Cancer is growing at an unprecedented rate across the world. Cancer cells refer to abnormal cells with unregulated growth and invasion of normal body tissues and have the potential to spread to other parts of the body. Cancer cell therapies are witnessing increasing demand in recent times for fighting against various types of cancer such as blood cancer, breast cancer, lung cancer, and others. Cancer cell therapeutics help doctors study how cancer cells grow, divide, and spread through the body. They play a vital role in the discovery and design of new treatments for cancer patients.
The global Cancer Cell Market is estimated to be valued at US$ 10799.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Government funding for cancer research and development activities is boosting market growth. Major governments of various countries are increasingly funding research institutes and laboratories for the development of novel cancer therapeutics. For instance, the U.S. government funded over US$ 6 billion in 2020 for cancer research. Such large funds are encouraging key players to invest in R&D which will significantly contribute to the market growth over the forecast period.
Segment Analysis
The Global Cancer Cell Market Size is dominated by the therapeutics segment. This segment accounts for over 50% of the market share as therapeutics play a crucial role in cancer treatment. Some of the key therapeutic drugs and techniques used include chemotherapy, targeted therapy, immunotherapy, hormone therapy, and stem cell transplant. Of these, targeted therapies have emerged as a promising sub-segment. Targeted therapies are drugs or substances which target specific cancer cells with specific gene or protein abnormalities and damage those cells, leaving normal cells alone. They act via blocking the activity of molecules involved in tumor growth and progression.
Key Takeaways
The global cancer cell market is expected to witness high growth over the forecast period of 2023 to 2030. Advances in cancer research and development of novel therapeutic agents are fueling the market expansion. The global Cancer Cell Market is estimated to be valued at US$ 10799.45 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global cancer cell market owing to the rising prevalence of cancers, growing aging population, well-established healthcare infrastructure and high healthcare spending. However, Asia Pacific is emerging as the fastest growing region on account rapid industrialization, lifestyle changes increasing pollution levels and rising awareness about early detection and treatment of cancers.
Key players: Honeywell International Inc., Siemens AG, General Electric Company, and Schneider Electric SE. Honeywell International Inc. commands the largest share of the radiation detection instruments segment driven by product innovation and strong geographic presence across major markets. Siemens Healthineers holds a dominant position in the medical imaging market leveraging its integrated workflow solutions and AI capabilities.
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