Cancer drugs are pharmaceutical drugs used in chemotherapy. They work by slowing or stopping the growth of cancer cells, either by killing the cells or by stopping them from dividing. The two main classes of cancer drugs are chemotherapeutic agents and targeted therapies. Chemotherapy drugs work by attacking rapidly dividing cells and targeted therapies work on specific molecular targets involved in cancer cell progression and growth. The global cancer burden is rising owing to aging population and lifestyle changes making cancer one of the leading cause of death worldwide. With advancements in precision medicine and targeted therapies, cancer drugs provide viable treatment options for many forms of cancers.
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 Opportunity
Colorectal cancer is one of the common cancers with high mortality. According to statistics, colorectal cancer accounts for around 10% of total cancer cases and is the third most common cancer worldwide. The prevalence of colorectal cancer has been on the rise owing to changing lifestyles, growing geriatric population and late diagnosis. Drugs that can target specific molecular pathways involved in progression of colorectal cancer offer potential treatment options with improved efficacy and reduced side effects than traditional chemotherapies. Development of targeted therapies for colorectal cancer provides a major market opportunity owing to the high and growing prevalence and lack of effective treatment options currently.
Porter's Analysis
Threat of new entrants: The cancer drugs market is a highly regulated market requiring huge R&D investments and lengthy approval process making it difficult for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate as the drugs market has many approved drugs but buyers have limited options if they want treatment of a specific type of cancer.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as developing new cancer drugs requires collaboration of suppliers and drug makers in R&D and clinical trials.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment alternatives for cancer and new substitutes take a long time to get developed and approved.
Competitive rivalry: The competition is high among existing players in the cancer drugs market to develop more effective and specialized drugs.
SWOT Analysis
Strength: The cancer drugs market has seen significant growth due to increasing cancer incidence, aging population, new product approvals.
Weakness: High R&D costs associated with new drug development and long approval timelines put pricing pressure on companies. Side-effects of some drugs lead to poor patient compliance.
Opportunity: Emerging markets and growing middle class in developing nations present new revenue streams. Development of personalized drugs for rare cancer types offers promise.
Threats: Patent expiries of blockbuster drugs affects sales of companies. Rising healthcare costs and budget constraints may affect market growth.
Key Takeaways
Global Cancer Drugs Market Size is expected to witness high growth over the forecast period 2023 to 2030. The market size for 2024 is estimated at US$ 154.04 Bn growing at a CAGR of 9.8%.
Regional analysis: North America currently dominates the global market due to supportive reimbursement policies and healthcare infrastructure for cancer treatment. Asia Pacific is expected to be the fastest growing market led by China, India, and Japan on account rapid economic development and healthcare investments in these countries.
Key players: 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. These players are focused on developing innovative products through R&D and partnerships.
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