CHEMOTHERAPY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Chemotherapy Market Size and Trends

The chemotherapy market is estimated to be valued at USD 10.87 Bn in 2024 and is expected to reach USD 18.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.

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The increasing prevalence of cancer, particularly breast and leukemia cases, is a primary driver, alongside the rising demand for targeted therapies and advancements in drug delivery systems. However, the market faces restraints, including high treatment costs and regulatory challenges that may hinder the rapid adoption of new therapies. Additionally, the growing availability of generic medications could moderate growth rates in certain regions. Overall, while the chemotherapy industry is poised for growth, it must navigate these challenges to fully realize its potential.

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Insights, By Drugs - Increased efficacy and cost advantages drive alkylating agents’ segment growth

In terms of drugs, alkylating agents segment is estimated to contribute the highest market share of 54.2% in 2024, owing to their strong efficacy profile against a wide range of cancers and relatively low cost of treatment. Alkylating agents work by alkylating DNA and disrupting its structure, thereby preventing cell division and resulting in cell death. Due to their non-specific mechanism of action, these drugs demonstrate activity against various cancer types including lung cancer, breast cancer, and multiple myeloma among others.

Insights, By Cancer Type - High incidence and mortality rates boost breast cancer drugs’ demand

In terms of cancer type, breast cancer segment is estimated to contribute the highest market share of 42.1% in 2024, owing to its high prevalence as well as mortality rates worldwide. In 2022, about 2.3 million women were diagnosed with breast cancer worldwide and 670,000 died, according to Breast Cancer Research Foundation. It is also a major cause of cancer related deaths among women.

Insights, By Route of Administration - Popularity of oral chemotherapy drives oral administration’s market share

In terms of route of administration, the oral segment is estimated to contribute the highest market share of 56.3% in 2024, owing to the popularity of oral chemotherapy regimens among patients and physicians alike. Oral therapy provides benefits like ease of self-administration at home without needles or IV ports, flexibility in dosing schedules, and avoidance of potential catheter related complications. This improves treatment compliance and quality of life for patients.

Regional Insights

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Regional Analysis: Chemotherapy Market

Dominating Region: North America

North America is expected to dominate the chemotherapy industry with the highest market share of 41.9% in 2024, due to factors such as widespread health insurance coverage, government support for cancer research, and presence of leading pharmaceutical companies.

Fastest-Growing Region: Asia Pacific

Asia Pacific region exhibits the fastest growth with 21.9% market share in 2024, due to growing medical tourism, rising healthcare spending, and increasing focus of global players to tap into opportunities in developing markets.

Chemotherapy Market Outlook for Key Countries

Increasing product approvals in the U.S.

The U.S. chemotherapy industry continues to grow steadily backed by new product approvals and rising demand for affordable biosimilars. For instance, in February 2023, GSK plc., a biopharmaceutical company, announced that it had received approval from the U.S. Food and Drug Administration for Jemperli (dostarlimab-gxly) for the treatment of adult patients with mismatch repair-deficient (dMMR) recurrent or advanced endometrial cancer.

Large patient pool in China

The China chemotherapy industry is experiencing rapid growth due to a large patient pool, bolstered by rising cancer incidence and increasing awareness campaigns. For instance, in November 2022, the government of China, initiated Lung Cancer Awareness Month, to raise awareness about lung cancer and the actions to help prevent it and reduce the stigma associated with this disease.

Widespread health insurance in Japan

The Japan chemotherapy market is thriving, primarily due to the government's commitment to widespread health insurance coverage and robust R&D efforts by major pharmaceutical companies like Takeda and Daiichi Sankyo. This support fosters innovation and enhances access to effective cancer treatments, solidifying Japan's leadership in the Asia Pacific chemotherapy market.

Increasing research and development activities in India

Increasing research and development activities by key market players in India is poised to drive the market growth. For instance, in May, 2023, Rakuten Medical, Inc., a biotechnology company, announced that the company had started a Global Phase 3 Trial of Alluminox treatment using ASP-1929 for recurrent head and neck cancer in India.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Chemotherapy Market Players

• The chemotherapy industry is highly competitive with established players investing heavily in research and development to deliver innovative solutions. Leading companies like Pfizer, Inc., AbbVie Inc., and Merck form strategic alliances to strengthen their market position and expand globally.
• Medium-sized players focus on cost-effective treatments to attract price-sensitive customers. They partner with local manufacturers for improved production capabilities and seek collaborations to enhance technology.
• Small companies have found niche in specialized services and therapies. They capitalize on emerging technologies like artificial intelligence and smart sensors to reduce costs and compete effectively. Local partnerships help these players gain visibility and penetrate new regions.

Emerging Startups in the Chemotherapy Market

The industry is witnessing exciting disruptions through innovative startups developing advanced solutions. Companies like BioNovion are leveraging machine learning for personalized cancer treatment recommendations. Anthropic applies artificial intelligence to analyze molecular interactions and design novel drugs.

Sustainable approaches are also gaining popularity. NuSee BioSciences develops biomaterials from agricultural byproducts for affordable medical implants. Their eco-friendly approach can lower industry's carbon footprint. Endicott Bioconsults aims to advance eco-chemotherapy with plant-derived formulations and recycling of manufacturing waste.

