The cancer therapeutics drugs market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with cancer treatment in western countries, along with the growing investment in the development of advanced therapies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as greater exposure to risk factors like tobacco use, alcohol use, unhealthy diet and physical inactivity. According to the data collected from WHO’s International Agency for Research on Cancer, in 2021, cancer is the leading cause of deaths globally, and is responsible for about 10 million deaths per year. Globally, about 1 in 6 deaths is due to cancer.
The market is segmented based on therapy type into chemotherapy, immunotherapy, targeted therapies, hormonal therapy, and others, out of which, the targeted therapy segment is anticipated to grab the largest share by the end of 2021 on account of advancement in cellular technology and gene therapy which have contributed to improve the understanding of tumour cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for treatment of cancer. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of cancer types, the breast cancer therapeutics drugs segment in the global cancer treatment market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that hormones, both in the form of combined hormone replacement therapy and combined oral contraceptives increase the risk of breast cancer.
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:
Our in-depth analysis of the cancer therapeutics drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Greater exposure to risk factors and Growing investment in the development of advanced therapies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Costly therapies and lack of awareness about cancer therapies in low and middle income economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about cancer.
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.
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.
The market is segmented by therapy type, cancer type and region.
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.
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