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| Global Cancer Therapy Market |
The global cancer therapy market is estimated to be valued at US$ 171,143.8 Mn or Mn in 2023 and is
expected to exhibit a CAGR of 8.4%
over the forecast period 2023-2028, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Cancer therapy involves using various drugs, surgery and radiation to treat
cancer. Today, targeted therapy including drugs that target specific vulnerable
cancer-cell pathways have revolutionized the treatment of many cancers. These
targeted drugs are emerging as an effective option as they can specifically
attack cancer cells while doing less harm to normal cells. Advances in
precision medicine approach have enabled tailoring cancer treatment based on
the genetic signature of tumors. This allows targeting specific mutations
driving a patient's cancer. The need for effective treatments against various
cancers drives the demand for cancer therapy globally.
Market key trends:
Immunotherapy is one of the major trends gaining traction in cancer therapy.
Immunotherapy activates the body's natural defenses to fight cancer by
targeting a protein called PD-1 (programmed cell death protein 1) or its
ligand, PD-L1. By blocking these proteins, immunotherapy helps boost the
anti-tumor immune response. Drugs known as checkpoint inhibitors have shown
promise in treating various cancers including lung cancer, skin cancer, kidney
cancer and bladder cancer. Their ability to elicit long-lasting response and
relatively fewer side effects compared to other therapies is fueling their
adoption. Combination therapies involving immunotherapy with other standard
therapies is another key area of research.
Porter's Analysis
Threat of new entrants: The high R&D costs and patents held by existing
players in cancer therapy make the entry of new players difficult in this
market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
are many established brands in the cancer therapy market offering a variety of
treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
the availability of substitute raw materials and brands outsourcing production
to different suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as
research is continuously being done to develop new drugs and novel treatment
methods for better outcomes in cancer therapy.
Competitive rivalry: High owing to the presence of many global and local
players focusing on new product launches and innovation.
Key Takeaways
The Global
Cancer Therapy Market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period,
due to increasing global incidence of cancer cases and rising healthcare
expenditure.
Regional analysis: North America dominates the global market and is expected to
continue its dominance over the forecast period, owing to the high adoption of
novel cancer therapies and presence of key players in the region. Asia Pacific
is anticipated to exhibit the highest growth rate owing to increasing
healthcare spending and expanding medical infrastructure in emerging economies
like China and India.
Key players operating in the cancer therapy market are Pfizer Inc., Novartis
AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC,
Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb
Company, among others. Key players are focusing on strategic collaborations and
new product launches to consolidate their market position. For instance, Roche
got FDA approval for Tecentriq in combination with Abraxane for breast cancer
in 2020.
Read More: https://www.trendingwebwire.com/global-cancer-therapy-market-is-estimated-to-witness-high-growth/