CANCER DRUGS MARKET ANALYSIS

Regional Analysis

Global Cancer Drugs Market: Regional Insights

Based on geography, the global cancer drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of cancer, increasing demand for safe and effective cancer drugs, government initiatives for cancer awareness, and increasing awareness among people in the region. For instance, according to the American Cancer Society (ACS), in 2023, around 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. While, in 2022, around 1.9 Billion new cancer cases and 609,360 cancer deaths were projected to occur in the U.S. Thus, there is an increasing demand for cancer drugs in the region.

Europe and Asia Pacific are also expected to witness significant growth in the global cancer drugs market due to the rise in burden of cancer, increasing awareness among people, increasing demand for safe/effective cancer drugs, and favorable government initiatives in these regions. For instance, according to the cancer report by the Indian Council of Medical Research (ICMR), India’s cancer cases could increase by 12% in the next five years, with 1.5 Billion people projected to suffer from the non-communicable disease by 2025, up from 1.39 Billion in 2020. This in turn is expected to increase demand for cancer drugs in India, driving the market growth.