The global cancer therapeutics market is expected to grow at a CAGR of around 7.8% over the forecast period 2019 to 2026 and expected to reach the market value of around 176 Bn by 2026.
Cancer therapeutics is defined as the non-surgical or non-radiotherapeutic management of patients suffering from cancer. It’s a combined discipline of medical oncology. The cancer therapeutics are available for various types of cancer including blood cancer, lung cancer, colorectal cancer, prostate cancer, breast cancer, cervical cancer, head and neck cancer, glioblastoma, malignant meningioma, mesothelioma, melanoma, and others. In addition, various types of treatment are available for cancer including chemotherapy, targeted therapy, immunotherapy, hormonal therapy, and others. The users of these therapeutics include hospitals, specialty clinics, and cancer and radiation therapy centers. According to the World Health Organization (WHO), in 2018, cancer was responsible for an estimated 9.6 million deaths globally. Also, cancer is estimated as the second leading cause of death across the globe and about 1 in 6 deaths is due to cancer. In addition, approximately 70% of deaths from cancer occur in low and middle-income countries.
The rising prevalence of cancer across the globe due to changing lifestyle is primarily driving the market growth. Increasing initiatives for cancer awareness by several governments worldwide is accelerating market growth. Ongoing R&D activities by major players along with increasing Patient Assistance Programs (PAPs), rising strategic acquisitions & collaborations of key market players are further accelerating the market value.
On the flip side, the high cost associated with the drug development and adverse effects of cancer drug therapy in some cases is likely to hamper the market growth. Fluctuation in reimbursement policies is also anticipated to hinder the market value. Whereas, high potential associated with personalized medicines and increasing purchasing power of emerging economies is expected to create potential opportunities over the forecast period.
By application, breast cancer is leading the segment in the year 2018 and the segment is also anticipated to maintain its dominance over the forecast period. The rapidly changing lifestyle of women across the globe is accelerating the demand in the market. According to the US National Cancer Institute, the most common cancer estimated in the year 2018 is breast cancer among all estimated new cases of the respective year.
Treatment Type Stance
On the basis of treatment type, targeted therapy is estimated to be the largest market share over in the year 2018 and the segment is also anticipated to maintain its dominance over the forecast period. The advantages associated with targeted therapy include minimal harm to normal cells, fewer side effects, improved effectiveness, and improved quality of life. In addition, specific proteins or genes are blocked in targeted therapy that prevents cancer cells growth and metastasis which is also a factor accelerating market growth.
The market research study on “Cancer Therapeutics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global cancer therapeutics market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Cancer Therapeutics market, its treatment type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers the global Cancer Therapeutics market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Cancer Therapeutics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments has been covered under the scope of report.
In 2018, North America dominated the regional market with largest share of cancer therapeutics market. The market is also anticipated to maintain its dominance over the forecast period from 2019 to 2026. The region is experiencing high growth owing to the high prevalence of cancer in the major countries of the region. The increasing adoption of cancer therapies is accelerating the market growth. According to the National Cancer Institute (NCI) US, in 2018, around 1,735,350 new cases were diagnosed with cancer in the US, and approx. 609,640 people died from the disease. Additionally, according to NCI in 2017, an estimated 15,270 children and adolescents between the age of 0 to 19 were diagnosed with cancer and 1,790 died of the disease. The most common cancers arranged in descending order according to estimated new cases in 2018 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.
The players profiled in the report are AbbVie Inc., Astellas Pharma Inc., Bristol Myers Squibb Company, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer Inc. and others. The major players are involved in mergers & acquisition and partnership for expanding the market share.
Market By Application
Market By Treatment Type
Market By Geography
Cancer therapeutics is defined as the non-surgical or non-radiotherapeutic management of patients suffering from cancer.
The cancer therapeutics are available for various types of cancer including blood cancer, lung cancer, colorectal cancer, prostate cancer, breast cancer, cervical cancer, head and neck cancer, glioblastoma, malignant meningioma, mesothelioma, melanoma, and others.
Factors such as The rising prevalence of cancer across the globe due to changing lifestyle restrain the cancer therapeutics market growth.
According to Acumen Research and Consulting, the cancer therapeutics market value is anticipated to be worth around US$ 176 billion by 2026.
The cancer therapeutics market is anticipated to grow over 7.8% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for cancer therapeutics market.
AbbVie Inc., Astellas Pharma Inc., Bristol Myers Squibb Company, Celgene Corporation, Eli Lilly and Company are the top players operating in the cancer therapeutics market.