SAN FRANCISCO, Aug. 5, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Cancer Therapies – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Cancer Therapies Market FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 8489
Companies: 80 – Players covered include AbbVie, Inc.; Amgen, Inc.; Astellas Pharma, Inc.; AstraZeneca Plc.; Bayer AG; Bristol-Myers Squibb Company; Eli Lilly and Company; F. Hoffmann-La Roche Ltd.; Glaxosmithkline Plc; Johnson & Johnson Services, Inc.; Merck KGaA; Novartis AG; Pfizer, Inc.; Takeda Pharmaceutical Company Limited. and Others.
Coverage: All major geographies and key segments
Segments: Treatment Type (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy, and Other Treatment Types); Cancer Type (Blood Cancer, Breast Cancer, Prostate Cancer, Gastrointestinal Cancer, Gynecologic Cancer, Lung Cancer, and Other Cancer Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Cancer Therapies Market to Reach $204.2 Billion by 2024
Cancer is ranked among the leading diseases resulting in mobility and mortality. Cancer treatments or therapies are aimed at eliminating or slowing down growth of cancerous abnormal cells by interfering with specific molecules like DNA or proteins that contribute to growth of cancerous cells. Global market for cancer therapies continues to witness robust growth driven by the increasing prevalence of various types of cancers across the world. Amid the COVID-19 crisis, the global market for Cancer Therapies is projected to reach US$204.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 9.7% over the analysis period. United States represents the largest regional market for Cancer Therapies, accounting for an estimated 38.3% share of the global total. The market is projected to reach US$86.7 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 11.2% over the analysis period.
The development and increased availability of accurate and highly effective treatment options, led by technology advancements and increase investments into R&D indicatives, is expected to fuel growth. The rapid aging population at a higher risk of developing cancer also presents growth opportunities for the market. Standard cancer treatments such as chemotherapy, radiation therapy, surgery, given their relatively higher side effects and disadvantages, are forecast to be elbowed aside by new biotherapy and immunological treatments, which are expected to spruce up growth. However, the significantly higher cost of developing cancer drugs and potential for side effects with various cancer therapies are limiting market growth. The growing population of cancer patients in the US represents a major growth driving factor. The well-developed healthcare infrastructure facilities in the country and high adoption of technologically advanced treatment methods for cancer are positioning the US as a major player in the cancer therapies market. Asia-Pacific is poised to grow at a high rate due to rising cancer prevalence in the region, increasing awareness about various cancer therapies, and growing collaborations between private and public sectors to offer new cancer therapies in the region.
The market for Biotherapies is forecast to emerge as the dominant segment over the analysis period. The segment features several drugs that have attained blockbuster status and sales of these drugs continue to rise with each passing year. Factors such as increasing number of new and overall cancer patients worldwide, as well as the relative higher efficacy and safety profiles of biotherapies are further expected to fuel sales in this segment. More
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