Cancer Therapeutics Market Revenue to Attain USD 429.84 Bn by 2033

18 Oct 2023

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Table of Content

1. Cancer Therapeutics Market Revenue and Trends 2. Market Overview 3. Highlights of the Cancer Therapeutics Market Report 4. Cancer Therapeutics Market Trends 5. Regional Snapshot 6. Cancer Therapeutics Market Coverage

Cancer Therapeutics Market Revenue and Trends

The global cancer therapeutics market was valued at USD 194.67 billion in 2024 and is projected to reach USD 429.84 billion by 2033, expanding at a CAGR of 9.20% from 2024 to 2033. The demand for cancer therapeutics is rising worldwide due to the invention of targeted therapies, rising cancer research, and increasing prevalence of cancer. 

Market Overview

Cancer therapeutics is the treatment to stop or prevent cancer. It includes chemotherapy, radiation therapy, surgery, immunotherapy, and others. There are various types of cancer therapeutics. The therapeutic you receive will depend on the type of cancer you have. Some people will have only one treatment, but some have a combination of treatments, like surgery with chemotherapy and radiation therapy. Biomarker testing is used to provide cancer information. It helps you and your doctor choose a cancer treatment. Chemotherapy uses drugs to kill cancer cells. Hormone therapy slows or stops the growth of breast and prostate cancers that utilizes hormone to grow.

In hyperthermia treatment, body tissue is heated at 113 °F to aid damage and kill cancer cells with low or no harm to normal tissue. Immunotherapy helps your immune system fight cancer. In photodynamic therapy, a drug activated by light is used to kill cancer and other abnormal cells. Radiation treatment uses high doses of radiation to kill cancer cells and shrink tumors. Stem cell transplant helps to restore stem cells that grow into blood cells in individuals who have had their stem cells destroyed by high doses of chemotherapy or radiation therapy.

Surgery is also used to treat cancer, in which a surgeon removes cancer from human body. Targeted therapy targets cancer cells preventing them from growing and spreading. Cancer treatments include various therapies to cure a tumor, shrink it, or stop cancer progression. These therapies are used as primary, adjuvant, or palliative. The immediate treatment removes cancer from human body or kills all the cancer cells. The adjuvant treatment kills any cancer cells that may remain after primary treatment. Palliative treatments relieve the side effects of treatment or signs and symptoms caused by cancer.

Highlights of the Cancer Therapeutics Market Report

• Based on application, the lung cancer segment dominated the market in 2023, accounting for the largest revenue share. This is primarily due to the increasing number of lung cancer cases across the globe. The rising government initiatives in lung cancer research to develop effective treatments further contribute to segmental growth.
• Based on top selling drug, the Revlimid segment led the cancer therapeutics market with the largest share, as it is a prescription drug widely used for multiple myeloma therapy and treatments. This first line treatment works against cancer cells partly by affecting the patient's immune system.
• Based on end-user, the cancer and radiation therapy centers segment is anticipated to expand at the fastest growth rate in the coming years. With the rising demand for specialty treatments, the number of cancer and radiation therapy centers is rising worldwide, thus boosting the segment.

Cancer Therapeutics Market Trends

Increasing incidence of cancer: The increase in the incidences of all types of cancer fuels the market growth. With the rising mortality rate of cancer, the demand for advanced therapeutics is rising to control. Lung, breast, and prostate cancer are the most common types of cancer. The presence of strong and well-established healthcare infrastructure in developed countries catalyzes market growth. 

Rising research and development activities: With the growing burden of cancer cases worldwide, there is a great need for advanced cancer therapies to efficiently treat patients. Thus, governments worldwide are investing heavily in cancer research to develop effective treatments. In line with this, several market players are making efforts to develop effective therapeutics. Rising awareness about early diagnosis: Government entities are launching campaigns for spreading cancer awareness among the population. This, in turn, boosts the demand for early diagnosis and preventive care. Collaborations between government entities and research institutes to spread awareness regarding the availability of innovative and more effective cancer therapeutics, including personalized medicine, boosts the market growth. 

Regional Snapshot

North America dominated the cancer therapeutics market with the largest share in 2023, due to the increasing cancer cases, availability of advanced cancer therapeutics, rising investments in research and development, and the growing popularity of personalized medicine. In June 2024, the U.S. National Science Foundation awarded US$ 12.7 million to nine research teams under the Molecular Foundations for Biotechnology (MFB) program. This funding aims to explore the potential of RNA for a range of applications, from cancer treatments to agricultural improvements, highlighting North America's role as a leader in RNA-based therapeutic advancements.

Asia Pacific is projected to be the fastest-growing region in the cancer therapeutics market in the near future due to the rising government initiatives to improve healthcare infrastructure, increasing cases of cancer, rising geriatric population, high consumption of alcohol and tobacco, rising investment in R&D. Moreover, the rising healthcare expenditure, awareness about advanced therapies, and approvals of new treatments contribute to regional market growth.

• For instance, in March 2024, Japan's Ministry of Health, Labour, and Welfare approved a new treatment for liver diseases, including liver cancer. This approval is part of Japan's broader strategy to enhance its biotech sector and provide cutting-edge treatments to its population.

Cancer Therapeutics Market Coverage

Recent Developments in the Cancer Therapeutics Market

• In June 2024, Johnson & Johnson revealed that it had submitted a biologics license application (BLA) to the U.S. Food and Drug Administration (FDA) for a novel cancer drug. The new subcutaneous (SC) amivantamab is being developed to treat patients who have non-small cell lung cancer (NSCLC). 
• In March 2024, Bristol Myers Squibb Company, a biopharmaceutical company, announced that the U.S. Food and Drug Administration approved Opdivo, in combination with cisplatin and gemcitabine, for the first-line treatment of adult patients with unresectable or metastatic urothelial carcinoma, the most common type of bladder cancer.  
• In March 2023, Volastra Therapeutics, a clinical-stage cancer biotechnology company, secured USD 60 million in a series of funding. The company intends to use the funds to advance the 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.

Segments Covered in the Report

By Application

• Blood Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Breast Cancer
• Cervical Cancer
• Head and Neck Cancer
• Glioblastoma
• Malignant Meningioma
• Mesothelioma
• Melanoma
• Others

By Top Selling Drugs

• Revlimid
• Avastin
• Herceptin
• Rituxan
• Opdivo
• Gleevec
• Velcade
• Imbruvica
• Ibrance
• Zytiga
• Alimta
• Xtandi
• Tarceva
• Perjeta
• Temodar
• Others

By End User

• Hospitals
• Specialty Clinics
• Cancer and Radiation Therapy Centers

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