Cancer Therapy Market to grow at a CAGR of around 8% by 2024

Cancer Therapy Market Size and Growth Rate:

Global Cancer Therapy market Size was valued at USD 136,254.35 million in 2018 and is estimated to be valued at USD 220,701.26 million in 2024, witnessing a CAGR of 8.37%.

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Cancer Therapy Market Overview:

All around the world, cancer affects more than 10 million people each year and the occurrence of cancer is anticipated to increase by 2.4% annually to reach 14 million per year by 2020. Cancer is also known to be the second most common death in the world. Of the more than 100 types of cancer, lung, breast, and colorectal cancer account for nearly half of new cases every year. Lung cancer, which is highly connected with cigarette smoking, is accountable for more deaths than any other form of cancer. Cigarette smoking and other environmental factors are allied with the majority of cancers.

Cancer Therapy Market Growth Drivers and Restraints:

With the growing occurrence of cancer, aging world population and important medical advances, there will be remarkable growth in the market for cancer diagnosis and treatment products. The major factor that drives the growth of the global cancer therapy market include a large patient pool. There are also other factors that drive the growth of the market such as growing incidence of several cancers, growing impact of biosimilar, incessant patent expiry of cancer drugs mounting demand of biological and targeted drug therapy.

There are also many factors that hinder the growth of the market such as the high expenditure on drug development, the opposing effects of cancer drug therapy, the risk of failure in treatment, and stringent government rules. However, conversely, the increase in demand for modified medicine and high potential of developing nations is anticipated to provide new opportunities for the market players in future.

Cancer Therapy Market Geographical Segmentation:

North America dominates a major share of the global market which is closely followed by Europe and Asia Pacific. The factors that fuel the growth of the North American market are constantly rising and intense R&D investments and government initiatives, growing disposable income, presence of great number of cancer biological drug and vaccine manufacturers, affordable and better cancer treatment facility and increasing number of health insurance coverage for serious and fatal diseases. Asia pacific is also expected to develop at a high rate owing to the growing occurrence of cancer, large patient pool, improving healthcare facilities, etc.

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Key Players of the Cancer Therapy Market:

Some of the major players currently are Amgen Inc., Celgene Corporation, F. Hoffmann-La Roche AG, Novartis International AG, Merck & Co. Inc., Bristol-Myers Squibb, GlaxoSmithKline Plc, Eli Lilly, Spectrum Pharmaceuticals, Inc., Seattle Genetics, Inc., etc. 

Cancer Therapy Market Segmentation:

By Treatment Type:

·         Chemotherapy

·         Targeted Therapy

·         Immunotherapy

·         Hormonal Therapy

By Cancer Type:

·         Blood Cancer

·         Breast Cancer

·         Prostate Cancer

·         Gastrointestinal Cancer

·         Gynecologic Cancer

·         Respiratory/Lung Cancer

By End User:

·         Hospitals

·         Spcialty Clinics

·         Cancer and Radiation Therapy Centers

By Region:

·         North America

·         South America

·         Europe

·         Asia Pacific

·         Middle East and Africa

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