Global Cancer Treatment Drugs Market - 2022-2029

Global Cancer Treatment Drugs Market - 2022-2029

Market Overview

Cancer treatment drugs market was valued at USD 153.23 million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 10.6% during the forecast period (2022-2029).

The widespread prevalence of cancer leads to the rapid development of cancer treatment drugs. Various drugs have received regulatory approval from the USFDA (Food and Drug Administration) the cancer treatment. The leading pharmaceutical and biotechnology companies are developing their cancer research, considering the disease's rising global burden. The increasing cancer population worldwide due to the demand for cancer treatment drugs drives the market growth. Also, government involvement in raising awareness regarding cancer symptoms and their early diagnosis further contributes to the global market growth.

Market Dynamics

Awareness programs by government and private organizations help to increase the awareness of the diagnosis in people for breast cancer which helps to drive market growth. There was less awareness about breast cancer; women hesitated to discuss that type of infection. The number of awareness programs by government initiatives helps to improve the breast cancer diagnosis rate; thus, early diagnosis of breast cancer helps to improve the chances of curing breast cancer. Also, the treatment can be more effective, which helps the market in the forecast period. The NBCF, National Breast Cancer Foundation, provides free mammograms to women across the US and other countries under the national mammography program and hands to help people worldwide by providing free breast cancer education. This organization provides important breast cancer resources and empowers women to control their health by educating them about their bodies. It includes personal training sessions, event material, and online training modules. The NCBF has partnered with other organizations to provide breast cancer education and early detection of breast cancer to women in the community across the country.

Moreover, the research and development in cancer treatment are boosting the market growth during the forecast period. For instance, in July 2020, National Cancer Institute (NCI) funded an advanced research program on pancreatic cancer to advance the understanding of prevention, detection, and treatment. Pancreatic cancer is hard to detect early compared to other types of cancers and is often diagnosed at an advanced stage. This funded research for pancreatic cancer includes testing treatments for early-stage pancreatic cancer and advanced pancreatic cancer treatments.

Market Segmentation: The chemotherapy segment accounted for the highest share in global cancer treatment drugs market.

Chemotherapy is the most widely used treatment for cancer which destroys and reduces cancer-growing cells. Systemic chemotherapy grows into the bloodstream to spread cancer cells throughout the body. Some of the most common ways of chemotherapy are an intravenous tube placed into a vein using a needle, an injection under the skin or into a muscle (intramuscular), and swallowing the drug and capsule. There are two types of chemotherapy such as adjuvant chemotherapy and neoadjuvant chemotherapy. The adjuvant chemotherapy destroys cancer cell spread and is not seen by imaging tests. The adjuvant chemotherapy reduces the cancer cells that form new tumors in the other place of the body.

Furthermore, breast cancer is expected to dominate the cancer treatment drugs market during the forecast period. The high prevalence of breast cancer in women worldwide drives the market. Most breast cancer begins either in the breast tissue made up of glands for milk production, called lobules or in the ducts that connect the lobules to the nipple. Breast cancer is the most common cancer in women in the developed and developing world. Breast cancer cases are increasing in developing countries due to reproductive, menstrual, and lifestyle changes. According to the World Health Organization report published in 2020, breast cancer has the largest number of new cases in 2020, estimated at 11.7% of the total new cases estimated during the year. Around 2.3 million new breast cancer cases were registered globally in 2020, with a mortality rate of about 685,000. Therefore, the expenditure on breast cancer therapies and medicines is increasing rapidly, which leads to the high diagnosis and treatment of breast cancer worldwide.

Geographical Penetration: North America is the dominating region during the forecast period.

North American region dominated the global cancer treatment drugs market and accounted for the largest market share. The well-developed healthcare infrastructure and key market players, such as Pfizer Inc., Merck & Co., Inc., and Johnson & Johnson Services, Inc., are factors driving the region's market growth. In North America, the US contributed the major share of around 85.0% in the regional market growth. Besides, Canada is expected to project a considerable CAGR in the regional market during the forecast period.

Additionally, high healthcare spending costs have been the primary reason for the growth of the market. As per the World Bank data, the US's disposable income was recorded as $10,350. Their national health expenditure was $3.3 trillion, promoting healthcare services usage and motivating the cancer treatment drugs market. The US Government has included various diagnostic tools to search for any indicative breast cancer symptoms to control and manage the disease. Besides, the public and private organizations have many reimbursement policies for lessening the financial burden arising due to the disease. Many organizations, such as the American Cancer Society, guide women who have breast cancer.

Competitive Landscape:

The cancer treatment drugs market is fragmented due to multiple companies' availability. Some of the major key players in the market are AbbVie, Inc., AstraZeneca PLC, Bayer AG, BeiGene, CARsgen Therapeutics, CStone Pharmaceuticals Co., Ltd. and GlaxoSmithKline PLC, among others. The key players are adopting various growth strategies, such as acquisitions, product launches, and collaborations, contributing to the growth of the cancer treatment drugs market globally. In July 2020, AstraZeneca and Merck & Co., Inc. announced that Lynparza (olaparib) had been approved in the European Union (EU) for patients with germline BRCA-mutated (gBRCAm) metastatic pancreatic cancer. This approval further provides the company with a significant opportunity to sustain a substantial European pancreatic cancer drugs market position. In June 2020, AbbVie collaborated with Jacobio Pharmaceuticals to develop and commercialize SHP2 inhibitors that act on an important node in cancer and immune cells. In January 2022, AbbVie Announced U.S. FDA Granted Breakthrough Therapy Designation (BTD) to Telisotuzumab Vedotin (Teliso-V) for the treatment of non-small cell lung cancer. In October 2021, US FDA approved Roche's Tecentriq as an adjuvant treatment for people with early non-small cell lung cancer. It is the first and only cancer immunotherapy approved for NSCLC in the adjuvant setting.

COVID-19 Impact: Negative impact on the global cancer treatment drugs market

The outbreak of the COVID-19 pandemic will harm the growth of the cancer treatment market in 2020. It has significantly affected oncology clinical research due to the increasing focus on clinical research for COVID-19 treatment. A large number of oncology trials were suspended due to the COVID-19 pandemic. It has also affected the enrollment of patients in oncology clinical trials in the US and Europe. Therefore, a modest decline in the cancer treatment market is estimated in 2020; however, the market is expected to regain growth in the third quarter of 2021

The global cancer treatment drugs market report would provide an access to approximately 53 market data tables, 47 figures and 170 pages