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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.
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