 |
| Cancer Drugs Market Demand |
The global Cancer Drugs Market is estimated to be
valued at US$ 143.9 Bn in 2023 and
is expected to exhibit a CAGR of 7.60%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
The global cancer drugs market comprises products used for treatment of
different types of cancer such as lung cancer, breast cancer, prostate cancer,
colorectal cancer, and others. Cancer treatment involves usage of drugs such as
immunotherapies, targeted therapies, chemotherapy and others. Cancer therapies
help in reducing tumor growth, killing cancer cells and preventing their
multiplication. Immuno-oncology drugs boost patient's immune system to fight
cancer cells. Targeted therapies destroy only cancer cells by blocking their
growth and spread. These treatment methods have significantly improved survival
rates of cancer patients globally.
Market key trends:
The global Cancer
Drugs Market Demand is witnessing significant growth owing to
increasing research and development activities for development of novel drugs.
Various drugs in pipeline indicates high success rate and adoption. For
instance, Pfizer's abraxane which is a combination of paclitaxel protein-bound
particles and albumin-bound formulation for breast cancer treatment
demonstrated improved efficacy and safety. Also, increasing demand for
precision medicines and targeted therapies will augment market growth over the
forecast period. However, high cost of cancer treatment remains major challenge
especially in developing nations.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high
capital requirements and development costs as oncology drugs require extensive
research and development process spanning over many years.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has many global pharmaceutical companies offering cancer therapeutics.
Buyers can negotiate on price and other purchase considerations.
Bargaining power of suppliers: The bargaining power of suppliers is low as the
raw material suppliers have limited control over pricing in the industry and
the manufacturing of oncology drugs requires high technical expertise.
Threat of new substitutes: The threat of new substitutes is low as cancer
treatment requires multiple innovative drugs and targeted therapies. No
alternative is available currently in the market.
Competitive rivalry: The competitive rivalry in the cancer drugs market is very
high due to notable industry players continuously launching novel cancer
therapeutics with new mechanisms of action.
Key Takeaways
The global cancer drugs market size is expected to witness high growth,
exhibiting a CAGR of 7.60% over the
forecast period of 2023 to 2030, due to increasing prevalence of cancer and
rising need for targeted therapies.
The cancer drugs market was valued at US$
143.9 Bn in 2023 and is estimated to reach US$ 255.2 Bn by 2030.
Regional analysis: North America region currently
dominates the cancer drugs market and is expected to continue its dominance
over the forecast period as well. This is attributed to increasing prevalence
of cancer, growing healthcare expenditure, strong presence of key market
players and availability of advanced cancer treatment options in the region.
Key players: Key players operating in the cancer drugs market are Pfizer Inc.,
Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC,
Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers
Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among
others.
Read More: https://www.trendingwebwire.com/cancer-drugs-market-is-estimated-to-witness-high-growth/