On march 27, 2021, the Food and Drug Administration (FDA) of the United States approved a cell-based gene therapy to treat adult patients with multiple myeloma. The Cancer Therapy Market is the in the list of long-line of approvals from the FDA in recent times. Similarly, in April, 2021, Vysioneer, a company dealing with Artificial Intelligence (AI) announced that it received an FDA approval for its first-ever tumor auto-contouring solution. On a similar note, Oncology journal announced that Cembipilima-rwlc has been granted regular approval for patients with locally advanced basal cell carcinoma. Such patients were previously treated with a hedgehog pathway inhibitor.
According to the American Association for Cancer Research (AACR), twenty-one novel oncology drugs were approved by the US FDA in 2020. Moreover, these drugs included previously difficult-to-treat cancers including triple-negative breast cancer and certain gastrointestinal stromal tumors. Furthermore, the FDA also approved first liquid biopsy next-generation sequencing tests. Furthermore, it also approved the first-in human trial of off-the-shelf CAR T-Cell therapy.
Similarly, 2021 is also emerging as the year of innovation in the cancer therapy market. Increasingly, big pharmaceutical firms are tying up with small biotech firms to engage previously ignored aspects of immune system elements, like the T-cell. This is notable in mergers between companies like Eli Lilly, which has agreed to pay nearly $1.6 billion to Merus, a relatively unknown name in the business, to develop three CD3-enaging T-cell bispecific antibody therapies. Many similar developments are taking place in the cancer therapy market as interest in research for cancer therapies remains at an all-time high. For example, Scorpian Therapeutics, a precision oncology company received a $162-million-dollar series B funding, taking its total to $270 million. The company specialises in a wide range of fields including data science, chemical biology, translational medicine, among others.
According to newly released from Credible Markets, the cancer therapy reached a valuation of over $140 billion in 2019. The rising incidences of various types of cancers, increased innovation in drug therapies, and horizons of technologies like machine learning, and AI boosting research will drive robust growth in the cancer therapy market. The market will likely grow at 8.13% during the 2021-2028 period. Among various types of cancer therapeutics, the chemotherapy will continue to maintain its dominance in the global total revenues, thanks to effective treatments, and increasing promise. Furthermore, the targeted therapy will likely register second highest total revenues globally, as the demand for specialised therapies with niche applications continues to grow.
Growing Incidences of Cancers to Remain a Global Driver for Growth
Cancer continues to remain a major financial, social, and medical burden for individuals as well as institutions globally. According to the World Health Organization (WHO), cancer resulted in 9.6 million deaths in 2018. This number accounted for a total of 1 in 6 deaths globally. Moreover, common cancers like lung, stomach, liver, colorectal, among others continues to plague men disproportionately, while women suffered from lung, cervical, colorectal, and breast cancers. The WHO also reported that middle-income, and low-income countries are least prepared to deal with calamities like cancer, which is continuing to increase in its potency. This is why cancer therapy market represents a promising arena globally, as the high-costs of traditional surgical treatments, and their invasive nature remains a major obstacle to quality health care treatment. Furthermore, the growing efficacy of conventional treatments, and increasing survival rates in the developed world also speaks volumes about the growing innovation in the cancer therapy market.
Covid-19 Impact Remains a Key Factor Shaping Market Growth
The covid-19 pandemic has remained a key factor shaping the market growth. like many other markes, the covid-19 pandemic has negatively affected market growth, with significant fall in number of diagnosis incidences. According to the experts from the Dana Farber Cancer institute, the pandemic has led to a fall of 46% diagnosis incidences of cancer among the most commonly diagnosed cancer types. These include pancreatic, colorectal, breast, gastric, esophageal cancers, among others. The Centre for Disease Control and Prevention (CDC) recommended postponing of surgeries unless the risks outweighed the benefits to secure hospital infrastructure for covid-19 treatments. This has further deterred the prospects in the cancer therapy market. However, the vaccine is likely to become a game-changer for people globally, as the vaccination promise has resulted in slow re-opening of the economy in key regions like North America. Furthermore, in countries like China, the vaccination, and strong precaution from the government opened up the economy with little delays. The promise of vaccination promises a steady path back to normal, and will likely make covid-19 impact a short-term change during the forecast period of 2021-2028.
Hospitals Will Likely Account for Highest Total Revenues
The growing efficacy of conventional treatments like chemotherapy, and expansion of healthcare facilities across emerging regions remains a strong driver of growth. rising disposable income in regions like Asia Pacific, expansion of affordable insurance facilities, and growing incidences of cancers. Leading research suggests that growing lifestyle diseases, sedentary lifestyle, and worsening environmental conditions are an indicator of growing cancer cases worldwide. In countries like India, lifestyle diseases like obesity are expected to triple within 30-year during 2010-2040. Similar patterns have been observed in countries like the United States, wherein large number of chronic illnesses like diabetes, cancers, among others are increasingly plaguing the population. Moreover, many of these diseases represent a major challenge to both individuals, and organizations alike, as treatment costs can run really high. The growing introduction of new, effective, and economical products like therapies is the need of the hour for both end-players, and other stakeholders in the healthcare industry. The growing demand for cancer therapies, and their rising promise will drive tremendous growth for players in the cancer therapy market. Some key players in the cancer therapy market are AstraZeneca plc, Amgen Inc., Bristol-Myers Squibb Company, Bayer AG, Novartis AG, Pfizer Inc, and Johnson and Johnson
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The Cancer Therapy Market Report is Segmented as Follows:
Product Type Outlook
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormonal Therapy
Application Outlook
- Blood Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Breast Cancer
- Cervical Cancer
End User Outlook
- Hospitals
- Specialty Clinics
- Cancer and Radiation Therapy Centers
Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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