February 25, 2024
Cancer Therapy Market

The Cancer Therapy Market Is Projected To Driven By Increasing Prevalence Of Cancer

Cancer therapy involves various types of treatment modalities such as drug therapy, radiation therapy, surgery and immunotherapy which are used alone or in combination to treat cancer patients. The increasing prevalence of cancer cases across the globe is propelling the demand for advanced cancer therapies. According to statistics, cancer is one of the leading causes of death worldwide and accounted for nearly 10 million deaths in 2020. The global burden of new cancer cases is also growing and estimated to reach around 30 million new cases annually by 2040. Hence, novel treatment approaches which can effectively target cancer cells and suppress tumor growth are constantly being developed. Technologies such as proton therapy, stereotactic radiosurgery and precision medicine are offering more targeted treatment options with improved safety profiles over conventional therapies.

The global Cancer Therapy Market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the cancer therapy market is the rising adoption of combinatorial treatment strategies. Using a combination of different treatment modalities such as chemotherapy with radiation or immunotherapy enhances the therapeutic efficacy as compared to monotherapies. It allows targeting multiple pathways involved in cancer progression simultaneously. Moreover, combinatorial approaches help overcome treatment resistance which is a major challenge associated with conventional cancer therapies. Commercialization of innovative combination therapies involving immunotherapy drugs, targeted therapies and conventional chemotherapy/radiation is expected to drive the market growth over the forecast period. Personalized medicine based on patient-specific tumor characteristics is another emerging trend, enabled by advancement in diagnostic techniques and availability of genomic data. It helps delivering right treatment to the right patient and improving clinical outcomes.

Porter’s Analysis

Threat of new entrants: The cancer therapy market requires high R&D investments and clinical trials for new therapies. This acts as a barrier for new entrants.

Bargaining power of buyers: The presence of various treatment options gives buyers bargaining power to demand lower prices.

Bargaining power of suppliers: Major suppliers in this market are well-established, giving them significant bargaining power over buyers.

Threat of new substitutes: Continuous innovation is bringing new treatment methods that can replace existing substitutes.

Competitive rivalry: The market sees intense competition due to the presence of many global and regional players offering a variety of cancer therapies.

Key Takeaways

The Global Cancer Therapy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Cancer Therapy Market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.

Regional analysis: North America dominated the global market in 2024 and is expected to maintain its lead position during the forecast period. High healthcare expenditure and presence of leading market players in the region drive market growth. Asia Pacific is expected to witness the fastest growth rate owing to increasing cancer incidence, rising awareness, and improving healthcare facilities.

Key players: 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. The market is competitive with these players introducing new products and technologies to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it