North America Cancer Therapy Market- Growth, Trends, and Forecasts (2022 - 2027)

North America Cancer Therapy Market- Growth, Trends, and Forecasts (2022 - 2027)

The North America cancer therapy market is estimated to grow at a CAGR of 8.1% during the forecasted period.

The COVID-19 pandemic has affected the healthcare systems globally and also has had a significant impact on the cancer therapy market. As per the article published in November 2020 titled "Studies Evaluate Impact of COVID-19 on Cancer Care", by Cancer Connect, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types - breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. Moreover, in the COVID-19 era, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including precautionary measures, lack of personal protective equipment, and staff shortage as per the research article published in the JCO Global Oncology 2020. Additionally, this impact was more pronounced in low-income countries. Thus, the COVID-19 pandemic has impacted the cancer therapy market.

Certain factors that are driving the market growth include the rising prevalence of cancer, strong research and development (R&D) initiatives from key players, and growing government initiatives for cancer awareness.

Additionally, the high concentration of key players in North America, increasing Food and Drug Administartion (FDA) approvals, strategic alliances, and high investment in research and development activities are expected to boost the market in the region. For instance, in November 2020, Merck & Co. Inc entered into a definitive agreement to acquire Velosbio Inc., which is a privately held clinical-stage biopharmaceutical company committed to developing first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). Similarly, in March 2020, Johnson and Johnson received the United States Food and Drug Administration (USFDA) Breakthrough Therapy Designation for JNJ-61186372 (JNJ-6372) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC). Thus, given the aforementioned factors, the cancer therapy market is expected to grow significantly over the forecast period in North America.

However, fluctuation in reimbursement policies and high cost of cancer therapies is expected to hinder the growth of the market.

Key Market TrendsThe Target Therapy Segment is Expected to show the Fastest Growth During the Forecast Period

Targeted therapy is a treatment that uses drugs to target specific genes and proteins that are involved in the growth and survival of cancer cells. It can affect the tissue environment that helps cancer grow and survive or it can target cells related to cancer growth, like blood vessel cells.

Some of the most common types of targeted therapy are monoclonal antibodies or small-molecule drugs. Moreover, targeted therapies are a rapidly growing field of cancer research and researchers are studying many new targets and drugs through clinical trials. For instance, the human epidermal growth factor receptor 2 protein (HER-2) is expressed at high levels on the surface of some cancer cells. Several targeted therapies are directed against HER-2, including trastuzumab (Herceptin), which is approved to treat certain breast and stomach cancers that overexpress HER-2.

Besides, product approval is also supporting market growth. For instance, in April 2020, the United States Food and Drug Administration (US FDA) approved Trodelvy (sacituzumab govitecan-hziy) for the treatment of adult patients with triple-negative breast cancer. Trodelvy is a Trop-2-directed antibody and topoisomerase inhibitor drug conjugate, which targets the Trop-2 receptor that helps cancer grow, divide and spread.

Additionally, in May 2020, the United States Food and Drug Administration (USFDA) approved Tabrecta (lapatinib) for the treatment of adult patients with non-small cell lung cancer (NSCLC), and it is the first FDA-approved targeted therapy to treat NSCLC with specific mutations. Thus, given the increasing product approvals and high research activities related to targeted therapies against cancers, the studied segment is expected to grow over the forecast period.

The United States is Expected to Dominate the North America Cancer Therapy Market During the Forecast Period

The United States is expected to increase its market share in the future, owing to the increased adoption of cancer therapy and the growing burden of cancers in the United States. As per the American Cancer Society, "Cancer and Figures 2022", there will be an estimated 1.9 million new cancer cases diagnosed in 2022. Moreover, as per the same source in 2020, the most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States. Thus, the increasing cases of cancer require early treatment which is expected to increase the demand for cancer therapies over the forecast period.

Additionally, the increasing launches by manufacturers to meet the growing demand for innovative products are expected to drive market growth in the country. For instance, in May 2021, Amgen's LUMAKRAS (sotorasib) was approved by the United States Food and Drug Administration (US FDA) for the treatment of adult patients with KRAS G12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC). Moreover, in September 2022, the US FDA granted accelerated approval for a drug Retevmo targeting a specific genetic alteration that can drive cancer growth – called RET fusion – additional evidence of precision medicine’s potential to bring effective treatments to patients with pancreatic cancer based on their tumor’s biology.

Thus, given the aforementioned factors, the cancer therapy market is expected to grow significantly over the forecast period in the United States.

Competitive Landscape

The North America cancer therapy market is consolidated. In terms of market share, few of the major players currently dominate the market. Companies, like Amgen Inc., AstraZeneca PLC, Bayer AG, Bristol-Myers Squibb Company, and Johnson and Johnson, hold significant shares in the cancer therapy market.

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