Cancer therapy refers to the treatment of cancer using drugs, immunotherapy, radiation therapy, surgery, and other methods used alone or in combination to shrink tumors, slow disease progression, and improve quality of life. Cancer treatments help patients live longer and feel better by slowing or stopping the growth and spread of cancer cells. The global cancer therapy market offers various advantages such as targeted cancer treatment with minimal side effects and improved survival and recovery rate of cancer patients. The rising prevalence of cancer worldwide is fueling the demand for effective cancer therapies for better management of the disease.
The global Cancer Therapy Market is estimated to be valued at US$ 201103.55 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Personalized cancer treatment presents a huge opportunity in the cancer therapy market. Personalized cancer treatment involves tailoring medical treatment to an individual's specific genetics, tumor characteristics, and other factors. It utilizes molecular diagnostic tests that analyze specific biomarkers to determine which treatments will work best for which patients. As personalized cancer treatment helps in targeting the exact cancer mutation in a patient with minimal side effects, it provides improved outcomes. With advancements in precision medicine and biomarker development, personalized cancer treatment is expected to revolutionize cancer care and significantly contribute to the growth of the cancer therapy market during the forecast period.
Porter's Analysis
Threat of new entrants: The cancer therapy market requires significant investment in R&D for new drug development. Additionally, stringent regulations by health authorities poses barriers. This keeps the threat of new entrants moderate.
Bargaining power of buyers: Individual buyers have limited bargaining power due to inelastic demand for cancer treatment. However, large healthcare providers and insurance companies can negotiate on pricing, making their bargaining power high.
Bargaining power of suppliers: The suppliers of core materials for drugs such as APIs have moderate bargaining power due to established supply networks of major players in the market.
Threat of new substitutes: There is a lack of major substitute for targeted cancer therapies. The threat is low.
Competitive rivalry: The market is highly competitive with major players investing heavily in R&D. This leads to intense competition.
SWOT Analysis
Strength: Wide product portfolio and strong brand image of major players. Established distribution networks.
Weakness: High costs associated with new drug development and clinical trials. Patent cliff of major drugs forces companies to invest more in R&D.
Opportunity: Rising cancer incidence globally. Increasing focus on personalized therapies. Emerging economies provide high growth opportunities.
Threats: Stringent regulatory approvals. High input costs and pricing pressures affect profits. Patent expiries of major drugs.
Key Takeaways
The Global Cancer Therapy Market Size is expected to witness high growth over the forecast period till 2030. The growth is attributed to increasing cancer prevalence globally owing to lifestyle changes and growing geriatric population.
The market is dominated by North America currently due to availability of advanced treatment options and healthcare infrastructure. However, Asia Pacific is expected to grow at fastest pace owing to rising healthcare investments, healthcare reforms, and expanding patient pool.
Key players operating in the cancer therapy market are Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company, among others. Major players are focusing on developing novel targeted therapies through collaborations and M&A activities to strengthen their product portfolios.
For More Insights, Read: https://www.newswirestats.com/cancer-therapy-market-demand-growth-and-regional-outlook-by-2030/
