Global cancer therapy market to exceed $353.5 billion

Burlingame, January 24, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, Global Cancer Therapy Market is rated at US$ 184.8 Bmillions at the 2022 and is expected to present a CAGR in 8.4% during the forecast period (2022-2030).

Analyst views on Global cancer therapy market:

The increasing adoption of inorganic growth strategies such as partnerships and agreements for the development of cancer therapy products among key market players is expected to drive the growth of the cancer therapy market over the forecast period. For example, in December 2022, Mersana Therapeutics, a pharmaceutical company that develops Antibody-Drug Conjugates (ADC) for the treatment of cancer, announced that it had entered into an agreement with Merck KgaA, a science and technology company, to develop antibody-drug conjugates (ADCs) for cancer therapy. As part of the agreement, Mersana Therapeutics will develop cancer drug candidates by combining Merck KgaA’s proprietary antibodies with its platform

Global cancer therapy market – Conductor

Increasing regulatory body approvesls

Major market players are focused on receiving approvals from regulatory bodies for their products, which is expected to drive market growth over the forecast period. For example, in August 2022, the US FDA approved the first targeted therapy, Trastuzumab Deruxtecan (T-DXd), for patients with low HER2 breast cancer that has spread to other parts of the body and cannot be surgically removed. The drug was approved based on a clinical trial led by Memorial Sloan Kettering Cancer Center (MSK).

Global cancer therapy market – Containment

High cost associated with cancer treatment drugs

The high cost associated with cancer treatment drugs is expected to act as a constraint to the market growth during the forecast period. For example, according to an article published by the American Association for Cancer Research (AACR), in June 2020, national costs attributable to cancer in the US are expected to increase by more than 30% from 2015 to 2030, corresponding to a total cost of more than $245 billion. According to the same source, the average annualized medical cost attributable to cancer in the early, continuing, and end-of-life cancer-free phases was US$41,800, US$5,300, and US$23,500 per patient, respectively.

Key Market Trends and Analysis of Global cancer therapy market:

Increased research and development activities of drugs used to reduce the risk of cancer recurrence or death by major market players are expected to drive the growth of the market over the forecast period. For example, in December 2022, Moderna Inc., a pharmaceutical and biotechnology company, and Merck & Co., Inc., a multinational pharmaceutical company, announced that an experimental personalized mRNA vaccine with immunotherapy, Keytruda, reduced the risk of recurrence or death from melanoma by 44% in patients already operated on, compared to immunotherapy alone.

Global cancer therapy market Cross-sectional analysis:

Among cancer types, the breast cancer segment is expected to dominate the North American region during the forecast period due to its high prevalence in that region. For example, according to an article published by the National Cancer Institute, in October 2021, national direct costs in the US were highest for breast ($3.14 billion), prostate ($2.26 billion), colorectal (US$ 1.46 billion) and lung cancer (US$ 1.35 billion), reflecting the higher prevalence of these cancers in the year 2019.

Request sample copy of this report @ https://www.coherentmarketinsights.com/insight/request-sample/5335

Recent developments:

In December 2022, Mirati Therapeutics, Inc., a targeted oncology company, announced that the US Food and Drug Administration (FDA) had granted approval for KRAZATI (adagrasib), a targeted treatment option for adult patients with the KRASG12C mutation locally advanced or metastatic non-small cell lung cancer (NSCLC), as determined by an FDA-approved test that has received at least one prior systemic therapy.

In December 2022, Touchlight, a company that developed a DNA production platform for the development of DNA vaccines for the treatment of oncological and infectious diseases, and Odimma Therapeutics, a biotechnology company, signed a contract for the development and supply of clinical material to be used in the Dimma Therapeutics cancer neoantigen program. As part of the deal, Odimma Therapeutics will gain access to doggybone deoxyribonucleic acid (dbDNA), Touchlight’s vector technology. This will strengthen the development of immunotherapy cancer treatment candidate.

In December 2022, Merck & Co., Inc., a multinational pharmaceutical company, and Kelun-Biotech, a clinical-stage biotechnology company focused on the discovery and development of biological and small molecules, announced that the companies had entered into a Exclusive license and collaboration agreement to develop seven investigational preclinical antibody-drug (ADC) conjugates for the treatment of cancer.

