CANCER THERAPY MARKET ANALYSIS

Cancer Therapy Market Size and Trends

The cancer therapy market is estimated to be valued at USD 205.10 Bn in 2024 and is expected to reach USD 466.21 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.

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The cancer therapy market is expected to witness high growth during the forecast period. Increasing product launches/approvals and investments and funding for cancer research are major drivers. Additionally, the increasing prevalence of cancer worldwide is expected to propel the demand for novel targeted drugs for cancer treatment. Further advancement in cancer diagnostic techniques resulting in early detection will also positively impact the market growth. High cost of treatment for various cancers still remains a restraint especially in developing nations. The market also faces challenges due to stringent regulatory approvals for new therapies. Among all regions, Asia Pacific is likely to witness the fastest growth rate owing to a rise in healthcare expenditure and improving access to modern therapies in emerging economies like China and India. North America will continue to dominate the market supported by well-established healthcare infrastructure and increasing spending on specialty clinics.

Increasing product launch/approval

The increasing number of product approvals and launches for cancer treatment over the past couple of years has provided a significant boost to the cancer therapy market. For instance, in January 2023, the European Union (EU) approved Enhertu (trastuzumab deruxtecan) as monotherapy for the treatment of adult patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-) breast cancer. Enhertu (trastuzumab deruxtecan) is being jointly developed and commercialized by AstraZeneca, a pharmaceutical company, and Daiichi Sankyo, Limited, a global biopharmaceutical company. Enhertu is a specifically engineered HER2-directed antibody drug conjugate (ADC). Moreover, in December, 2022, Mirati Therapeutics, Inc., a biotechnology company, announced that it had received accelerated approval from the U.S. Food and Drug Administration for adagrasib, a RAS GTPase family inhibitor, for adult patients with KRAS G12C mutated locally advanced or metastatic non-small cell lung cancer (NSCLC).

Many governments allocate substantial funds to cancer research through grants to universities, medical institutions, and research organizations. National health institutes and cancer research centers are major recipients where innovations in diagnostics, treatments, and prevention methods are frequently developed, there has been increase in the funding provided by government organizations and private investors for conducting research and development activities. For instance, in March 2023, Volastra Therapeutics, a clinical-stage cancer biotechnology company, secured USD 60 million in series A funding. The company intends to use the funds to advance clinical pipeline of both sovilnesib and VLS-1488 in 2023. Sovilnesib is currently in Phase 1 for the treatment of platinum-resistant high-grade serous ovarian cancer, triple-negative breast cancer, and other solid tumors with TP53 mutations. It has also received the U.S. Food and Drug Administration’s fast-track designation in platinum-resistant high grade serous ovarian cancer, underscoring the high unmet need in this population.