Cancer Therapy Market Set for Rapid Growth and Trend by 2024-2031 Key Drivers And Analysis |Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson

Market Overview:

Cancer therapy market deals with therapeutic devices and drugs used in cancer treatment. These include surgical equipment, radiation therapy equipment, immunotherapy & chemotherapy drugs used to treat various cancer types.

Market Dynamics:

The cancer therapy market is expected to witness significant growth over the forecast period owing to rising cancer prevalence worldwide as well as advancements in therapies. As per World Health Organization, cancer cases around the globe are expected to rise by 70% in the next two decades. Additionally, growing geriatric population is also fueling the demand for effective cancer treatment solutions. Furthermore, development of personalized medicine for cancer treatment using targeted drugs and therapy approaches is gaining traction globally which is positively impacting the market growth. However, high cost of cancer therapies remains a challenges for market players in this space.

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Rising Prevalence of Cancer Worldwide is a Key Driver for the Cancer Therapy Market

The global burden of cancer continues to grow at an alarming rate, driven by aging and growth of the world population alongside increasing adoption of cancer-causing behaviors such as smoking and urbanization. According to the World Health Organization, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. The rising incidence of various types of cancers including lung cancer, breast cancer, prostate cancer, skin cancer, colorectal cancer and others poses a huge challenge to healthcare systems worldwide. As the number of new cancer cases grows each year, the demand for advanced treatment options including targeted therapies, chemotherapy, radiotherapy and immunotherapy is expected to rise at a corresponding pace. This growing disease prevalence acts as a dominant driver fueling growth of the cancer therapy market.

Government and Private Funding for Cancer Research is also Driving Innovation and Market Growth

Given the staggering human and economic cost of cancer, governments and private organizations across the globe have significantly ramped up funding for cancer research over the past decade. Major investments are being made to develop innovative diagnosis and treatment methods, gain better understanding of cancer causation and progression and improve survival rates. According to the National Cancer Institute, cancer research funding in the US alone has nearly doubled from around $4.7 billion in 2000 to over $8.2 billion in 2020. Such generous funding supports research activities of pharmaceutical and biotech companies engaged in developing novel targeted drugs, immunotherapy drugs, oncolytic viruses and other advanced treatment modalities. Increased R&D expenditures are translating into a robust pipeline of promising oncology candidates, driving lucrative market opportunities. Rising investment in cancer research acts as a force multiplier speeding up development of advanced treatment technologies and expansion of the cancer therapy market.

High Cost of Cancer Care is a Key Market Restrain

While scientific advances are positively impacting cancer outcomes, the escalating cost of new therapies threatens to price them out of reach for many patients. Cancer medications frequently involve biologic and cell-based therapies requiring complex manufacturing and are hugely expensive. For example, the landmark CAR-T cell therapies such as Kymriah and Yescarta have list prices of over $400,000 per treatment course. Similarly, many targeted oral drugs approved in the past ten years have annual costs ranging from $100,000 to over $150,000. The high budget impact and affordability challenges posed by novel therapies is a double-edged sword. While they improve survival, their inaccessibility due to steep costs prevents full potential impact on mortality rates. This cost burden on patients as well as public and private payers poses a formidable restrain challenging broader and equitable access, thereby restricting potential market growth. Innovative pricing and payment models are needed to overcome this barriers to adoption.

Immuno-Oncology and Combination Therapies Present Major Market Opportunities

While major advances have been achieved using individual therapeutic modalities, integrating different treatment approaches holds promise to substantially improve clinical outcomes for cancer patients. Combining immunotherapy drugs that mobilize the body's immune system to target cancer cells with conventional therapies is an area generating significant excitement. Many ongoing clinical trials are evaluating combinations of immune checkpoint inhibitors, targeted therapies, chemotherapies, radiation therapy and other modalities. Preliminary results indicate combination regimens may achieve significantly higher response rates and survival benefits compared to monotherapies. As clinical validation for such combinatorial approaches gathers momentum, their ability to address previously hard-to-treat cancers represents a huge opportunity to expand the arsenal of effective therapies. Immuno-oncology combinations particularly targeting newly approved immune targets present a multi-billion market potential in coming years. Their clinical benefits and flexibility to layer onto other treatments could make them the mainstay of future precision oncology practices worldwide.

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Adoption of Precision Medicine and Personalized Therapy is a Fast Emerging Trend

Advances in genomics and systems biology are enabling a deeper understanding of the molecular and genetic changes driving cancer. This revolution is fueling a shift towards more personalized and precision medicine approaches tailored for each patient's unique tumor profile. Technologies like whole genome sequencing, comprehensive biomarker testing and liquid biopsies are helping identify targetable mutations and better inform treatment selection.

Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, a detailed analysis of the competitive landscape, and product services of key players. Analysis of Cancer Therapy companies, key tactics followed by Leading Key Players:

◘ Pfizer Inc.
◘ Novartis AG
◘ Merck & Co. Inc.
◘ Johnson & Johnson
◘ GlaxoSmithKline PLC
◘ Hoffmann-La Roche Ltd.
◘ Bayer AG
◘ AstraZeneca
◘ Amgen
◘ Bristol-Myers Squibb Company
◘ among others

Note: Major Players are sorted in no particular order.

By Treatment Type: Chemotherapy, Target Therapy, Immunotherapy Therapy, Hormone Therapy, and Others

By Cancer Type: Blood Cancer, Breast Cancer, Prostate cancer, Skin Cancer, Lung Cancer, and Others

By End User: Hospital, Specialty Clinic, and Radiation Center

The Study Objectives are:

A comprehensive insight into key players operating in the Cancer Therapy Market and their corresponding data.
It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
Regional analysis, which includes insight into the dominant market and corresponding market share.
It also includes various socio-economic factors affecting the evolution of the market in the region.
The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Contents:

Market scenario 2023

Chapter 1: Introduction, Market Driving Force Product Objective of Study and Research Scope the Cancer Therapy market
Chapter 2: Exclusive Summary - the basic information of the Cancer Therapy Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends, and Challenges & Opportunities of the Cancer Therapy
Chapter 4: Presenting the Cancer Therapy Market Factor Analysis, Supply/Value Chain, PESTEL analysis, Market Entry, and Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User, and Region/Country 2023 - 2030
Chapter 6: Evaluating the leading manufacturers of the Cancer Therapy market which consists of its Competitive Landscape, Peer Group Analysis, Market positioning & Company Profile
Chapter 7: To evaluate the market by segments, by countries, and by Manufacturers/Companies with revenue share and sales by key countries in these various regions (2023-2030)
Chapters 8 & 9: Displaying the Appendix, Methodology, and Data Source

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Key Questions Answered:

What is the market size and CAGR of the Cancer Therapy Market during the forecast period?
How is the growing demand impacting the growth of Cancer Therapy Market shares?
What is the growing demand of the Market during the forecast period?
Who are the leading vendors in the market and what are their market shares?
What is the impact of the COVID-19 pandemic on the APAC Cancer Therapy Market?

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