Collaborations are empowering startups to make significant market impact. LabsLand partners with hospitals and clinics to test immersive virtual reality in chemotherapy education and training. Another example is Mirati Therapeutics who works closely with research institutes to expedite the development of novel targeted cancer therapies.

Chemotherapy Industry News

• In May 2023, CARsgen Therapeutics Holdings Limited, a biopharmaceutical company, announced that AB011 in combination with atezolizumab monoclonal antibody, Roche’s PD-L1 checkpoint inhibitor, along with chemotherapy (capecitabine and oxaliplatin) received Investigational New Drug (IND) approval from the National Medical Products Administration (NMPA) for the first-line combination treatment of gastric cancer.
• For instance, in January 2023, Merck & Co., Inc., a global pharmaceutical company, announced that the U.S. Food and Drug Administration (U.S. FDA) had approved KEYTRUDA (pembrolizumab) as adjuvant treatment following surgical resection and platinum-based chemotherapy for patients with stage IB (T2a ≥4 Centimeters), II, or IIIA Non-Small Cell Lung Cancer (NSCLC). Additionally, the development of targeted therapies that have fewer side effects poses a threat to chemotherapy drug sales over the long run.
• In January 2023, the U.S. Food and Drug Administration (FDA) granted accelerated approval to tucatinib (Tukysa), manufactured by Seagen Inc., a biotechnology company, in combination with trastuzumab for treatment of RAS wild-type HER2-positive unresectable or metastatic colorectal cancer that has progressed following fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy

Key Takeaways from Analyst

The global chemotherapy market continues to grow in size owing to the rising incidence of cancer cases worldwide. The growing geriatric population who are more prone to develop cancer also drives demand. However, the market faces restraints from the toxic side effects of chemotherapy drugs that can reduce patient compliance.

Additionally, the development of targeted therapies that have fewer side effects poses a threat to chemotherapy drug sales over the long run.

North America currently dominates the chemotherapy market and is expected to continue its leadership. This is attributed to factors such as the early adoption of novel drugs and the presence of prominent manufacturers in the region. Meanwhile, Asia Pacific is projected to witness the highest growth and emerge as the fastest-growing regional market. This can be accredited to rising healthcare investments, growing public awareness, and increasing penetration of healthcare insurance in developing Asian countries.

Market Report Scope

Market Dynamics

Market Driver - Increasing prevalence of cancer

The global burden of cancer continues to grow at an alarming rate. For instance, in December 2022, according to the report published by the National Center for Biotechnology information, lung cancer or bronchogenic carcinoma refers to tumors originating in the lung parenchyma or within the bronchi and is one of the leading causes of lung cancer deaths in the U.S. Approximately 225,000 new cases of lung cancer in the U.S. is estimated annually, and approximately 160,000 die because of lung cancer. Increasing cancer prevalence, the expanding pool of cancer patients seeks better and targeted treatment options are driving growth in global chemotherapy market.

Market Challenge - High cost of chemotherapy drugs

One of the major challenges in the chemotherapy drugs market is the high cost of treatments, driven by extensive research and development expenses and low success rates in oncology. Patients often face significant out-of-pocket costs, especially for long-term or late-stage treatments, which can exceed US$ 10,000 annually. This financial burden restricts access to life-saving therapies, necessitating innovative pricing strategies from pharmaceutical companies and healthcare payers to improve affordability and accessibility for all cancer patients.

Market Opportunity - Focus on Combination Therapy

One significant opportunity in the chemotherapy drugs market is the implementation of combination therapies. The use of multiple chemotherapy agents enhances response rates and survival benefits for cancer patients. This strategy effectively combats drug resistance and synergistically targets cancer cells through various mechanisms. Pharmaceutical companies are investing in innovative drug cocktails tailored to specific cancer types and stages, aiming for improved clinical outcomes and increased demand for chemotherapy globally. By prioritizing customized multi-drug regimens, the market can significantly enhance patient care and treatment efficacy, ultimately driving growth in the chemotherapy sector.

Key Stakeholders of Market

What does Growth in the Chemotherapy Industry mean for Different Stakeholders?

The global chemotherapy industry has multiple players with varied designations and offers multiple opportunities based on their scope of operations.

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Market Segmentation

• By Drugs Insights (Revenue, USD Bn, 2019 - 2031)
• • Alkylating agents
  • Antimetabolites
  • Anti-tumor antibiotics
  • Others
• By Cancer Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Blood Cancer
  • Liver Cancer
  • Others
• By Route of Administration  Insights (Revenue, USD Bn, 2019 - 2031)
• • Oral
  • Parenteral
  • Others
• By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Bristol-Myers Squibb Company
  • AstraZeneca
  • Pfizer Inc.
  • Novartis AG
  • GSK plc.
  • Sanofi
  • Amgen Inc.
  • Gilead Sciences, Inc.
  • Boehringer Ingelheim International GmbH.
  • AbbVie Inc.
  • Merck & Co., Inc.
  • Eureka Therapeutics, Inc.
  • Verismo Therapeutics, Inc.
  • Bayer AG
  • Autolus Therapeutics