Cancer drugs are pharmaceutical drugs used in chemotherapy for treating various types of cancer. They work by slowing or stopping the growth of cancer cells and reducing the size of tumors. The global Cancer Drugs Market is estimated to be valued at US$ 154.4 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising prevalence of cancer across the globe is one of the major factors driving growth of the Cancer Drugs Market. According to the World Health Organization, cancer is a leading cause of death worldwide and accounts for an estimated 9.6 million deaths in 2018. The four most common types of cancer that account for more than half of all new cancer cases are lung, breast, colorectal and prostate cancer. Increasing focus of pharmaceutical companies on development of novel targeted therapeutics as well as growing healthcare expenditure are also contributing to the growth of the market. Advancements in cancer diagnostic techniques have further aided in early detection and treatment of cancer, supporting market growth over the forecast period.
Segment Analysis
The global cancer drugs market is dominated by chemotherapy segment which holds around 35% of the total market share. Chemotherapy is one of the most common treatment options against various cancer types such as breast cancer, lung cancer, blood cancer etc. It works by killing cancer cells or stopping their growth and division. The dominance of chemotherapy is attributed to its broad spectrum anticancer activity against several types of cancer and relatively affordable cost as compared to targeted and biologic therapies.
Key Takeaways
The global Cancer Drugs Market Analysis is expected to witness high. Regional analysis related content comprises the North America region currently dominates the global cancer drugs market with around 45% share. This dominance is attributed to factors such as growing prevalence of cancer, rising healthcare expenditure, availability of advanced treatments and presence of major market players in the region.
Key players operating in the cancer drugs market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB.
The global cancer drugs market size was valued at US$ 154.4 Bn in 2023 and is projected to reach over US$ 284 Bn by 2030, expanding at a CAGR of around 9.7% during the forecast period. Increasing prevalence of cancer owing to growing geriatric population and changing lifestyle habits are major factors driving the market growth. Additionally, rising adoption of targeted therapies and biologics over conventional chemotherapy drugs will further aid the market expansion over the next few years.
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