In May 2022, F. Hoffmann-La Roche Ltd, a multinational healthcare company, announced the launch of PHESGO, a combination of Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase, given by subcutaneous injection with intravenous (IV) chemotherapy. , for the treatment of early and metastatic breast cancer.

Key findings from the market:

the global cancer therapy the market is expected to exhibit a CAGR of 8.4% during the forecast period due to increased regulatory approvals for cancer treatment drugs for major players. For example, in November 2022, ImmunoGen Inc., a biotechnology company focused on the development of antibody-drug conjugated therapies for the treatment of cancer, announced that the US Food and Drug Administration (FDA) had granted accelerated approval for ELAHERE (mirvetuximab soravtansine-gynx), for the treatment of adult patients with folate receptor alpha (FRα) positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received one to three prior systemic treatments.

Among cancer types, the breast cancer segment is expected to dominate the market during the forecast period due to its high prevalence. For example, according to the data provided by the World Health Organization (WHO), in February 2022, breast cancer was the most common type of cancer in the year 2020, accounting for about 2.26 million cases worldwide. the world.

Based on the type of treatment, chemotherapy is expected to dominate the market during the forecast period as it can serve multiple functions in cancer treatment. For example, according to an article published by the Cancer Treatment Centers of America (CTCA), a nationally accredited cancer network of hospitals and outpatient care centers, in April 2022, chemotherapy is one of the most common types of treatment for many types of cancer, which uses drugs to kill fast-growing cancer cells. Chemotherapy is designed to serve multiple functions, such as treating the cancer, preventing its recurrence, stopping it from spreading, and/or slowing its growth. It also shrinks large tumors, helps relieve pain and other cancer-related symptoms.

Competitive scenario:

Major players operating in the global cancer therapy market include Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, Bristol-Myers Squibb Company, among others

Buy this research report now @ https://www.coherentmarketinsights.com/insight/buy-now/5335

Market segmentation:

  • Global Cancer Therapy Market by Type of Treatment:-
    • Chemotherapy
    • Target Therapy
    • Immunotherapy Therapy
    • Hormone Therapy
    • Others
  • Global Cancer Therapy Market by Type of Cancer:-
    • blood cancer
    • Breast cancer
    • Prostate cancer
    • Skin cancer
    • Lung cancer
    • Others
  • Global Cancer Therapy Market by End User:
    • Hospital
    • Specialized Clinic
    • radiation center
  • Global Cancer Therapy Market by Geography:
    • North America
    • Latin America
      • by country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • by country
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • by country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • middle East
      • by country
        • GCC
        • Israel
        • Rest of the Middle East
    • Africa
      • by region/country
        • South Africa
        • Central Africa
        • North Africa

Related market intelligence reports:

Cancer Supportive Care Product Marketby drug class (non-steroidal anti-inflammatory drugs, anti-infectives, anti-emetics, monoclonal antibodies, erythropoietin-stimulating agents, opioid analgesics, bisphosphonates, granulocyte colony-stimulating factor), by indication (lung cancer, breast cancer , prostate cancer, liver cancer, bladder cancer, leukemia, ovarian cancer, melanoma cancer, others), by distribution channel (hospital pharmacies, retail pharmacies, compounding pharmacies) and by region (North America, America Latin America, Europe, Asia Pacific, Middle East and Africa) – Size, Share, Outlook and Opportunity Analysis, 2020 – 2027

Cancer Cell Marketby cancer cell type (carcinomas, sarcomas, leukemia and others), by application (chemotherapy, radiotherapy, immunotherapy, hormone therapy, targeted drug therapy and others), by end user (hospitals and clinics, specialized clinics and Laboratories) and by region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa) – Size, Participation, Outlook and Opportunities Analysis, 2020 – 2027

About Us:

Consistent market insights is a global consulting and market intelligence organization focused on helping our multitude of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, with sales offices in the global financial capital in the US and sales consultants in the UK and Japan. Our customer base includes players from various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed to playing a leadership role in delivering insights across multiple industries post-COVID-19 and continuing to deliver measurable and sustainable results for our clients.

Follow us: LinkedIn | twitter

Global cancer therapy market to exceed $353.5 billion

Leave a Reply

Your email address will not be published.

Scroll to top