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06

Dec-2021

Global Cancer Therapy Market Size To Grow USD 241.65 Bn By 2026

Global Cancer Therapy Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Application, Therapy, End User & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per our research report, the global cancer therapy market size was worth USD 155.34 billion in 2021 and growing at a CAGR of 9.24% from 2021 to 2026.

The COVID-19 pandemic has caused delays in clinical trials of oncology therapy and has led to low use of oncology drugs. Due to this lockdown, production is also shutting down, causing problems in the supply chain. In the era of COVID-19, nearly 88.5% of oncology centers have faced difficulties providing routine cancer care for many reasons, including preventive measures, lack of personal protective equipment, and a staff shortage, according to a recent article in GlobalCON Oncology 2020. Moreover, this impact has been most pronounced in low-income countries. All these factors hampered the number of cancer therapies offered to cancer patients, which is predicted to affect the market being studied.

Cancer is one of the primary diseases causing high mobility and mortality, which demands various therapies to kill or slow the growth of abnormal cancer cells by interfering with specific molecules such as DNA or proteins. The increasing prevalence of various types of cancer is the key driver accelerating market growth. According to the Globocan 2020 fact sheet, an estimated 19,292,790 new cancer cases have been diagnosed worldwide, with nearly 9,958,150 cancer deaths.  In 2020, the most common cancers were breast (253,470), lung (227,880), prostate (209,520), and colon (101,810) cancers in the United States.

The rapid aging of the population has increased the risk of developing cancer. Development and the widespread availability of customized treatment options, thanks to technological advancements and increased investments in R&D metrics, are predicted to stimulate market growth.  Standard cancer treatments, such as chemotherapy, radiation therapy, and surgery, are replaced with newer biotherapy and immunity treatments, which show better results with lesser side effects. Patient Assistance Programs (PAPs) is helping cancer patient get adequate treatment with personalized medicine in developed countries. In addition, according to estimates by the International Agency for Research on Cancer (IARC), by 2040, the global cancer burden is predicted to increase to 27.55 million new cancer cases and 16.38 million deaths worldwide. These numbers will dictate the growth of the worldwide cancer therapy market in the years to come.

However, the significantly higher cost of oncology drug development and various side effects seen with anti-cancer therapies is estimated to limit the growth of the global cancer therapy market.

Avail free sample brochure of the report to evaluate report usefulness, get a copy @ https://www.marketdataforecast.com/market-reports/cancer-therapy-market/request-sample

KEY MARKET INSIGHTS:

  • Based on therapy, the targeted therapy segment is predicted to maintain the highest CAGR over the forecast period due to its specificity towards cancer cells while sparing toxicity to normal healthy cells. Target therapy includes hormonal therapies, gene expression modulators, apoptosis inducers, angiogenesis inhibitors, immunotherapies, signal transduction inhibitors, and toxin releasing molecules. In 2020, targeted therapy dominated 2020 with a 46% market share, predicted to increase by 62.58% in 2026.
  • Based on the application, in 2020, the lung cancer segment dominated the market and is predicted to hold the largest market share in the forecast period as well. The segment growth can be attributed to the increased prevalence of lung cancer and the presence of favorable government activities for the treatment of lung cancer.
  • The radiotherapy and cancer Centre is predicted to hold the largest market share depending on the end-user. The growth of this segment can be attributed to a large number of cancer treatments performed at these centers.
  • By region, the United States was the largest regional market in 2020, with an estimated 38.38% market share. The growing population of cancer patients in the United States is a significant driver of growth coupled with well-developed healthcare infrastructure and high adoption of state-of-the-art cancer treatment. Additionally, The U.S. has seen an increase in product approvals and many research activities related to oncology, which is predicted to grow during the forecast period.
  • The APAC market is predicted to grow at a healthy growth rate during the forecast period. However, China is expected to grow and become the fastest growing regional market with a CAGR of 11.5% during the review period. Factors include the increasing prevalence of cancer, improving awareness about various cancer therapies, early cancer detection, and growing collaboration between the public and private sectors to launch new and innovative cancer therapies. In addition, the increased demand for personalized medicine and the high potential of developing countries are predicted to provide new opportunities for market players in the future.
  • The cancer therapy market is very competitive and consists of several major players. Major players that will dominate the market include Amgen Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, Pfizer Inc, Novartis AG, and Johnson and Johnson, which hold significant shares in the cancer treatment market. In addition, key players' strategic alliances and growing investments in cancer research are helping strengthen its position and presence in the world.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/cancer-therapy-market/customization

MARKET SEGMENTATION:

By Therapy Type:

  • Chemotherapy
  • Targeted Therapy
  • Immunotherapy
  • Hormonal Therapy
  • Other Treatment Types

By Application:

  • Blood Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer

By End-User:

  • Hospitals
  • Specialty Clinics
  • Cancer and Radiation Therapy Centre

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
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WRITTEN BY: Market Data Forecast

Market Data Forecast