United States Cancer Therapeutics Market Assessment, By Applications [Lung Cancer, Blood Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Glioblastoma, Head & Neck Cancer, Malignant Meningioma, Mesothelioma, Melanoma, Others], B

United States Cancer Therapeutics Market Assessment, By Applications [Lung Cancer, Blood Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, Glioblastoma, Head & 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 & Radiation Therapy Centers], By Region, Opportunities and Forecast, 2016-2030F

United States cancer therapeutics market size was valued at USD 32.1 billion in 2022 and is expected to reach USD 69.3 billion in 2030, with a CAGR of 10.1% for the forecast period between 2023 and 2030F. The rising cancer incidence in the United States is likely to drive the market. Cancer risk is mainly attributed to smoking and related exposure, alcohol abuse, obesity, and poor diet, which contribute to the country’s increased cancer cases. Rising cancer prevalence, robust research and development initiatives from key companies, and expanding government cancer awareness campaigns are some of the reasons driving the market expansion.

Furthermore, multiple efforts by governments and worldwide health organizations to raise cancer awareness and minimize illness burden, may benefit the market demand in the country. Additionally, increased focus of significant companies for developing novel medication candidates targeting various types of tumors is projected to boost the market growth. Hospitals are outfitted with advanced technical equipment and improved infrastructure, allowing them to keep track of their patients' health and provide accurate treatment diagnosis and related healthcare services.

Initiatives by Key Players

The United States cancer therapeutics market is likely to benefit from the high concentration of significant competitors in the United States, growing Food and Drug Administration (FDA) approvals, strategic alliances, and high investment in research and development activities. Merck & Co. Inc, for example, entered into a definitive agreement in November 2020 to purchase Velosbio Inc. is a privately owned clinical-stage biopharmaceutical company committed to advancing pioneering cancer therapeutics that focus on receptor tyrosine kinase-like orphan receptor 1 (ROR1). In a parallel vein, Johnson & Johnson secured Breakthrough Therapy Designation from the US Food and Drug Administration in March 2020 for JNJ-61186372, a medication designed to address metastatic non-small cell lung cancer in patients.

Increase in the Incidence of Cancer Cases

The United States cancer therapeutics market has witnessed a concerning surge in the incidence of cancer cases. The alarming trend reflects the growing prevalence of cancer disease, necessitating a heightened focus on innovative treatments and therapies. Factors such as aging population, lifestyle choices, and environmental factors contribute to the rising cancer burden. The urgency of addressing this issue underscores the critical importance of ongoing research and investment in the field of oncology. According to the American Cancer Society's ""Cancer and Figures 2022"", there 1.9 million new cancer cases in 2022. Furthermore, the most prevalent malignancies in the United States in 2020 were of breast cancer with 253,465 cases, lung cancer with 227,875 cases, prostate cancer with 209,512 cases, and colon cancer with 101,809 cases. As a result of the rising number of cancer cases, the demand for cancer therapeutics is predicted to rise over the forecast period.

Technological Advancements

The United States cancer therapeutics market has witnessed remarkable technological advancements, revolutionizing cancer treatment. Breakthroughs in precision medicine, immunotherapy, and targeted therapies have personalized treatment regimens, improving patient outcomes. Innovations such as CAR-T cell therapy have shown remarkable success against blood cancers. For example, the US Food and Drug Administration (US FDA) authorized Amgen's LUMAKRAS (sotorasib) In May 2021, approval was granted for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) in adult patients with KRAS G12C mutations. Furthermore, in September 2022, the US FDA granted accelerated approval for the drug Retevmo, which targets a specific genetic alteration that can drive cancer growth, known as RET fusion, providing further evidence for the potential of precision medicine to bring effective treatments for patients with pancreatic cancer, based on the biology of their tumor.

Advancement in Breast Cancer Treatment

In the United States cancer therapeutics market, significant advancements in the breast cancer treatment have emerged, revolutionizing the patient care. Targeted therapies, immunotherapies, and precision medicine have ushered in a new era of personalized treatment plans, enhancing efficacy, and minimizing side effects. Innovations like PARP inhibitors, CDK4/6 inhibitors, and HER2-targeted therapies have provided more options for patients with varying subtypes of breast cancer. AstraZeneca and Merck Sharpe & Dohme's supplementary New Drug Application (SNDA) for Lynparza (olaparib), was awarded Priority Review in the United States in November 2021. This therapy is formulated for the adjuvant treatment of individuals who have high-risk early-stage breast cancer and carry BRCA mutations (BRCAm), with the cancer being HER2-negative. AstraZeneca and MSD are now working together to develop and commercialize Lynparza.

The we Food and Drug Administration approved Enhertu (fam-trastuzumab-deruxtecan-nxki) in August 2022 administered intravenously via infusion, this treatment is intended for patients with HER2-low breast cancer that is either inoperable or has metastasized to other parts of the body. cancer.

Impact of COVID-19

The COVID-19 pandemic had a multifaceted impact on the United States cancer therapeutics market. While it initially disrupted clinical trials and delayed drug approvals, the industry quickly adapted with virtual trials and accelerated research. Patients faced challenges accessing treatments, leading to temporary shifts in treatment protocols. According to the article ""Studies Evaluate Impact of COVID-19 on Cancer Care"" published by Cancer Connect in November 2020, researchers at the Dana Farber Cancer Institute found that during the COVID-19 pandemic, there was a 46% reduction in the detection of the six most prevalent cancer types, which include breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. Furthermore, according to a research report published in the JCO Global Oncology 2020, roughly 88% of cancer care centers had difficulty in providing standard cancer care during the COVID-19 era for a variety of reasons, including preventive measures, a lack of personal protective equipment, and a personnel deficit.

Key Players Landscape and Outlook

The major market players are undertaking various strategic initiatives to uphold their market presence. These initiatives support the players in strengthening their business opportunities and contribute to their sustained market presence. Furthermore, companies engage in strategic partnerships and collaborative initiatives with multiple organizations to increase their market share and profitability.