Cancer Treatment Drugs Market Size, Share, Growth, and Industry Growth by Type (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy (Biologic Therapy) and Others) By Application (Blood Cancer, Breast Cancer, Gastrointestinal Cancer, Prostate Cancer, Respiratory or Lung Cancer and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Cancer Treatment Drugs Market REPORT OVERVIEW

• 
• Request a Free Sample to learn more about this report

The global cancer treatment drugs market size was USD 178880 million in 2022 and market is projected to touch USD 418623.4 million by 2031, exhibiting a compound annual growth rate (CAGR) of 8.8% during the forecast period.

Uncontrollable cellular proliferation in the body is what causes cancer. The body's regular regulatory system malfunctions, which leads to the development of cancer. Instead of degenerating into new, aberrant cells, old cells expand out of control. Chemotherapy, hormone therapy, immunotherapy, and targeted therapy are just a few of the medications that are used to treat cancer in patients.

COVID-19 Impact: Increase in Medication Demand Benefitted the Market

Globally, this sector has benefitted from the COVID-19 pandemic. As a result of the COVID-19 emergency, several market segments have seen an increase in medication demand. The pharmaceutical firms operating in this industry have greatly improved their supply chain management. increased their investment in factory management and quality control, and improved their R&D skills. For instance, according to Roche's 2020 quarterly reports, their worldwide supply network for drugs and testing is still in place, and their pharmaceutical division's revenues climbed by 7% from the previous year. Oncology medications like Tecentriq and Perjeta had a major role in this increase.

Additionally, AstraZeneca's 2020 quarterly report shows that their overall revenue increased by 17% while the market for cancer treatment drugs had a 34% increase. Drugs like Imfinzi, Enhertu, and Tagrisso were major drivers of the rise of the cancer treatment drug market. One of the key factors in the rise of revenue has been people purchasing drugs out of panic.

LATEST TRENDS

"Investments in the Study and Creation of Immunotherapy to Augment the Market"

Curing cancer, extending survival, and enhancing qthe uality of life are the three main objectives of cancer treatment. The development of tumors is significantly influenced by immune cells. In order to treat and prevent cancers, it makes sense to stimulate the immune system. Therefore, leading market companies are making investments in the study and creation of immunotherapy to treat a variety of malignancies. As an illustration, in March 2019, FUJIFILM Corporation and the National Cancer Center Japan announced the beginning of a cooperative research study for a novel cancer immunotherapy employing a liposome formulation.

Due to its success in terms of effective treatment that leads to better patient outcomes, immunotherapy has a greater acceptance rate in the market. Thus, this is a factor in the market's expansion.

Cancer Treatment Drugs Market Segmentation

• 
• Request a Free Sample to learn more about this report

• By Type Analysis

By type, market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy (biologic therapy) and others. The chemotherapy segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, respiratory or lung cancer and others. The blood cancer segment will lead the global share through 2031.

DRIVING FACTORS

"Rise in Geriatric Population to Boost the Market Growth"

In order to treat different forms of cancer, monoclonal antibody-based biological medicines (mAbs) have become the treatment of choice. The primary reasons propelling the growth of the global oncology/cancer treatment drug market are the rise in incidence of various cancer disorders, rise in popularity of advanced treatments (biologic and targeted pharmacological therapies), and rise in geriatric population globally. Additionally, it is anticipated that increased cancer awareness, early cancer detection, and the accessibility of cancer medications would spur market expansion.

"Increase in Cancer Incidence Rate to Propel the Demand"

Due to rising cancer incidence rates, cancer is currently the second leading cause of death worldwide, after cardiovascular illnesses. Environmental factors like cigarette smoking, nutritional changes, urbanization, and greater post-reproductive longevity contribute to this phenomenon. For instance, the World Health Organization (WHO) predicts that the burden of cancer would increase and the number of new cases will rise. As a result, it is estimated that demand for medications used in the treatment of cancer will increase during the course of the projected period.

RESTRAINING FACTORS

"Negative Side Effects Lead to the Market’s Decline"

Drugs used in chemotherapy kill cancer cells, but they also damage healthy body cells. As a result, the patients experience a variety of adverse side effects. Among the most common negative side effects, including bone marrow suppression, digestive problems, neuropathies, hair loss, tiredness, and skin problems. This indicates that the negative effects of cancer treatments are restricting the market growth. Additionally, during the projected period, expensive medicines, rigorous governmental controls, and patent expiration are some of the key factors limiting the global market growth.

Cancer Treatment Drugs Market REGIONAL INSIGHTS

• 
• Request a Free Sample to learn more about this report

"North America to Hold the Highest Global Cancer Treatment Drug Market Share"

North America's market size was the largest globally. The domination of the area is attributed to the increased incidence and prevalence of cancer in the United States as well as the introduction of innovative products there. For instance, 1.8 million people in the United States are expected to receive a cancer diagnosis in 2020, according to the National Cancer Institute. The second-largest share of the worldwide market, after North America, is predicted to belong to Europe. Due to the rising incidence of cancer, the high growth nations such as the U.K., Germany, France, Italy, and Spain will help the European market expand. Due to rising awareness among the populace, the market in the Asia Pacific is predicted to rise more quickly. The region's growth will be aided by the rising cancer prevalence and healthcare costs.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Roche (Switzerland)
• Novartis (Switzerland)
• Celgene (U.S.)
• Bristol-Myers Squibb (U.S.)
• Amgen (U.S.)
• Johnson & Johnson (U.S.)
• Pfizer (U.S.)
• Takeda (Japan)
• Eli Lilly (U.S.)
• AstraZeneca (U.K.)
• Astellas (Japan)
• Merck & Co. (U.S.)
• Sanofi (France)
• Bayer (Germany)
• Biogen Idec (U.S.)
• Eisai (Japan)
• Teva (Israel)
• Otsuka (Japan)
• Merck KGaA (Germany)
• Ipsen (France)
• AbbVie (U.S.)
• Gilead Sciences (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, products/services or types, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.