Cancer therapy involves the use of drugs, radiation, immunotherapy, and surgery to treat various types of cancers. Advances in cancer biology and technology have enabled the development of novel targeted therapies and immunotherapies with improved efficacy and lesser side effects compared to conventional therapies. Monoclonal antibodies, immune checkpoint inhibitors, and personalized therapeutic vaccines have emerged as promising treatment options. The global Cancer Therapy Market is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid adoption of novel therapies has been a key trend boosting the growth of the cancer therapy market size. Targeted therapies and immunotherapies have revolutionized the treatment of various cancers. For example, immune checkpoint inhibitors have shown promising results in treating lung cancer, melanoma, and other types of cancers. Drugs such as pembrolizumab, nivolumab, and atezolizumab have received regulatory approvals for treating different types and stages of cancers. The success of immunotherapies has fueled investments in developing new immune-based drug candidates. Several immunotherapies are in late stages of clinical trials. If approved, these novel drug candidates are expected to get adopted at a larger scale, thereby propelling the market growth during the forecast period.
Segment Analysis
The global cancer therapy market is dominated by chemotherapy sub segment accounting for around 30% share of the total market. Chemotherapy remains the most common form of cancer treatment due to its cost-effectiveness and ability to treat widespread cancer cases. It has shown success in treating various cancers including breast cancer, lung cancer, and colorectal cancer.
Key Takeaways
The global cancer therapy market is expected to witness high growth over the forecast period owing to rising cancer prevalence worldwide. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis: North America dominates the global cancer therapy market and is anticipated to maintain its leading position during the forecast period as well. Higher adoption of advanced cancer therapies along with presence of well-established healthcare industry and favorable reimbursement policies are some factors driving the cancer therapy market growth in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising healthcare expenditure, improving access to diagnostic and treatment facilities, and high prevalence of various cancers in major Asian countries.
Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco.
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