Global Cancer Therapy Market is expected to witness a revenue of USD 268 billion in 2026, with a CAGR of 9.15%

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Global Cancer Therapy Market  is expected to witness a revenue of USD 268 billion in 2026, with a CAGR of 9.15%

The COVID-19 pandemic has affected the healthcare systems globally and also has a significant impact on the cancer therapy market. As per the article published in Cancer Connect, 2020, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types - breast, colorectal, lung, pancreatic, gastric and esophageal cancers. Also, the Centers for Disease Control and Prevention(CDC) and many medical professional organizations recommended that cancer screening and other health prevention services, along with elective surgeries to be postponed unless the risks outweighed the benefits and to secure the hospital infrastructure for the treatment of COVID-19 patients. Thus, the COVID-19 pandemic has impacted the cancer therapy market, however, the situation is expected to gradually improve.

The global cancer therapy market is estimated to grow with a CAGR of 9.15% during the forecast period. The factors that are driving the market growth include increasing Patient Assistance Programs (PAPs), increasing government initiatives for cancer awareness, rising prevalence of cancer worldwide, and strong R&D initiatives from key players along with the increasing demand for personalized medicine.

 

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According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. The increasing incidence of cancer cases is expected to drive the need for advanced cancer therapies for the effective treatment of patients. Thus, given the aforementioned factors, the cancer therapy market is expected to witness tremendous growth over the forecast period.

Key Market Trends

The Targeted therapy Segment is Expected to show the Fastest Growth in the Forecast Period

Targeted therapy is a treatment used for cancer in which the drugs work by targeting the specific genes or proteins that are present in the cancer cells. There are several types of targeted therapies for cancers such as hormone therapies, gene expression modulators, apoptosis inducers, angiogenesis inhibitors, signal transduction inhibitors, and many other therapies.

In the COVID-19 era, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including precautionary measures, lack of personal protective equipment, and staff shortage as per the research article published in the JCO Global Oncology, 2020. Additionally, this impact was more pronounced in low-income countries. Therefore, COVID-19 is expected to hinder the number of cancer therapies offered to cancer patients, which is expected to impact the studied segment.

Targeted therapies are a rapidly growing field of cancer research and researchers are studying many new targets and An example, the human epidermal growth factor receptor 2 protein (HER-2) is expressed at high levels on the surface of some cancer cells. Several targeted therapies are directed against HER-2, including trastuzumab (Herceptin), which is approved to treat certain breast and stomach cancers that overexpress HER-2. In April 2020, US FDA approved Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with triple-negative breast cancer. Trodelvy is a Trop-2-directed antibody and topoisomerase inhibitor drug conjugate, which targets the Trop-2 receptor that helps cancer grow, divide and spread. Additionally in May 2020, US FDA approved Tabrecta (capmatinib) for the treatment of adult patients with non-small cell lung cancer (NSCLC) and is the first FDA-approved targeted therapy to treat NSCLC with specific mutations. Thus, in view of the increasing product approvals and high research activities related to targeted therapies against cancers, the studied segment is expected to grow over the forecast period.

North America Currently Dominates the Cancer Therapy Market and is Expected to Continue in the Forecast Period

North America is expected to increase its market share in the future, owing to the increased adoption of cancer therapy and the growing burden of cancers in the United States. According to the Gobocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States, in 2020 with nearly 612, 390 deaths. The most common cancers were breast (253,465), lung (227,875), prostate (209,512 ) and colon(101,809) new cases in 2020 in United States.

Additionally, the high concentration of key players in North America, increasing FDA approvals along with strategic alliances, and high investment in research and development activities are expected to boost the market in the region. For instance, in Nov 2020, Merck & Co. Inc entered into a definitive agreement to acquire Velosbio, Inc., which is a privately-held clinical-stage biopharmaceutical company committed to developing first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). Similarly, in March 2020, Johnson and Johnson received US FDA Breakthrough Therapy Designation for JNJ-61186372 (JNJ-6372) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC). Thus, given the aforementioned factors, the cancer therapy market is expected to grow significantly over the forecast period in North America.

Competitive Landscape

The cancer therapy market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The players namely Amgen Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, Pfizer Inc, Novartis AG, and Johnson and Johnson, hold significant shares in the cancer therapy market. The strategic alliances and the increasing investment in research on oncology by the key players' aid in securing their position and presence worldwide. For instance, in Jan 2019, GlaxoSmithKline plc., acquired TESARO, Inc., an oncology based biopharmaceutical company, leading to the expansion of GSK's pipeline and commercial capability in oncology.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

 

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