Cancer Therapy Market, By Therapy Type (Chemotherapy, Target Therapy, Immunotherapy, Radiotherapy, and Others), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Blood Cancer, Liver Cancer, Thyroid Cancer, Head and Neck Cancer, Skin Cancer, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI5335

Pages :174

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges – Strict regulations for drug approval

The U.S. Food and Drug Administration (FDA) protects the quality of medicinal products by closely monitoring drug manufacturers' adherence to U.S. FDA's current good manufacturing practices (CGMP) requirements. The CGMP rules for medications provide minimum standards for the procedures, facilities, and controls used in producing, processing, and packaging a drug product. The rules ensure that a product is safe to use and has the ingredients that are required. Transformation in the drug approval regulations is expected to hinder the market growth. For instance, in November 2021, a high-powered committee was formed in India to suggest improvements to the Indian drug regulatory system that entailed reorganizing the Drug Controller General of India's Central Drugs Standard Control Organization. Therefore, strict regulations from the national and international governments on drug safety and efficacy assessment to protect health of the patients are expected to hinder the market growth.

Market Opportunities – Increasing awareness programs/campaigns

The increasing adoption of various initiatives such as awareness programs, campaigns, and others for the treatment of cancer by key market players, organizations, and governments of respective countries is expected to foster the market growth over the forecast period. For instance, in November 2022, the government of Canada, 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. Moreover, in October 2022, the government of the U.S. conducted lung cancer awareness month to create awareness on the prevention and treatment of patients suffering from lung cancer.