Cancer therapy involves the use of drugs, surgery, and radiation to treat cancer and its symptoms. Some common cancer therapies include chemotherapy, targeted therapy, immunotherapy, surgery, radiation therapy, and hormonal therapy. The goal of cancer therapy is to eliminate cancer cells or to manage tumour growth and reduce cancer symptoms. It helps in preventing cancer from recurring. Cancer therapy provides treatment options and improves quality of life for many patients.
The global Cancer Therapy Market size is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of cancer globally. Cancer has become one of the leading causes of death worldwide, with an estimated 9.6 million deaths in 2018. The growing geriatric population is one of the major factors contributing to the increasing incidence of various cancer types across the globe. According to the National Cancer Institute, in the United States, 60% of all new cancer cases and 70% of all cancer deaths in 2017 were among people aged 65 and older. In addition, increasing adoption of sedentary and unhealthy lifestyles leading to obesity, alcohol consumption, and smoking are other factors responsible for the rise in cancer cases globally. Therefore, the growing cancer burden globally is driving the demand for effective cancer treatment therapies, thus fueling growth of the cancer therapy market during the forecast period. Availability of various treatment options and integration of advanced technologies in cancer therapy have improved survival and life expectancy of cancer patients in recent years.
Strength: Advancements in cancer treatment therapies such as targeted therapy, immunotherapy, surgery, radiation therapy have improved the survival rates of cancer patients.
Weakness: High costs associated with cancer treatment pose a challenge for patients to access advanced therapies. Limited awareness in developing regions also hampers early detection and treatment seeking.
Opportunity: Rising investment in research and development of novel drugs and devices to treat various cancer types presents lucrative opportunities. Growing geriatric population who are prone to cancer also needs advanced treatment solutions.
Threats: Stringent regulatory approvals and clinical trials for new drugs increases risk of failure and delays market entry. Side effects and resistance to certain therapies over time are major challenges.
The global cancer therapy market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is anticipated to reach US$ 231671.29 Bn by 2031, expanding at a CAGR of 7.6%.
Regional analysis: North America dominates the global cancer therapy market currently and is expected to continue its lead over the forecast period. This can be attributed to presence of advanced healthcare infrastructure, favorable reimbursement policies, increasing prevalence of cancer and rising expenditure on healthcare. Asia Pacific is anticipated to witness fastest growth supported by growing medical tourism, rising patient disposable incomes, expanding healthcare sector and increasing government initiatives for cancer care.
Key players: Key players operating in the cancer therapy include GE Healthcare, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Hologic, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco. These players are focusing on development and commercialization of innovative devices and therapies for treatment and management of different cancer types to strengthen their market position.
- Source: Coherent Market Insights, Public sources, Desk research
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