Cancer Therapeutics Market Assessment, By Applications [Lung Cancer, Blood Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Glioblastoma, Head and Neck Cancer, Malignant Meningioma, Mesothelioma, Melanoma, Others], By Therapeuti

Cancer Therapeutics Market Assessment, By Applications [Lung Cancer, Blood Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Glioblastoma, Head and Neck Cancer, Malignant Meningioma, Mesothelioma, Melanoma, Others], By Therapeutics [Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy, Other], By Top Selling Drugs [Revlimid, Avastin, Herceptin, Rituxan, Opdivo, Gleevec, Velcade, Imbruvica, Ibrance, Zytiga, Alimta, Xtandi, Tarceva, Perjeta, Temodar, Others], By End User [Hospitals, Specialty Clinics, Cancer and Radiation Therapy Centers], By Region, Opportunities and Forecast, 2016-2030F

Global cancer therapeutics market size was valued at USD 151.5 billion in 2022, and is expected to reach USD 336.8 billion in 2030, with a CAGR of 10.5% for the forecast period between 2023 and 2030F. The global market for cancer therapies is expanding and changing significantly. The rise in early diagnosis and treatment awareness, rising cancer prevalence, improvements in medical technology, and increasing aging population that is more prone to diseases has contributed to the market's expansion.

The ongoing development of novel cancer treatments, including immunotherapies, targeted medicines, and individualized medicine, has been one of the major drivers. These treatments have dramatically improved patient outcomes and survival rates while demonstrating promising results in the treatment of different cancer types. Many new medications have been approved because of considerable oncology research and development activities in the pharmaceutical industry, improving the overall treatment environment. Additionally, governments and healthcare organizations from all over the world have been actively encouraging access to economical and efficient cancer therapies as well as funding in cancer research. Due to improvement in reimbursement practices and the expansion of the healthcare infrastructure, a larger population now has easier access to cancer therapies.

Rise in Prevalence of Cancer Cases

The market for cancer therapies is expanding because of the rising incidence of cancer cases and new cancer research. Additionally, according to the Globocan 2020 data sheet, 19,292,789 new instances of cancer were diagnosed globally, and roughly 9,958,133 people died because of cancer worldwide. Additionally, the International Agency for Research on Cancer (IARC) estimates that by the year 2040, there would be 30.2 million cancer patients worldwide and 16.3 million cancer-related deaths. Due to this, the market for cancer therapeutics is anticipated to grow throughout the forecast period. Also, increasing need for sophisticated cancer medicines for the effective treatment of patients will expand the market. Additionally, 19.3 million people worldwide were given a cancer diagnosis in 2020, while the number of cancer-related deaths increased to 10 million. In addition, 2.3 million new instances of breast cancer were diagnosed in the year 2020, accounting for about 12% of all cancer cases. Wherein, one of the main causes of cancer-related deaths in women is breast cancer.

Surge in Collaboration Between Pharmaceutical Companies

The global cancer therapeutics market has witnessed a remarkable surge in collaboration among pharmaceutical companies in recent years. The trend is driven by several key factors that underscore the importance of cooperation in the fight against cancer. Cancer is a complex and multifaceted disease, often requiring a multi-pronged approach for effective treatment. Collaborations between pharmaceutical giants and smaller, specialized biotech firms have allowed for the pooling of resources, knowledge, and expertise. This has expedited the development of innovative cancer therapies and drugs, leading to more promising treatment options for patients. The rising cost of research and development in the pharmaceutical industry, has made collaboration a financially prudent choice. By sharing the financial burden, companies can allocate their resources more efficiently, potentially reducing the overall cost of drug development. This, in turn, can result in more affordable cancer treatments for patients. The increasing prevalence of cancer worldwide has created a sense of urgency to find effective therapies. Collaborations enable pharmaceutical companies to expedite clinical trials and regulatory approvals, getting potentially life-saving treatments to patients faster.

On July 13, 2023 , ICR announced a collaboration with the Bellvitge Biomedical Research Institute aimed at integrating AI, drug discovery, and investigational cancer models and platforms. This partnership seeks to pioneer therapies combating drug resistance. The joint research team's focus is on developing small molecules capable of targeting vulnerabilities in cancers with KRAS mutation.

Technological Advancements

The global cancer therapeutics market has witnessed significant technological advancements in recent years, revolutionizing the way cancer is diagnosed and treated. These innovations have improved patient outcomes and increased the overall efficiency of cancer care. Breakthroughs in immunotherapy have ushered in a new era of cancer treatment. Therapies like, checkpoint inhibitors and CAR-T cell therapy, harness the body's immune system to target and destroy cancer cells, offering remarkable results in various malignancies. The advent of precision medicine has enabled oncologists to tailor treatments based on an individual's genetic profile. Genetic sequencing and biomarker analysis help identify specific mutations and drive the development of targeted therapies, minimizing side effects and optimizing treatment efficacy.

In January 2023, the FDA granted Roche authorization to market Tecentriq (atezolizumab), which is used in conjunction with chemotherapy, as the first-line therapy for people with metastatic non-small cell lung cancer (NSCLC) who have at least 1% PD-L1 expression.

Innovative Cancer Therapies

The global cancer therapeutics market has witnessed a remarkable surge in innovative therapies, offering new hope in the battle against cancer. Immunotherapy is a modern approach that harnesses the body's immune system to target and destroy cancer cells. Checkpoint inhibitors like PD-1 and CTLA-4 inhibitors have demonstrated remarkable success, providing long-lasting responses in various malignancies. Targeted therapies, such as tyrosine kinase inhibitors, aim at specific molecular pathways driving cancer growth. CAR-T cell therapy has emerged as a notable change, engineering a patient's own T cells to attack cancer cells with unprecedented precision, leading to remarkable outcomes in hematological malignancies.

Novartis announced results from a new pooled exploratory analysis across the entire MONALEESA Phase III program in September 2022, confirming nearly one year of additional overall survival (OS) benefit in a subgroup of patients with aggressive forms of HR+/HER2- advanced breast cancer (aBC).

Impact of COVID-19

The COVID-19 pandemic had a global impact on healthcare systems, as well as the cancer medicines business. According to a paper published in Cancer Connect 2020, scientists from Dana Farber Cancer Institute discovered a 46% drop in diagnoses of the six most frequent cancer types during the COVID-19 pandemic, breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. Furthermore, the centers for Disease Control and Prevention (CDC) and many medical professional organizations advised that cancer screening and other health prevention services, as well as elective surgeries, be postponed, unless the risks outweighed the benefits, and that hospital infrastructure remained secure for the treatment of COVID-19 patients. As a result, the COVID-19 pandemic had a major influence on the cancer treatments business.

Key Players Landscape and Outlook

The Global Cancer Therapeutics Market is highly competitive, with several large firms. Strategic collaborations and increased investment in oncology research by major players aid in securing their position and presence globally. These market participants are attempting to increase their market share by undergoing collaborations, mergers, and acquisitions etc. Businesses are also investing in the development of new products and concentrating on keeping competitive pricing.

Trastuzumab Deruxtecan (Enhertu), developed by AstraZeneca, was granted FDA approval in February 2023 for the treatment of patients with metastatic HER2-positive breast cancer who have had at least two prior systemic treatments.