adoption of education and consulting services of the telehealth platforms is providing impetus to the market. The rising awareness regarding the availability of the innovative and more effective cancer drugs among the consumers in the developing economies is anticipated to boost the growth of the market.

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What are the key challenges in the Global Cancer Therapeutics Market?

The costs associated with the acquisition of advanced cancer therapeutics are high, which restricts its adoption among the low and middle income groups. Further, the lack of healthcare insurances in the developing and underdeveloped nations is a major factor that presents a challenge for the manufacturers to sell their products. The lack of access to the basic healthcare facilities in the rural areas results in low awareness regarding the availability of cancer drugs and hence the cancer therapeutics market may face challenges in the upcoming future.

Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)

Cancer immunotherapy is gaining a rapid traction in Japan, China, and India, which may be held responsible for the augmenting the growth of the cancer therapeutics market in Asia Pacific region. The presence of huge population in the region coupled with the surging prevalence of cancer due to various factors such as increasing consumpti0on of tobacco, cigarettes, alcohol, and processed food.

The growing penetration of the top pharmaceutical companies in the region along with the growing investments in the development of advanced healthcare infrastructure is supporting the growth of the market. The rising awareness among the population regarding the newly developed cancer therapeutics and rising investments by the leading pharma companies in the Asia Pacific region owing to its potential is expected to foster the growth of the Asia Pacific cancer therapeutics market during the forecast period.

Some of the key players in the cancer therapeutics market include:

• F. Hoffmann-La Roche AG
• Bristol-Myers Squibb Company
• AbbVie, Inc.
• Johnson & Johnson
• Celgene Corporation
• AstellasPharma, Inc.
• Pfizer, Inc.
• Novartis AG
• Merck KGaA
• Eli Lilly and Company

Market Segmentations:

By Application

• Blood Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Breast Cancer
• Cervical Cancer
• Head and Neck Cancer
• Glioblastoma
• Malignant Meningioma
• Mesothelioma
• Melanoma
• Others

By Top Selling Drugs

• Revlimid
• Avastin
• Herceptin
• Rituxan
• Opdivo
• Gleevec
• Velcade
• Imbruvica
• Ibrance
• Zytiga
• Alimta
• Xtandi
• Tarceva
• Perjeta
• Temodar
• Others

By End User

• Hospitals
• Specialty Clinics
• Cancer and Radiation Therapy Centers

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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