Cancer Therapeutics Market Size, Share, Growth Analysis, By Application(Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer), By Drug(Revlimid, Avastin, Herceptin, Rituxan), By End-User(Hospitals, Specialty Clinics, Cancer and Radiation Therapy Centers), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2214 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 112 | Figures: 76

Cancer Therapeutics Market Dynamics

Cancer Therapeutics Market Drivers

Rising Incidence of Cancer

Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from cancer. This surge in incidence of cancer around the world is a key factor promoting cancer therapeutics demand.

Rising Use of Combination Therapies

Healthcare professionals around the world are focusing on using combination therapies to treat and manage different types of cancer indications effectively. Cancer therapeutics play a crucial role in improving the efficacy of these combination therapies thereby boosting market development potential.

Restraints

Drug Resistance

Cancer cells and tumors are evolving rapidly and becoming more and more resistant to different types of drugs, which eventually hurts the sales of cancer therapeutics and slows down market growth as well.

Cancer Heterogeneity

Cancer variations are extremely different and have different characteristics, which is why not one drug can be made for all types of cancers. Moreover, sometimes these factors vary from person to person and this highly heterogenous nature of the indication is what inhibits the global cancer therapeutics market from attaining its full growth potential.

Cancer Therapeutics Market Report Snapshots

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Global Cancer Therapeutics Market size was valued at USD 136.6 Billion in 2022 and is poised to grow from USD 149.02 Billion in 2023 to USD 299.13 Billion by 2031, at a CAGR of 9.1% during the forecast period (2024-2031).

Cancer therapeutics providers around the world are estimated to focus on research to maximize their business potential and stay competitive. Developing new therapeutics for specific cancer indications will also be a preferred strategy for new as well as leading cancer therapeutics companies. Market players can also benefit from government support to take their oncology research capabilities to the next level. Use of advanced drug discovery and development techniques will also be popular among cancer therapeutics providers in the future. 'Roche Holding AG (Switzerland) ', 'Novartis AG (Switzerland) ', 'Merck & Co., Inc. (USA) ', 'Pfizer Inc. (US) ', 'AstraZeneca plc (UK) ', 'Bristol Myers Squibb Company (USA) ', 'AbbVie Inc. (USA) ', 'Amgen Inc. (USA) ', 'GlaxoSmithKline plc (United Kingdom) ', 'Eli Lilly and Company ', 'Takeda Pharmaceutical Company Limited (Japan) ', 'Sanofi S.A. (France) ', 'Gilead Sciences, Inc. (USA) ', 'Bayer AG (Germany) ', 'Johnson & Johnson USA ', 'AbilityPharma (Spain) ', 'Adcendo (Denmark) ', 'Beroni Group (Australia) ', 'BioAtla (USA) ', 'Astellas Pharma Inc. (Japan)'

Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from cancer. This surge in incidence of cancer around the world is a key factor promoting cancer therapeutics demand.

Use of AI for Drug Discovery: Cancer therapeutics companies can focus on utilization of artificial intelligence in their research to fast-track innovation. Market players can integrate AI technology with their drug discovery and development tools to identify new drug targets and optimize the efficacy of currently used ones. Use of AI in other cancer therapeutics business aspects will also be highly popular in the long run.

North America is estimated to secure the top spot when it comes to the cancer therapeutics market. Increasing incidence of cancer and high investments in oncology research are forecasted to be the key factors contributing to the dominance of this segment. Availability of proper reimbursement policies and rising demand for novel cancer treatments are also estimated to help this region maintain its high market share. The United States is slated to be the most opportune market for cancer therapeutics companies looking to make an impact in the North American region.

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Cancer Therapeutics Market Dynamics

Cancer Therapeutics Market Report Snapshots

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