by Cancer therapy involves the use of drugs, surgery, and radiation to treat cancer and its symptoms. The main cancer therapies include chemotherapy, immunotherapy, targeted therapy, radiation therapy, and stem cell transplantation. Chemotherapy uses drugs to treat cancer by stopping or slowing the growth of cancer cells, either by killing the cells or stopping them from dividing. Immunotherapy involves boosting the body’s natural defenses to fight cancer. Targeted therapy uses drugs to specifically target vulnerabilities within cancer cells. Radiation therapy uses high-energy rays or particles to kill cancer cells or damage their DNA. Stem cell transplantation replaces damaged blood-forming stem cells in people who have had high doses of chemotherapy or radiation therapy.
The global cancer therapy market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers bolstering the growth of the cancer therapy market is the rising prevalence of cancer cases worldwide. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, with around 10 million deaths in 2020. Around 19.3 million new cancer cases were reported in 2020. The rising prevalence of cancer has considerably boosted the demand for novel and advanced cancer therapies such as immunotherapy, targeted therapy, and stem cell transplantation. Furthermore, rising government initiatives focused on cancer awareness and screening are also fueling the adoption of cancer therapies. However, the high cost of cancer therapies as well as lack of healthcare infrastructure and medical facilities in underdeveloped regions hinder the market growth.
Segment Analysis
The cancer therapy market can be segmented into radiation therapy, chemotherapy, targeted therapy, immunotherapy, photodynamic therapy, and others. Radiation therapy dominates the market and accounts for over 35% of market share due to technological advancements and rising applications of radiation. External beam radiation therapy and internal radiation therapy are prominently used radiation therapies due to improved efficacy and reduced side effects.
PEST Analysis
Political: Governments across countries are focusing on improving healthcare infrastructure and funding for cancer research which is positively impacting the market. Some regions have enacted laws regarding availability and affordability of cancer treatment.
Economic: Rising incidence of cancer and growing healthcare spending are the key factors driving market growth. However, high cost of therapy devices, drugs, and treatment procedures in some nations can hamper market growth.
Social: Improving awareness about early detection and treatment of cancer has increased demand for advanced diagnostic devices and therapeutics. Sedentary lifestyle and obesity are increasing cancer risk which is also supporting market growth.
Technological: Developments in areas of precision oncology, cancer stem cell research, immunotherapy, and development of novel targeted drugs are expanding treatment options. Artificial intelligence and big data analytics are being applied for better screening, diagnostics, and treatment planning.
Key Takeaways
The Global Cancer Therapy Market Size is expected to witness high growth over the forecast period. The global cancer therapy market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
North America is expected to dominate the market due to supportive reimbursement policies, advanced healthcare infrastructure, and presence of key players in the region.
The key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco.
Key players operating in the cancer therapy market are focusing on developing advanced therapeutic methods through R&D and strategic collaborations. For instance, GE Healthcare partners with innovators to develop new cancer diagnostics using cutting-edge technologies like artificial intelligence and precision medicine.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
