Ottawa, April 04, 2022 (GLOBE NEWSWIRE) — The global cancer therapeutics market size was valued at US$ 166.5 billion in 2021. The global cancer therapeutics market is propelled by numerous factors such as increase in cancer prevalence, surge in focus of vendors on the emerging markets, rise in cancer research and surge in collaboration between pharmaceutical companies. The expanding disposable income, favorable government regulations, growing urban population, and improved infrastructure that favor quality treatments are the major factors that have augmented the growth of the global cancer therapeutics market.
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Cancer therapeutics is defined as a process of targeting the changes in the cancer cells that stop or slow down the growth of tumors which is causing cancer in the body of the patient. Gradually, it comprises of chemotherapy, surgery, and radiotherapy. However, there are numerous types of cancer treatment, and therapy application which exists which depends up on the stage and type of cancer.
Other cancer treatments include targeted therapy, Immunotherapy, hormone therapy, and stem cell transplant which are under clinical trials and research. The growing prevalence of cancer all around the globe, rise in cancer research and increasing government initiatives for cancer awareness are expected to propel the cancer therapeutics market during the forecast period.
|Market Size in 2021||USD 165.5 Billion|
|Growth Rate||CAGR of 9.1% from 2021 to 2030|
|By Top Selling Drugs||
|By End User||
- Based on the application, the prostate cancer application segment is anticipated to grow with the highest CAGR throughout the forecast period. However, lung cancer is the dominating segment in the year 2020.
- Based on the top selling drug, the segment occupied the largest share in the cancer therapeutics market, owing to the fact that it received a breakthrough therapy designation. Revlimid (lenalidomide) belongs to the class of immunomodulatory drugs. It is an oral cancer drug indicated for multiple myeloma treatment. Revlimid functions against cancer cells partly by impacting the immune system.
- Based on end usercancer and radiation therapy centers is the dominating segment of cancer therapeutic market however growing demand towards specialty treatment owing to rising disposable income and health concerns the specialty treatment segment is the fastest growing segment during the forecast period.
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North America comprises of a market share of more than 35% and has dominated the global cancer therapeutics market in the year 2020. Owing to increase in adoption of cancer therapeutics and heavy funding by various organizations has presented a lucrative growth opportunities for the key market players . In addition, the growing government investments in the urbanization, infrastructural developments, electrification, and development of IT and telecommunications infrastructure has prominently contributed towards the growth of the North American cancer therapeutics Market. However, stomach, lung, colorectum, esophagus and liver are the most common types of cancer in China. The rising occurrence of cancer burden and thus, cancer therapies is owing to a number of factors including but not limited to aging, population growth, environmental pollution, and unhealthy eating habits. Moreover, in particular, cigarette smoking, has also continued to be dominant reason. All these factors have made the Asia-Pacific region, the fastest-growing cancer therapeutics market.
Europe was the second-largest market in 2020. The affluence in regulatory approval for novel cancer therapy in Europe, rising prevalence of cancer, an increase in healthcare spending for cancer, and strong R&D initiatives from key players. Furthermore, according to the Global Cancer Observatory, the number of the deaths exceeded 1.9 million due to cancer and the number of new cancer cases for the year 2018 was 4.2 million and in the European region. There are more factors responsible for the rising incidence of cancer in Europe, such as obesity, unhealthy lifestyles and inappropriate diet, and lack of physical activity. Thus, the growing incidence and prevalence of cancer are likely to drive the growth of the cancer therapeutics market in European region during the forecast period.
Increasing penetration of the internet
The major factors driving the growth of the market are the increase in R&D and the rising prevalence of various types of cancers. Also, targeted therapy is gaining significance due to its particularity toward cancer cells while sparing the toxin to off-target cells. Bone cancer is the most prevalent cancer in the region, and the rising incidences of this cancer and effective treatment of the targeted therapy in bone cancer cases are boosting the market growth. As per a recent 2018 study presented at 11th European Bone Cancer Conference, expansive surgery involving mastectomy and removal of several lymph bumps can be safely avoided for further women with some types of bone cancer, if they receive targeted medicines before surgery. Thus, owing to the rising approvals from regulatory bodies and an increase in the incidences of all types of cancer, the market is anticipated to witness a high growth rate over the cast period.
Adverse effects related to cancer treatments and high costs associated with oncology drugs
Cancer treatments and cancer can beget side goods. Side goods are problems that do when treatment affects healthy tissues or organs. There are multiple problems associated with cancer therapy which includes appetite loss, anemia, bleeding and bruising (thrombocytopenia), distraction, constipation, diarrhea, edema (lump), fertility issues in boys and men, fatigue, fertility issues in girls and women, hair loss (alopecia), flu-suchlike symptoms, infection and neutropenia, memory or attention problems, lymphedema, mouth and throat problems, nausea and vomiting, whim-whams problems, immunotherapy and organ-related inflammation, sexual health issues in women, sleep problems , skin and nail changes, urinary and bladder problems. In addition, costs for cancer care were estimated to be $190.2 billion in 2015 and $208.9 billion in 2020, an increase of 10% that’s only due to the aging and growth of the US population. These cost estimates include cancer-attributable costs for medical services and oral prescription medicines. National medical services costs were largest female breast, lung, colorectal, and prostate cancers and non-Hodgkin lymphomas. The national costs reflect frequency of the complaint, treatment patterns, and costs for different types of care. Thus, adverse effects related to cancer therapy and high costs associated with oncology medicines leads the patient to step back from cancer treatment which impede the growth of the cancer treatments request.
Upsurge in demand for personalized medicine
Cancer is a ruinous disease that takes the lives of hundreds of thousands of patient every year. Due to standard treatments, disease heterogeneity, such as chemotherapy or radiation, are effective in only a subset of the patient population. Tumors have different beginning inheritable causes and may express different proteins in one case versus another. This essential variability of cancer lends itself to the growing field of perfection and substantiated drug (PPM). There are numerous ongoing efforts to acquire PPM data in order to characterize molecular differences between tumors. Some PPM products are formerly available to link these differences to an effective drug. It’s clear that PPM cancer treatments can result in immense patient benefits, and companies and nonsupervisory agencies have begun to fete this. Thus, substantiated drugs are likely to boost the request growth during the cast period.
Lack of adequate infrastructure
Cancer is clearly the most deadly disease in the advanced world as one in three people develop cancer during their lifetime. The cure for cancer is like the Holy Grail since utmost of the being treatments aren’t effective enough to give full protection from this disease. In recent times the burgeoning of proteomic, sophisticated genomic, and bioinformatics ways has made it possible for the healthcare industry to get a glimpse of the intricate interplay of multitudinous cellular genes and nonsupervisory inheritable rudiments that are responsible for the incarnation of cancerous phenotypes. With the use of ultramodern genomic technologies the industry is now beginning to understand the enormous complexity of cancer. Still there are many success stories as far as the treatment of cancer is concerned. For instance the treatments of carcinoma and leukemia have been established and proved to be satisfactory. Despite occasional successes the treatment for utmost cancers is still a long way from reality. In this tract, the industry addressed several reasons for the difficulties in cancer treatment which is challenging the market.
- AbbVie, Inc.
- F. Hoffmann-La Roche AG
- Bristol-Myers Squibb Company
- Pfizer, Inc.
- Johnson & Johnson
- Merck KGaA
- Celgene Corporation
- AstellasPharma, Inc.
- Novartis AG
- Eli Lilly and Company
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