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Chemotherapy Market Growth, Trends & Analysis 2024-2033
Chemotherapy Market Growth
According to The Business Research Company's, The chemotherapy market size has grown rapidly in recent years. It will grow from $30.89 billion in 2023 to $34.38 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to cancer incidence increase, advancements in cancer diagnosis, innovation in drug development, clinical trial activity, access to healthcare, awareness campaigns..
The chemotherapy market size is expected to see rapid growth in the next few years. It will grow to $54.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to immunotherapy integration, biosimilar adoption, emerging markets growth, genomic profiling, supportive care advances, regulatory facilitation.. Major trends in the forecast period include digital health solutions, personalized medicine, continued oncology research, integration of artificial intelligence (ai), advancements in nanotechnology, home-based chemotherapy administration..
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Market Drivers and Trends:
The increasing cancer prevalence is expected to propel the growth of the chemotherapy market going forward. Cancer refers to a disease in which a few body cells grow uncontrollably and spread to other parts. In chemotherapy powerful chemicals are used in combination or alone for the treatment of cancer by killing fast-growing cancer cells. In addition, increasing cancer prevalence will increase the demand for chemotherapy. For instance, in 2023, according to the American Cancer Society Inc., a US-based non-profit health group, 1.9 million new cancer cases are expected to be diagnosed in the US, an increase from 1.8 million new cancer cases diagnosed in 2020. In the US, 609,820 cancer-related deaths are anticipated in 2023, while it was anticipated that 606,520 Americans would pass away from cancer in 2020. Therefore, the increasing cancer prevalence is driving the chemotherapy market.
Major companies operating in the chemotherapy market are focused on introducing innovative solutions, such as chemotherapy infusion pumps, to gain a competitive edge in the market. Chemotherapy infusion pumps are devices that deliver chemotherapy drugs directly into the bloodstream through an IV line. These pumps are used to administer chemotherapy in a controlled manner, allowing for a slow and steady infusion of drugs into the body. For instance, in March 2022, Shanghai MicroPort Lifesciences Co. Ltd., a China-based medical technology developer and manufacturer, launched AutoEx, its independently developed new chemotherapy infusion pump. In clinical practice, special infusion pumps are frequently utilized for accurate and continuous infusion to maintain the best possible blood medication concentration throughout chemotherapy, boost anti-cancer cell activity, and lessen side effects. AutoEx is designed for intravenous administration of medication for the purpose of flushing or sealing PICCs (peripherally inserted central catheters), CVCs (central venous catheters), and ports during chemotherapy. It can be used intermittently or continuously.
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Major Key Players of the Market:
GlaxoSmithKline plc; Eli Lilly and Company; F. Hoffmann-La Roche Ltd.; Novartis AG; Pfizer Inc.; Merck & Co Inc.; Sanofi SA; Celgene Corporation; Bristol-Myers Squibb Company; Amgen Inc.; Bayer AG; Almatic Pharma LLC; AstraZeneca Pharmaceuticals; Astellas Pharma Inc.; Puma Biotechnology Inc.; Clovis Oncology Inc.; Takeda Pharmaceutical Company Limited; Johnson & Johnson Services Inc.; Mylan NV; Teva Pharmaceutical Industries Ltd.; AbbVie Inc.; Gilead Sciences Inc.; Biogen Inc.; Eisai Co. Ltd.; Ipsen SA; Spectrum Pharmaceuticals Inc.; Seattle Genetics Inc.; Exelixis Inc.; Karyopharm Therapeutics Inc.; Incyte Corporation; Agios Pharmaceuticals Inc.; Epizyme Inc.; Blueprint Medicines Corporation; Array BioPharma Inc.; BeiGene Ltd.; Halozyme Therapeutics Inc.; MacroGenics Inc.; Immunomedics Inc.; TG Therapeutics Inc.; Verastem Inc.
Chemotherapy Market 2024 Key Insights:
• The chemotherapy market will grow to $54.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Increasing Cancer Prevalence Drives Growth Of Chemotherapy Market
• Introducing Innovative Chemotherapy Infusion Pump For Enhanced Drug Delivery
• North America was the largest region in the chemotherapy market in 2023
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