Cancer therapy focuses on treating neoplastic diseases through radiation therapy, chemotherapy, immunotherapy, targeted therapy, hormone therapy, and surgery. Radiation therapy utilizes high-energy beams to kill cancer cells or slow their growth, while chemotherapy employs anticancer drugs to destroy cancer cells. Immunotherapy utilizes the body's natural ability to fight cancer with heightened activity of immune cells. Targeted therapy employs drugs or other substances to identify and attack specific cancer cells without harming normal cells. Hormone therapy hinders or blocks the effects of hormones that may contribute to cancer growth.
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 7.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising incidences of cancer on the back of lifestyle changes, increasing pollution levels, and growing geriatric population has been a key growth driver for the cancer therapy market. According to World Health Organization, cancer accounts for nearly 10 million deaths worldwide every year. Growing pollution, obesity, lack of physical activity, and alcohol consumption have been identified as major risk factors for cancer. Additionally, majority of cancer cases are recorded in the elderly population that is generally more susceptible to various cancers. This has necessitated the development of new and innovative treatment options, driving investments in cancer research and development. Companies are increasingly focusing on targeted therapies to improve cure rates and survival chances of cancer patients.
Segment Analysis
Cancer treatment involves various methods depending on the stage and type of cancer. The cancer therapy market can be segmented based on therapy type into chemotherapy, targeted therapy, immunotherapy, and others. Among these, the chemotherapy segment dominated the market in 2022 owing to the high adoption rate and wide availability of chemotherapy drugs. Chemotherapy drugs act on all rapidly dividing cells and help eliminate cancer cells from the body more effectively than other drugs.
Key Takeaways
The Global Cancer Therapy Market Demand is expected to witness high growth over the forecast period 2023 to 2030. Regional analysis: North America accounted for the largest share of the cancer therapy market in 2022. This is attributed to advanced healthcare facilities, high healthcare expenditure, and supportive insurance plans in the region. Europe is expected to be the second largest cancer therapy market during the forecast period driven by increasing cancer incidence and growing adoption of novel cancer treatments in countries like Germany, France and the UK.
Key players related content: Key players operating in the Cancer Therapy market include GE Healthcare, Siemens, Abbott, Thermo Fisher Scientific, Becton, Dickinson and Company, bioMerieux, Danaher Corporation, Illumina, Johnson & Johnson, QIAGEN, F. Hoffmann-La Roche Ltd. These companies focus on new product launches, mergers & acquisitions and expansion activities to increase their market share and geographic presence in the cancer therapy market.
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