The cancer therapy market is estimated to be valued at USD 205.10 Bn in 2024, growing at a CAGR of 12.4% over the forecast period (2024-2031). Furthermore, the increasing prevalence of cancer, increasing product approvals for cancer therapy, and increasing research and development activities for cancer are expected to fuel the market growth.
Market Dynamics:
Increasing product approvals for cancer therapy are expected to drive the growth of the market over the forecast period. For instance, in January, 2023, the U.S. Food and Drug Administration (FDA) approved zanubrutinib for chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). The recommended zanubrutinib dosage is 160 mg taken orally twice daily or 320 mg taken orally once daily until disease progression or unacceptable toxicity. The product was manufactured by BeiGene USA, Inc., a global biotechnology company focused on developing innovative and affordable medicines to improve treatment outcomes and access for patients worldwide.
Increasing Prevalence of Cancer is Driving the Market Growth
Cancer is one of the leading causes of mortality with an estimate of around 10 million deaths in 2020. Increasing risk factors such as the growing elderly population, lifestyle changes, and environmental pollution have contributed extensively to the cancer burden. For instance, in December 2022, according to a 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. are estimated annually, and approximately 160,000 dies because of lung cancer.
Increasing Product Approvals for Cancer Therapy is Fueling the Market Growth
Increasing product approvals for the treatment of various cancer types by regulatory authorities are expected to drive the segment growth over the forecast period. For instance, in November 2022, Regeneron Pharmaceuticals, Inc., a global biotechnology company, announced that the U.S. Food and Drug Administration (FDA) approved the PD-1 inhibitor Libtayo (cemiplimab-rwlc) in combination with platinum-based chemotherapy for the first-line treatment of adult patients with advanced Non-small Cell Lung Cancer (NSCLC) with no Estimated Glomerular Filtration Rate (EGFR), Anaplastic Lymphoma Kinase (ALK), or c-ros oncogene 1 (ROS1) aberrations.
High Cost of Cancer Treatment
The high cost of cancer treatment is significantly restraining the growth of the global cancer therapy market. Cancer treatment involves expensive chemotherapy, immunotherapy, targeted therapy, and hormonal therapy. These advanced therapies have improved survival and outcomes but come at a huge financial cost. For instance, in June 2023, data published on Drugs.com, an online pharmaceutical encyclopedia, stated that Keytruda (pembrolizumab) is a member of the anti-PD-1 monoclonal antibodies drug class and is commonly used for breast cancer, cervical cancer, colorectal cancer, and others. The cost for Keytruda intravenous solution (25 mg/mL) is approximately US$ 5,747 for a supply of 4 milliliters.
Increasing Research and Development Activities will Open Lucrative Opportunities for Cancer Therapy
Increasing research and development activities in cancer therapy provide immense opportunities to the global cancer therapy market. Extensive research in drug development, early detection methods, prevention strategies, and new treatment approaches such as immunotherapy and precision medicine have opened up new avenues. For instance, in February, 2023, AstraZeneca, one of the global pharmaceutical companies, announced the recognition of February as Cholangiocarcinoma Awareness Month to raise awareness about cholangiocarcinoma and gastrointestinal cancer. The company also partnered with advocacy organizations, such as the Cholangiocarcinoma Foundation (CCF), to raise awareness of the gaps and hurdles in cholangiocarcinoma detection, diagnosis, and therapy and learn directly from the patient population.
Increasing Awareness Programs and 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.
*Link: https://www.coherentmarketinsights.com/market-insight/cancer-therapy-market-5335
Key Development
- On March 7, 2024, Bristol Myers Squibb Company, a biopharmaceutical company, announced that the U.S. Food and Drug Administration approved Opdivo (nivolumab), in combination with cisplatin and gemcitabine, for the first-line treatment of adult patients with unresectable or metastatic urothelial carcinoma (UC), the most common type of bladder cancer
- In April, 2023, Astellas Pharma Inc., a pharmaceutical company, announced that the U.S. Food and Drug Administration granted accelerated approval to enfortumab vedotin-ejfv with pembrolizumab (Keytruda) for patients with locally advanced or metastatic urothelial carcinoma who are ineligible for cisplatin-containing chemotherapy
- In March, 2023, Brain Tumor Research, a U.K-based medical research charity, announced a funding of US$ 3.1 Mn (£2.5 Mn) to The Institute of Cancer Research, London, a cancer research organization, to identify new treatments for high-grade glioma brain tumors occurring in children and young adults
- In July 2021, Ipsen Pharma, a global biopharmaceutical company focused on transformative medicines in oncology, rare disease, and neuroscience, launched Perspectives Matter, a social media campaign, that brings to life the experiences and perspectives of people who have direct experience of kidney cancer, as a person living with the disease or as a survivor
- In March 2020, Mr. Mark Stein, an Associate Professor of Medical Oncology at Columbia University based in the U.S., in collaboration with Bristol-Myers Squibb, a multinational pharmaceutical company, initiated a clinical trial titled “Cyto-KIK; TRIAL (CYTO Reductive Surgery in Kidney Cancer Plus Immunotherapy (Nivolumab) and Targeted Kinase Inhibition (Cabozantinib).” The study is currently in phase 2. The study is estimated to get completed in February 2027.
Key Players: Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Novartis AG, GSK plc., Sanofi, Bayer AG, Amgen Inc., Gilead Sciences, Inc., Boehringer Ingelheim International GmbH., ADC Therapeutics SA, F. Hoffmann-La Roche Ltd, Merck & Co., Inc., Eureka Therapeutics, Inc., AbbVie Inc., Fate Therapeutics, Sorrento Therapeutics, Inc., Carrick Therapeutics Limited, Atara Biotherapeutics, Inc., Celluris, NeoTX, and Kazia Therapeutics Limited
