Burlingame, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global Cancer Therapy Market is estimated to be valued at US$ 184.8 billion in 2022 and is expected to exhibit a CAGR of 8.4% during the forecast period (2022-2030).
Analyst Views on Global Cancer Therapy Market:
Increasing adoption of inorganic growth strategies, such as partnerships and agreements for the development of cancer therapy products, among the key players in the market is expected to drive the cancer therapy market growth over the forecast period. For instance, 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 a 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 – Driver
Increasing regulatory body approvals
Key players in the market are focused on receiving regulatory body approvals for their products, which is expected to drive the market growth over the forecast period. For instance, in August 2022, the U.S. FDA approved the first targeted therapy, Trastuzumab Deruxtecan (T-DXd), for patients with HER2-low breast cancer that has spread to the other parts of the body and can not be removed surgically. The drug was approved based on a clinical trial led by Memorial Sloan Kettering Cancer Center (MSK).
Global Cancer Therapy Market – Restraint
High cost associated with cancer treatment drugs
High cost associated with cancer treatment drugs is expected to act as a restraint for the market growth over the forecast period. For instance, according to an article published by the American Association for Cancer Research (AACR), in June 2020, the national cancer-attributable costs in the U.S. is projected to increase by over 30% from 2015 to 2030, corresponding to a total cost of over US$ 245 billion. According to the same source, the cancer-attributable annualized average medical cost in the initial, continuing, and non-cancer end-of-life phases were US$ 41,800, US$ 5,300, and US$ 23,500 per patient, respectively
Key Market Trends and Analysis of the Global Cancer Therapy Market:
Increasing research and development activities for drugs used to reduce the risk of cancer recurrence or death by the key players in the market, is expected to drive the market growth over the forecast period. For instance, 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 the immunotherapy, Keytruda, reduced the risk of recurrence or death due to melanoma by 44% in patients who already had surgery, as compared to immunotherapy alone.
Global Cancer Therapy Market Cross Sectional Analysis:
Among cancer type, breast cancer segment is expected to dominate the North America region over the forecast period due to its high prevalence in that region. For instance, according to an article published by the National Cancer Institute, in October 2021, the national out-of-pocket costs in the U.S. were highest for breast (US$ 3.14 billion), prostate (US$ 2.26 billion), colorectal (US$ 1.46 billion), and lung (US$ 1.35 billion) cancers, reflecting the higher prevalence of these cancers, in the year 2019.
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Recent Developments:
In December 2022, Mirati Therapeutics, Inc., a targeted oncology company, announced that the U.S. Food and Drug Administration (FDA) had granted approval for KRAZATI (adagrasib), a targeted treatment option for adult patients with KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC), as determined by a FDA-approved test, who had received at least one prior systemic therapy.
In December 2022, Touchlight, a company that developed DNA production platform for the development of DNA vaccines for treatment of oncology and infectious diseases, and Odimma Therapeutics, a biotech company, entered into an agreement for the development and supply of clinical material to be used in the dimma Therapeutics’s neoantigen programme for cancer. As a part of the agreement, Odimma Therapeutics will obtain access to the doggybone deoxyribonucleic acid (dbDNA), vector technology of Touchlight. This will strengthen the immunotherapy cancer treatment candidate’s development.
In December 2022, Merck & Co., Inc., a multinational pharmaceutical company, and Kelun-Biotech, a clinical-stage biotech company focused on biologic and small molecule discovery & development, announced that the companies had entered into an exclusive license and collaboration agreement to develop seven investigational pre-clinical antibody-drug conjugates (ADC) 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, administered by subcutaneous injection with intravenous (IV) chemotherapy, for the treatment of early and metastatic breast cancer.
Key Market Takeaways:
The global cancer therapy market is expected to exhibit a CAGR of 8.4% during the forecast period, owing to increasing regulatory body approvals for cancer treatment drugs to the key players. For instance, in November 2022, ImmunoGen Inc., a biotechnology company with focus on the development of antibody-drug conjugate therapeutics for the treatment of cancer, announced that the U.S. 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 treatment.
Among cancer type, breast cancer segment is expected to dominate the market over the forecast period, owing to its high prevalence. For instance, 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 around 2.26 million cases globally.
On the basis of treatment type, chemotherapy is expected to dominate the market over the forecast period, as it can serve multiple functions in the treatment of cancer. For instance, according to an article published by the Cancer Treatment Centers of America (CTCA), nationally accredited oncology network of hospitals and outpatient care centers, in April 2022, chemotherapy is one of the most common types of treatment for many cancer types, which uses drugs to kill fast-growing cancer cells. Chemotherapy is designed to serve multiple functions such as treating cancer, preventing its recurrence, stopping it from spreading, and/or delaying its growth. It also shrink large tumors, helps in relieving pain and other cancer-related symptoms.
Competitive Landscape:
Key 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
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Market Segmentation:
- Global Cancer Therapy Market, By Treatment Type:
- Chemotherapy
- Target Therapy
- Immunotherapy Therapy
- Hormone Therapy
- Others
- Global Cancer Therapy Market, By Cancer Type:
- Blood Cancer
- Breast Cancer
- Prostate cancer
- Skin Cancer
- Lung Cancer
- Others
- Global Cancer Therapy Market, By End User:
- Hospital
- Specialty Clinic
- Radiation Center
- Global Cancer Therapy Market, By Geography:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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