June 18, 2024

The Global Cancer Therapy Market Is Driven By Rising Prevalence Of Cancer

Cancer therapy involves the use of drugs, surgery, radiation, targeted therapy, and immunotherapy to treat various types of cancer such as skin cancer, lung cancer, breast cancer, prostate cancer, and colorectal cancer among others. Cancer therapies are aimed at slowing, stopping, or reversing the growth and spread of cancer by eliminating cancerous cells or limiting their growth. Advancements in cancer therapy have allowed for more targeted treatments with fewer side effects compared to traditional chemotherapy. The rise in the prevalence of various cancers across the globe has led to higher demand for effective cancer therapies. As per the World Health Organization, cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. The growing geriatric population also contributes significantly to the increasing prevalence of cancer as the risk of cancer generally increases with age. Furthermore, changing lifestyles including physical inactivity, tobacco use, high BMI has augmented the incidence of different cancers worldwide thereby boosting the cancer therapy market.

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 major trends in the cancer therapy market is the rise of targeted therapies. Targeted therapies target specific vulnerabilities within cancer cells and help minimize harm to normal cells. Targeted therapies such as monoclonal antibodies, kinase inhibitors, and other molecularly targeted drugs are increasingly replacing conventional chemotherapy as first-line treatment options for several types of cancers owing to their superior efficacy and reduced side effects. Rising research activities aimed at developing novel targeted therapies for cancers with high unmet needs is anticipated to further drive the adoption of targeted therapies during the forecast period.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the cancer therapy market is moderate as extensive research and development is required to enter the market along with regulations and approvals.

Bargaining power of buyers: The bargaining power of buyers is high as there are many established key players operating in the cancer therapy market providing a variety of treatment options to buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in cancer therapy such as drugs and medical devices have few substitutes and suppliers.

Threat of new substitutes: The threat of new substitutes is low in cancer therapy as there are limited treatment options and new treatment techniques take significant time and resources to develop and commercialize.

Competitive rivalry: The competitive rivalry in the cancer therapy market is high due to the presence of many global and regional players offering innovative products and technologies.

Key Takeaways

 

The Global Cancer Therapy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis:

 

North America is currently the largest and fastest growing regional market for cancer therapy. This is attributed to increasing cancer incidence, developing healthcare infrastructure, and presence of key market players in the region.

Key players:

 

Key players operating in the cancer therapy market are GE Healthcare, Siemens. GE Healthcare offers vast range of solutions for cancer therapy including cancer diagnostics devices, medical imaging systems, cancer treatment devices and molecular imaging. Siemens provides medical imaging devices integrated with AI and machine learning to aid accurate cancer diagnosis and treatment.

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