Cancer therapy, also known as oncology, refers to the medical field involved in the diagnosis and treatment of cancerous tumors. Cancer therapy generally involves the usage of surgery, chemotherapy, radiation therapy or immunotherapy to eliminate cancer cells or reduce their number. Chemotherapy uses drugs to destroy cancer cells by interfering with cellular division, while immunotherapy helps strengthen the body's natural defenses to fight cancer. Radiation therapy uses high-energy beams such as X-rays or other types of radiation to kill cancer cells.
The global Cancer Therapy Market is estimated to be valued at Us$ 201,103.55 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 Dynamics:
Rising prevalence of cancer across the globe owing to changing lifestyles and increased prevalence of tobacco & alcohol consumption has been a key driver boosting growth of the cancer therapy market over the past few years. According to the WHO, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. Around 19.3 million new cancer cases were reported in 2020. In addition, demand for precision oncology and targeted therapies coupled with innovative drug approvals are further expected to propel market growth over the forecast period. However, high cost of cancer therapies poses a challenge to widespread adoption. Focus of key players on emerging economies could create lucrative growth opportunities for the cancer therapy market.
SWOT Analysis :
Strength: Cancer therapy provides treatments and procedures to fight cancerous cell growth in the human body. Radiation therapy, immunotherapy, chemotherapy, and targeted therapy are some of the main treatment options that can destroy cancer cells or stop their growth. Advanced techniques like proton therapy provide more precise radiation doses to cancer sites reducing side effects to nearby tissues.
Weakness: Cancer therapy treatments like chemotherapy and radiation therapy often have severe side effects that affect the patient's quality of life. Certain immunotherapy drugs may cause autoimmune disorders or other long-term health issues in some cases. High treatment costs also limit access to expensive novel therapies for some patients.
Opportunity: Personalized medicine approaches utilizing genetic testing and biomarker analysis can help customize cancer treatment strategies specific to an individual patient's type of cancer and genetic profile. Cell therapies utilizing modified immune cells show promise against hard to treat cancers and may expand treatment options. Growth in developing regions provides Scope to increase access to therapy.
Threats: Resistance develops against several existing drug classes limiting effectiveness over time. Limited research into rare cancers affects availability of effective therapies. Environmental factors and changing lifestyles increase cancer cases posing challenges.
Key Takeaways
The Global Cancer Therapy Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing cancer prevalence, technology advancements and growing investment in cancer research. The market was valued at US$ 201,103.55 million in 2024 and is anticipated to reach over US$ 350 million by 2030 registering a CAGR of 7.6%.
Regional analysis indicates that North America dominated the global market in 2024 owing to established healthcare facilities, availability of advanced treatment options and growing expenditure on cancer research. However, Asia Pacific is likely to witness fastest growth during the forecast period driven by growing focus on cancer care, rising disposable incomes, and increasing privatization of healthcare services in emerging countries like India and China.
Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthineers, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Bayer AG, Johnson & Johnson, Bristol-Myers Squibb, Novartis AG, Celgene Corporation, Pfizer Inc., and Astellas Pharma Inc among others. These companies are focused on launching novel drug formulations, making strategic collaborations and expanding geographical presence especially in developing markets through joint ventures and acquisitions.
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