Cancer Drugs Market size was valued at USD 168.46 billion in 2023 and is anticipated to exceed USD 669.67 billion by the end of 2036, expanding at over 11.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cancer drugs is evaluated at USD 183.55 billion.
Extensive research associated with cancer treatment in western countries, along with the growing investment in the development of advanced therapies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as greater exposure to risk factors like tobacco use, alcohol use, unhealthy diet and physical inactivity. According to the data collected from WHO’s International Agency for Research on Cancer, in 2021, cancer is the leading cause of deaths globally, and is responsible for about 10 million deaths per year. Globally, about 1 in 6 deaths is due to cancer.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
11.2% |
|
Base Year Market Size (2023) |
USD 168.46 billion |
|
Forecast Year Market Size (2036) |
USD 669.67 billion |
|
Regional Scope |
|
The cancer drugs market is segmented based on therapy type into chemotherapy, immunotherapy, targeted therapies, hormonal therapy, and others, out of which, the targeted therapy segment is anticipated to grab the largest share by the end of 2021 on account of advancement in cellular technology and gene therapy which have contributed to improve the understanding of tumour cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for treatment of cancer.
On the basis of cancer types, the breast cancer drugs segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that hormones, both in the form of combined hormone replacement therapy and combined oral contraceptives increase the risk of breast cancer.
Our in-depth analysis of the global market includes the following segments:
|
By Therapy Type |
|
|
By Cancer type |
|
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is estimated to dominate majority revenue share by 2036, owing to increasing awareness, rise in disposable incomes, high incidence rate of cancer, and need to develop innovative cancer treatment solutions in the region.
Furthermore, in 2021, the cancer drugs market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in cancer research, accompanied by the presence of leading healthcare service providers in the region. Along with this, the North America also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the cancer drugs on account of its proven success in terms of drug development and a high prevalence of cancer in the region. As per the analysis of National Centre for Biotechnology Information, greater cancer prevalence in the European Union is due to High GDP per Capita, high animal fat intake which results in high cholesterol levels and are important factors in cancer progression.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?