Rising Investments In Oncology Research And Medicine A Catalyst For Growth In The Market: A Key Factor Shaping the Future of the Cancer Market in 2025

How Are the key drivers contributing to the expansion of the cancer market?
The growing investments in oncology research and medicine are expected to drive the growth of the cancer market in the future. Investments in oncology research involve financial resources allocated by governments, pharmaceutical companies, research institutions, and private investors to improve cancer prevention, diagnosis, and treatment. The rising investments are driven by the increasing global cancer burden, advancements in precision medicine, the growing need for innovative therapies, expanding clinical trials, government and private funding, and the development of targeted and immunotherapies. These investments benefit cancer by enhancing early diagnosis, improving treatment options like targeted therapies and immunotherapies, funding clinical trials for more effective drugs, boosting pediatric cancer care, and advancing research on disease biology and progression. For example, in May 2024, IQVIA reported that global spending on cancer medicine reached $223 billion in 2023, an increase of $25 billion from 2022, and is projected to hit $409 billion by 2028. As a result, increasing investments in oncology research and medicine are propelling the cancer market.

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What growth opportunities are expected to drive the cancer market's CAGR through 2034?
The cancer market has witnessed substantial growth in recent years. It is expected to grow from $0.57 billion in 2024 to $0.62 billion in 2025, with a CAGR of 9.7%. The factors contributing to this growth include the increased adoption of immunotherapy, a rising incidence of cancer, greater investments in research and development, enhanced government initiatives, and the increasing use of HPV vaccines.

The cancer market is projected to expand significantly, reaching $0.89 billion by 2029 at a CAGR of 9.3%. Growth is driven by increasing demand for therapeutic options, rising adoption of targeted therapies, a greater focus on early cancer diagnosis, expanding personalized medicine approaches, and growing screening programs. Key trends include the rise of targeted and combination therapies, advancements in robotic-assisted surgery, and strategic collaborations.

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What are the emerging trends shaping the future of the cancer market?
In the cancer market, companies are exploring innovative therapies like alpha-radiation cancer therapy to enhance treatment efficacy and outcomes. Alpha Tau Medical Ltd., an Israel-based company, launched Alpha DaRT, an alpha-radiation cancer therapy, in May 2023. This therapy uses targeted radiation to destroy cancer cells in squamous cell carcinoma of the while minimizing harm to healthy tissue. Alpha DaRT's approach offers a non-surgical treatment option with a potentially lower risk of side effects.

Which growth-oriented segments of the cancer market are leading the industry's development?
The cancer market covered in this report is segmented -

1) By Cancer Type: Squamous Cell Carcinoma,Melanoma, Adenocarcinoma, Basal Cell Carcinoma
2) By Treatment Type: Chemotherapy, Surgery, Laser Surgery, Excision, Skinning Vulvectomy, Radical Vulvectomy, Radiation Therapy, Biologic Therapy
3) By Distribution Channel: Online Channel, Offline Channel
4) By End Users: Hospitals And Clinics, Research And Academic Institutes, Other End Users

Subsegments:
1) By Squamous Cell Carcinoma: Keratinizing Squamous Cell Carcinoma, Non-Keratinizing Squamous Cell Carcinoma, Verrucous Carcinoma
2) By Melanoma: Mucosal Melanoma, Acral Lentiginous Melanoma, Nodular Melanoma
3) By Adenocarcinoma: Bartholin Gland Adenocarcinoma, Extramammary Paget's Disease-Associated Adenocarcinoma, Sweat Gland Adenocarcinoma
4) By Basal Cell Carcinoma: Superficial Basal Cell Carcinoma, Nodular Basal Cell Carcinoma, Morpheaform (Sclerosing) Basal Cell Carcinoma

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What regions are leading the charge in the cancer market?
North America was the largest region in the cancer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the cancer market?
Major companies operating in the cancer market are F. Hoffmann-La Roche Ltd, Merck And Co., Bristol-Myers Squibb Company, Novartis AG, GlaxoSmithKline plc , Amgen Inc., Siemens Healthineers, Teva Pharmaceutical, Regeneron Pharmaceuticals, Inc., Intuitive Surgical Operations Inc., Sun Pharmaceuticals Ltd., Genentech Inc, Varian Medical Systems Inc. , Ono Pharmaceuticals Co. Ltd., Elekta AB, Accuray Incorporated., Xencor, Nordion Inc., ISA Pharmaceuticals BV, Alpha Tau Medical Ltd.

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What Is Covered In The Cancer Global Market Report?

•Market Size Forecast: Examine the cancer market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cancer market for a structured understanding.
•Key Players Overview: Analyze major players in the cancer market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cancer market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cancer market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cancer market.
•Industry Challenges: Identify potential risks and obstacles affecting the cancer market.
•Competitive Landscape: Review strategic developments in the cancer market, including expansions, agreements, and new product launches.

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This release was published on openPR.