Cancer Therapeutics Market is anticipated to grow at a CAGR of ~7.7% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Cancer Therapeutics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Cancer Therapeutics Market is estimated to account for over US$ 140 billion by 2019. The market is anticipated to grow at a CAGR of ~7.7% from 2019 to 2030.
The market growth can be attributed to several factors, which has led to its wide-scale adoption. The increasing cancer prevalence globally and rising collaboration between pharmaceutical companies for cancer research activities are anticipated to further contribute to the substantial growth of the market between 2019 and 2030. However, high cost of this therapy for treatment along with adverse effects associated with cancer therapeutics is likely to restrain market growth to a certain extent.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, in December 2018, Amgen and Direct Relief announced a joint initiative, were Amgen donated cancer treatments and supportive care medicines of worth $93 million to Direct Relief for distribution. This donation was provided to cancer patients in 18 developing countries.
Rising incidences & prevalence of cancer globally has been important factor which has played pivotal role in contributing to the extensive demand for cancer therapy. In 2018, according to the National Cancer Institute, U.S., it was estimated that there would be a staggering 1,735,350 new cases of cancer. It is further projected that the total incidence rate of worldwide cancer will increase by 62% from 2018-2040.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Cancer Therapeutics Market by Treatment Type (Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy), Application (Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer and Cervical Cancer), End User (Hospitals and Cancer Specialty Centers) - Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/cancer-therapeutics-market/268
Rising R&D activities and rise in their private & public funding is expected to positively impact the global market. Prominent players are trying to encourage technological advancements to develop the next generation cancer-targeting treatments through research & development collaborations. This has resulted in identification of new tumor targets and innovative approaches for treatment.
However, the high cost related to cancer therapy is one of the major factors hampering market growth. Increase in R&D activities and technological advancements related to treatments have increased the survival rate, but unfortunately these advances come at a very high price. Cancer patients must undergo many rounds of complex and intensive treatment comprising of several cycles of chemotherapy, which may increase the duration of treatment. Longer the duration of treatment, higher is the cost. Furthermore, side effects such as fatigue, pain, fertility problems, depression, heartburn, sexual problems, bone diseases and other side effects can be detected during cancer treatment.
Asia Pacific is the fastest-growing market for cancer therapeutics and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the improving healthcare infrastructure and a rise in public investments in research and technological advancements. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global cancer therapeutics market due to increasing R&D activities in healthcare sector in these regions.
Some of the prominent players in the Cancer Therapeutics market include Amgen Inc., Bayer AG, Johnson & Johnson Services, Inc., Merck & Co., Inc., Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd, AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company among others.
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