Our in-depth analysis of the cancer therapeutics drugs market includes the following segments:
By Therapy Type
By Cancer type
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness, rise in disposable incomes, high incidence rate of cancer and the need to develop innovative cancer treatment solutions in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in cancer research, accompanied by the presence of leading healthcare service providers in the region. Along with this, the North America also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the cancer therapeutics drugs market on account of its proven success in terms of drug development and a high prevalence of cancer in the region. As per the analysis of National Centre for Biotechnology Information, greater cancer prevalence in the European Union is due to High GDP per Capita, high animal fat intake which results in high cholesterol levels and are important factors in cancer progression.
The global cancer therapeutics drugs market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Greater exposure to risk factors and Growing investment in the development of advanced therapies are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Costly therapies and lack of awareness about cancer therapies in low and middle income economic regions are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about cancer.
Ans: The major players dominating the cancer therapeutics drugs market are F. Hoffman-La Roche Ltd, Celgene Corp, Novartis AG, Pfizer Inc, Johnson and Johnson, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by therapy type, cancer type and region.
Ans: With respect to cancer type, the breast cancer segment is anticipated to hold the largest market share owing to the fact that hormones, both in the form of combined hormone replacement therapy and combined oral contraceptives increase the risk of breast cancer.