The market for cancer chemotherapy is expected to grow at a CAGR of around 11.4% from 2020 to 2027 and expected to reach the market value of around US$ 74.3 Bn by 2027.
Chemotherapy refers to the drug treatment that uses powerful chemicals particularly to kill fast-growing cells inside the body. The factor is primarily making it a suitable procedure for cancer treatment, where these drugs are used alone or in combination to treat a wide variety of cancers. Additionally, these are used in various conditions like to cure cancer without other treatments or as a primary or sole treatment for cancer, for killing hidden cancer cells, utilized to prepare for other treatment by shrinking a tumor so that other treatments, such as radiation and surgery, are possible. Additionally, it can also be used to ease signs and symptoms of cancer by killing some of the cancer cells.
The rising prevalence of cancer disease across all age demographics around the globe is the primary factor driving the market growth. The changing lifestyle, rapid urbanization, unhealthy life habits are boosting the number of cancer patients across the globe. According to the National Cancer Institute (the US National Institutes of Health), an estimated 1,806,590 new cases of cancer were diagnosed in the US and 606,520 people died from the disease in 2020. The most common cancer are breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma of the skin, bladder cancer, non-Hodgkin lymphoma, kidney and renal pelvis cancer, endometrial cancer, leukemia, pancreatic cancer, thyroid cancer, and liver cancer. Furthermore, the rising awareness about the treatment in developing economies, increasing expenditure on oncology medicine and research, and reimbursements, and growing health insurance are further expected to create growth patterns over the forecast period.
On the other side, the high cost associated with drug development and treatment is likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Regional Instance of Global Cancer Chemotherapy Market
North America accounted for the maximum revenue share in the global market
In 2019, North America held the major share in terms of both revenue and the number of people treated. The region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economy of the region US accounted for the maximum revenue share (%) in terms of the revenue (US$ Mn). The rapidly increasing number of patients in the region is primarily supporting the growth. Additionally, the presence of a high-income base population which is able to spend on the treatment is further bolstering the regional market value. Moreover, the presence of technologically advanced infrastructure is further propelling the regional market value.
Asia Pacific is anticipated to experience fastest growth over the forecast timeframe from 2020 to 2027
Asia Pacific is anticipated to experience the fastest growth over the forecast period from 2020 to 2027 due to its advancing healthcare sector and increasing disposable income. The rapidly growing economies of the region including China and India are the major revenue contributors. The rising awareness about the treatment in the developing economies as well as increasing spending power of people is further accelerating the market value.
Key Market Players
The players profiled in the report include Bristol-Myers Squibb Company, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Johnson & Johnson Indication Inc, Merck & Co. Inc., Novartis AG, Pfizer Inc., and Sanofi S.A. among others.
Market By Indication
Market By Drug Class
Market By Route of Administration
Market By End User
Hospitals & Clinics
Market By Geography
Middle East & Africa
The market for cancer chemotherapy is expected to reach a market value of around US$ 74.3 Bn by 2027.
The cancer chemotherapy market is expected to grow at a CAGR of around 11.4% from 2020 to 2027.
Alkylating agents, Mitotic inhibitors, Antimetabolites, Topoisomerase Inhibitors, Antitumor antibiotic, and others are the segments by drug class in the cancer chemotherapy market.
The rising prevalence of cancer disease across all age demographics around the globe, changing lifestyle, rapid urbanization, unhealthy life habits, rising awareness about the treatment in developing economies, and growing health insurance are some fo the key factors driving the market growth.
Bristol-Myers Squibb Company, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Johnson & Johnson Indication Inc, Merck & Co. Inc., Novartis AG, Pfizer Inc., and Sanofi S.A. among others are some of the prominent players in the market.
North America held the highest market share in the cancer chemotherapy market
Asia Pacific is expected to be the fastest growing market over the forecast period