What is the global market size of Cancer Therapeutics Market?

Cancer Therapeutics Market size was valued at USD 166.5 Billion in 2021 and is poised to grow from USD 181.65 Billion in 2022 to USD 364.62 Billion by 2030, at a CAGR of 9.1% during the forecast period (2023-2030).

Who are the key vendors in the Global Cancer Therapeutics Market?

The global cancer therapeutics market is highly competitive and constantly evolving, with numerous pharmaceutical and biotechnology companies driving innovation in cancer treatment. The competitive landscape is characterised by a diverse range of companies engaged in the research, development, and commercialization of oncology drugs and therapies. Major players in the market are investing heavily in oncology R&D, focusing on novel drug candidates and innovative treatment modalities. These companies often collaborate with academic institutions and research organisations to explore new avenues for cancer treatment. Additionally, strategic partnerships, licensing agreements, and mergers and acquisitions are common strategies used by companies to strengthen their market presence and expand their product portfolios. The market's competitiveness is further intensified by the continuous emergence of startups and biotech firms specialising in specific cancer therapeutics areas. These startups bring fresh perspectives and cutting-edge technologies to the market. The intense competition in the global cancer therapeutics market is ultimately beneficial for patients, as it fosters a dynamic environment that drives advancements in treatment options, improves patient outcomes, and brings new hope to those affected by cancer. 'Roche Holding AG - Switzerland', 'Novartis AG - Switzerland', 'Merck & Co., Inc. - USA', 'Pfizer Inc. - USA', 'AstraZeneca plc - UK', 'Bristol Myers Squibb Company - USA', 'Johnson & Johnson - USA', 'AbbVie Inc. - USA', 'Amgen Inc. - USA', 'GlaxoSmithKline plc - United Kingdom', 'Eli Lilly and Company - USA', 'Takeda Pharmaceutical Company Limited - Japan', 'Sanofi S.A. - France', 'Celgene Corporation (Acquired by Bristol Myers Squibb) - USA', 'Gilead Sciences, Inc. - USA', 'Bayer AG - Germany', 'Astellas Pharma Inc. - Japan', 'Eisai Co., Ltd. - Japan', 'Biogen Inc. - USA', 'Ipsen S.A. - France'

What is the key driver of Global Cancer Therapeutics Market?

The increasing incidence of cancer worldwide is a significant driver for the growth of the cancer therapeutics market. Factors such as an aging population, lifestyle changes, and environmental exposures contribute to the higher prevalence of various cancer types, creating a growing demand for effective treatment options.

What is the key market trend for Global Cancer Therapeutics Market?

Development of Biosimilars: With several biologics used in cancer treatment coming off-patent, there has been an increase in the development and approval of biosimilars. Biosimilars offer cost-effective alternatives to expensive cancer biologics, increasing patient access to treatment.

Which region accounted for the largest share in Global Cancer Therapeutics Market?

North America, comprising the United States and Canada, holds a dominant position in the global cancer therapeutics market. This dominance can be attributed to several factors, including a high prevalence of cancer, well-established healthcare infrastructure, a strong emphasis on research and development, and a favourable regulatory environment. North America is home to some of the world's leading pharmaceutical and biotechnology companies, continuously investing in oncology research to develop innovative and effective cancer therapies. Additionally, the region has witnessed significant advancements in precision medicine and personalised treatment approaches, further contributing to its dominant position in the market.

Cancer Therapeutics Market Size, Share, Growth Analysis, By Cancer Type(Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Others), Therapy Type(Chemotherapy, Targeted Therapy,Immunotherapy Hormonal Therapy), Top Selling Drugs, End-User, and Region - Industry Forecast 2024-2031

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

Cancer Therapeutics Market News

In June 2024, Johnson & Johnson revealed that it had submitted a biologics licence application (BLA) to the United States Food and Drug Administration (FDA) for a novel cancer drug. The new subcutaneous (SC) amivantamab is being developed to treat patients suffering from non-small cell lung cancer (NSCLC).
Ichnos Sciences Inc., a renowned name in the biotechnology space, and a leading pharmaceutical company called Glenmark Pharmaceuticals teamed up to accelerate cancer treatment innovation back in January 2024. The alliance is called Ichnos Glenmark Innovation and is estimated to use both companies’ expertise to fast-track drug discovery and innovation in cancer treatment.

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 Size, Share, Growth Analysis, By Cancer Type(Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Others), Therapy Type(Chemotherapy, Targeted Therapy,Immunotherapy Hormonal Therapy), Top Selling Drugs, End-User, and Region - Industry Forecast 2024-2031

Cancer Therapeutics Market News

Cancer Therapeutics Market Report Snapshots

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FAQs

What is the global market size of Cancer Therapeutics Market?

Who are the key vendors in the Cancer Therapeutics Market?

What is the key driver of Cancer Therapeutics Market?

What is the key market trend for Cancer Therapeutics Market?

Which region accounted for the largest share in Cancer Therapeutics Market?

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