The Global Cancer Therapy Market to Witness Tremendous Growth at a CAGR of 9.12% During the Forecast Period (2019–2027) | DelveInsight

New York, USA, Nov. 15, 2022 (GLOBE NEWSWIRE) — The Global Cancer Therapy Market to Witness Tremendous Growth at a CAGR of 9.12% During the Forecast Period (2019–2027) | DelveInsight

The global cancer therapy market is expected to grow significantly due to the rising prevalence of cancers such as lung, colorectal, and other cancers, a growing geriatric population base, and technological advancements in sequencing that are fueling the popularity of personalized/precision medicine.

DelveInsight’s Cancer Therapy Market Insights report provides the current and forecast market analysis, forthcoming therapies, individual leading cancer therapy companies’ market shares, challenges, cancer therapy market drivers, barriers, and trends, and key cancer therapy companies in the market. 

Key Takeaways from the Cancer Therapy Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global cancer therapy market during the forecast period. 
• Some of the leading cancer therapy companies with various new cancer therapy include GlaxoSmithKline, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc, Sanofi, Merck & Co., Inc, Novartis AG, Pfizer Inc, AstraZeneca, Bristol Myers Squibb., Gilead Sciences, Inc., Janssen Global Services, LLC, Elekta AB, Varian Medical Systems, Inc., Accuray Incorporated, Pyrexar Medical, Eckert & Ziegler, IBA, Panacea Medical Technologies Pvt. Ltd., and others.
• On October 27, 2022, Imjudo (tremelimumab) from AstraZeneca was approved by the FDA in combination with Imfinzi (durvalumab) for treating unresectable liver cancer.
• On October 27, 2022, Clovis Oncology, Inc. announced the presentation of data from the TRITON3 Phase III trial in men with metastatic castration-resistant prostate cancer and BRCA or ATM mutations.
• On October 25, 2022, the FDA approved Johnson & Johnson’s teclistamab for treating a type of multiple myeloma, giving patients with incurable blood cancer another treatment option.
• In September 2022, BioNTech announced that the first colorectal cancer patient had been treated with its individualized mRNA cancer vaccine BNT122 (autogene cevumeran, RO7198457) in Phase II clinical trial.
• In August 2022, ALX Oncology initiated the Phase II clinical trial of evorpacept plus Erbitux (cetuximab) and Keytruda (pembrolizumab) in refractory microsatellite stable metastatic colorectal cancer (mCRC) patients. The combination treatment is intended for mCRC patients who have advanced following a minimum of two lines of systemic therapy.
• On April 27, 2022, the FDA granted Breakthrough Therapy Designation to AstraZeneca and Daiichi Sankyo’s Enhertu for the treatment of adult patients with unresectable or metastatic HER2-low (IHC 1+ or IHC 2+/ISH-negative) breast cancer who have received a prior systemic therapy in the metastatic setting or developed disease recurrence during or within six months of completing adjuvant chemotherapy.
• On March 17, 2022, the FDA approved the FoundationOne CDx for use as a companion diagnostic to determine which patients with non–small cell lung cancer (NSCLC) whose tumors harbor EGFR exon 19 deletions or exon 21 (L858R) substitutions may derive benefit from EGFR TKIs that the agency has greenlighted for this indication.
• On February 21, 2022, the European Commission approved tepotinib (Tepmetko) for use as a single agent in adult patients with advanced Non-small Cell Lung Cancer (NSCLC)
• On October 15, 2021, the FDA approved atezolizumab (Tecentriq) by Genentech, Inc. for adjuvant treatment following resection and platinum-based chemotherapy in patients with stage II to IIIA non-small cell lung cancer (NSCLC).
• On August 2021, Bristol Myers Squibbs received conditional marketing authorization for Abecma (idecabtagene vicleucel) by the European Commission for treating adult patients with relapsed and refractory multiple myeloma. It is a first-in-class B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T-cell immunotherapy.
• On June 2021, the FDA granted product approval to Elekta AB’s Elekta Harmony radiation therapy system to deliver radiotherapy to treat various cancers such as lung, prostate, and breast cancers.
• Thus, owing to such developments in the market, rapid growth will be observed in the cancer therapy market during the forecast period.

Interested in knowing about the recent developments in cancer therapies? Click to get a snapshot of Therapy for Cancer Treatment 

Cancer Therapy Overview

Cancer therapy includes all cancer treatments that aim to kill cancer cells to provide a therapeutic effect, such as chemotherapy, cancer radiation therapy, hormone cancer therapy, and targeted cancer therapy.

As a chronic and debilitating disease, cancer necessitates a multifaceted approach to eradicating malignant cells. Although not all cancers require treatment, the vast majority of them do. Chemotherapy, gene therapy, and immunotherapy are all used in cancer treatment because of the benefits they provide in terms of both curative and palliative effects. These therapies, each with their own set of advantages, are extremely popular cancer treatment options.

Cancer Therapy Market Insights

The global cancer therapy market is studied geographically for North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to amass a significant revenue share in the global cancer therapy market during the forecast period in terms of the largest market share. This can be attributed to the region’s high cancer prevalence and a supportive regulatory environment, among other factors. Furthermore, the region’s high disposable income, sophisticated healthcare infrastructure, and increased awareness of new treatments, combined with extensive insurance coverage for these treatments, are expected to aid in the growth of the cancer therapy market.  On the other hand, the European cancer therapy market will challenge North America’s dominance.

Want to gain a better understanding of why North America is dominating the global cancer therapy market? Click to get a snapshot of the Cancer Therapy Market Report

Cancer Therapy Market Dynamics

The rise in cancer incidence is one of the key factors driving the cancer therapy market. Another factor contributing to the growth of the cancer therapy market is the increasing popularity of precision medicine in cancer treatment. Furthermore, the advancement of newer technologies, such as RNA sequencing and next-generation sequencing, has significantly driven a more personalized approach, with improvements in detecting predictive and prognostic molecular alterations.

However, potential side-effects of various cancer therapies, such as bone mass loss and the cost of cancer therapies, particularly in low- and middle-income countries, may prove to be challenging factors for cancer therapy market growth.

Additionally, the implementation of COVID-19 infection control measures had a negative impact on the cancer therapy market. To meet the demand created by the COVID-19 pandemic, all other medical specialties saw a decrease in patient load. According to Cancer Research UK, for example, urgent lung cancer referrals fell by up to 75% during the first lockdown in the UK alone. This had no correlation with the decrease in cases, but fewer people sought and received the critical diagnosis. Unfortunately, these trends were prevalent in countries all over the world.

Nonetheless, the cancer therapy market is recovering due to the development of strategies to transform cancer care, presenting a future outlook for the cancer therapy market during the forecast period of 2022–2027.

Get a sneak peek at the cancer therapy market dynamics @Cancer Therapy Market Dynamics Analysis

Cancer Therapy Market Assessment

• Cancer Therapy Market Segmentation
  • Market Segmentation By Therapy Type – Chemotherapy, Hormonal Therapy, Targeted Therapy, Radiation Therapy, and Others
  • Market Segmentation By Types of Cancer – Breast Cancer, Lung Cancer, Prostate Cancer, Blood Cancers, and Others
  • Market Segmentation By End-User – Hospitals, Specialty Clinics, and Others
  • Market Segmentation By Geography – North America, Europe, Asia-Pacific, and Rest of World
• Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

Which MedTech key players in the cancer therapy market are set to emerge as the trendsetter explore @Cancer Therapy Companies 

Table of Contents 

Learn more about the CAR-T cancer therapy @ Gene Therapy Cancer Treatment

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