Cancer Therapeutics Market is Projected to Attain a USD 299.13 Billion Valuation in 2031 On the Back of High Demand for Novel Cancer Treatments | SkyQuest Technology
WESTFORD, Mass., July 18, 2024 /PRNewswire/ -- According to SkyQuest, the global Cancer Therapeutics Market size was valued at USD 136.6 Billion in 2022 and is poised to grow from USD 149.02 Billion in 2023 to USD 299.13 Billion by 2031, at a CAGR of 9.1% during the forecast period (2024-2031).
A rapid hike in the incidence of cancer around the world and growing investments in the development of novel therapeutics are projected to boost sales of cancer therapeutics over the coming years. Advancements in oncology research are also estimated to play a crucial role in future cancer therapeutics market development. Personalized medicine and gene therapies are estimated to emerge as highly popular cancer treatments across the forecast period and beyond. The global cancer therapeutics market is segmented into application, top selling drugs, end-user, and region.
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Cancer Therapeutics Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 149.02 Billion |
Estimated Value by 2031 |
$ 299.13 Billion |
Growth Rate |
Poised to grow at a CAGR of 9.1% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Application, Top Selling Drugs, End-User, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Development of novel therapeutics targeting specific types of cancer indications |
Key Market Opportunities |
Use of personalized medicine approach |
Key Market Drivers |
Surging prevalence of different types of cancers |
Segments covered in Cancer Therapeutics Market are as follows:
- Application
- Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Head and Neck Cancer, Glioblastoma, Malignant Meningioma, Mesothelioma, Melanoma, and Others
- Top Selling Drugs
- Revlimid, Avastin, Herceptin, Rituxan, Opdivo, Gleevec, Velcade, Imbruvica, Ibrance, Zytiga, Alimta, Xtandi, Tarceva, Perjeta, Temodar, Others
- End-User
- Hospitals, Specialty Clinics, Cancer and Radiation Therapy Centers
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Rising Incidence of Lung Cancer Due to High Air Pollution Making it the Most Dominant Application for Cancer therapeutics
A notable surge in the prevalence of lung cancer has been observed in recent years. This can be attributed to increasing air pollution, deteriorating air quality, and a growing number of tobacco smokers around the world. As more people suffer from lung cancer, the need for therapeutics and treatment of the same is also rising at a notable pace. Most cancer therapeutics companies are trying to target this application segment to develop new therapeutics and therapies. Interest in non-small cell lung cancer (NSCLC) is projected to increase rapidly over the coming years.
Meanwhile, the demand for cancer therapeutics for blood cancer is forecasted to increase at a rapid pace across the study period. The growing incidence of multiple types of blood cancers such as myeloma, leukemia, and lymphoma is also expected to augment the overall cancer therapeutics market growth in the long run. Cell therapies are expected to be highly popular for the treatment of blood cancer. Precision and personalized medicine approaches are anticipated to be highly preferred for the development of blood cancer therapeutics going forward.
High Number of Cancer Treatments Performed in Hospitals Allows it to Spearhead Cancer Therapeutics Demand
Hospitals are equipped with all the facilities and medical devices required to treat different types of cancers. Most cancer patients are treated in hospitals, which is why cancer therapeutics sales are highest in these settings. The multidisciplinary approach of hospitals, the presence of multiple medical professionals, and the availability of good pre and post-treatment care are other factors that favor the demand for cancer therapeutics in this segment.
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Revlimid Estimated to Remain Highly Popular for Treatment of Various Types of Cancers
Revlimid is the brand name for a generic medicine used for cancer treatment called Lenalidomide. The medication is used to slow down or completely stop the growth of cancer tumors. It is highly used for the treatment of different blood-related cancers and other disorders. This anti-cancer medication is highly popular and taken orally by cancer patients.
The growing incidence of different types of cancers is setting the tone for cancer therapeutics companies to maximize their business scope. High investments in cancer research will also foster new opportunities for cancer therapeutics market players.
Related Reports:
Cancer Biological Therapy Market
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