Global Cancer Therapeutics Market - 2025-2032

The global cancer therapeutics market reached US$ 168.15 billion in 2024 and is expected to reach US$ 491.60 billion by 2032, growing at a CAGR of 12.6% during the forecast period 2025-2032.

Cancer therapeutics encompass a wide range of treatments designed to target and disrupt the growth of cancer cells, ultimately aiming to impede tumor progression. The most common therapies include targeted therapy, chemotherapy and radiotherapy among others. Chemotherapy utilizes powerful medications to kill rapidly dividing cancer cells, but it can also affect normal cells, leading to various side effects. Radiotherapy employs high-energy radiation to damage the DNA of cancer cells, thereby inhibiting their ability to grow and divide.

In recent years, the landscape of cancer therapeutics has evolved significantly with the introduction of innovative therapies such as immunotherapy, targeted therapy, hormonal therapy, and stem cell transplants. Immunotherapy harnesses the body's immune system to recognize and attack cancer cells more effectively. This approach has shown promise in treating various cancers, including melanoma and lung cancer. Targeted therapy, on the other hand, focuses on specific molecular targets associated with cancer cells, allowing for a more precise attack on tumors while minimizing damage to healthy tissues. This method has led to significant advancements in treating cancers like breast and colorectal cancer.

Ongoing research and clinical trials are crucial for exploring the full potential of these newer cancer therapeutics. For instance, in October 2024, NCI launched myeloMATCH, a precision medicine treatment trial for people with acute myeloid leukemia and myelodysplastic syndromes.

Market Dynamics: Drivers & Restraints

Increasing prevalence of cancers globally

The increasing prevalence of cancer is a significant driver of the cancer therapeutics market, significantly impacting its growth trajectory. With the rising cancer rates globally, the demand for cancer therapeutics is rising and is expected to rise. According to the World Health Organization projections in 2024, over 35 million new cancer cases are predicted in 2050, a 77% increase from the estimated 20 million cases in 2022.

According to the American Cancer Society projections in 2022, more than 18 million Americans (8.3 million males and 9.7 million females) with a history of cancer were alive on January 1, 2022. This surge in cancer incidence has led to a greater focus on research and development in cancer therapeutics, with substantial investments being made to discover and develop new treatment modalities.

Moreover, increased awareness of cancer and its treatments among the public and healthcare professionals is driving more individuals to seek timely diagnosis and therapy which is rising demand for cancer therapeutics. Government initiatives aimed at promoting early screening and improving access to care further support this trend, as they encourage patients to pursue treatment sooner rather than later. Thus, the above factors are expected to drive the cancer therapeutics market growth.

Presence of generic drugs

The availability of generic drugs is expected to hinder the cancer therapeutics market in several ways. While generics typically lower costs and improve access to treatments, their introduction can lead to significant price reductions for branded drugs, which may impact the revenue of pharmaceutical companies that develop innovative therapies. As generics become more prevalent, they intensify competition, forcing branded drug manufacturers to reduce prices to remain competitive.

Segment Analysis

The global cancer therapeutics market is segmented based on therapy, cancer type, distribution channel, end-user, and region.

Type:

Targeted therapy segment is expected to dominate the global cancer therapeutics market share

The targeted therapy segment is expected to dominate the cancer therapeutics market in the forecasting period in the cancer therapeutics market. This growth is attributed to its ability to specifically target cancer cells while minimizing damage to healthy cells, which enhances treatment efficacy and reduces side effects. Targeted therapies include a range of approaches such as gene expression modulators making them versatile in addressing various cancer types.

Additionally, the targeted therapy segment is expected to experience growth due to ongoing advancements in drug development and a growing understanding of cancer biology. As researchers continue to identify specific molecular targets associated with different cancers, the effectiveness of these therapies is expected to improve, further driving their adoption. For instance, in September 2022, Eli Lilly and Company received the accelerated US Food and Drug Administration approval for selpercatinib (Retevmo) for the treatment of adult patients with locally advanced or metastatic solid tumors with a rearranged during transfection (RET) gene fusion.

In June 2024, Bristol Myers Squibb received the U.S. Food and Drug Administration (FDA) accelerated approval of Augtyro (repotrectinib) for the treatment of adult and pediatric patients 12 years of age and older with solid tumors that have a neurotrophic tyrosine receptor kinase (NTRK) gene fusion, are locally advanced or metastatic or where surgical resection is likely to result in severe morbidity, and have progressed following treatment or have no satisfactory alternative therapy.

While other segments like chemotherapy, immunotherapy, hormonal therapy, and radiotherapy also play significant roles in cancer treatment, targeted therapies are increasingly favored for their precision and personalized approach. Thus, the above factors are expected to hold the segment in the dominant position in the global cancer therapeutics market.

Geographical Analysis

North America is expected to hold a significant position in the global cancer therapeutics market share

North America is expected to hold a dominant position in the global cancer therapeutics market due to several key factors. One of the primary drivers is the strong presence of major biopharmaceutical companies that are investing in research and development of innovative cancer therapeutics. These companies are pivotal in introducing innovative drugs and advancing cancer therapies, particularly in targeted treatments and immunotherapies.

The companies are gaining approvals for innovative drugs with increased applications. The frequent approval of new products by the FDA ensures that patients have access to the latest advancements in cancer care. For instance, in March 2022, Bristol Myers Squibb Co. announced that the U.S. Food and Drug Administration approved relatlimab from a class known as LAG-3 inhibitors - short for lymphocyte-activation gene 3 - for use in combination with Bristol's blockbuster immunotherapy Opdivo as an initial treatment for advanced melanoma.

In November 2023, Merck received the U.S. Food and Drug Administration (FDA) approval KEYTRUDA, Merck's anti-PD-1 therapy, in combination with fluoropyrimidine- and platinum-containing chemotherapy, for the first-line treatment of adults with locally advanced unresectable or metastatic human epidermal growth factor receptor 2 (HER2)-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma.

Additionally, companies are entering into strategic partnerships and collaborations to expand their cancer therapeutics product portfolio and presence in various regions. For instance, in October 2024, AbbVie and EvolveImmune Therapeutics announced a collaboration and option-to-license agreement to develop multispecific biologics for multiple targets in oncology. The discovery partnership will leverage EvolveImmune's T-cell engager platform to develop novel antibody-based therapies for solid and hematologic malignancies.

Moreover, there is a growing awareness of cancer among healthcare professionals and the general public. This increasing awareness fosters early diagnosis and treatment, which are vital for improving patient outcomes. As more individuals recognize the importance of seeking timely medical attention, the demand for cancer therapies continues to rise. Thus, North America is expected to dominate the cancer therapeutics market.

Asia Pacific is growing at the fastest pace in the global cancer therapeutics market

Asia-Pacific is currently experiencing the fastest growth in the cancer therapeutics market due to the rising prevalence of different cancers in the region and the increasing investments in research and development focused on targeted therapies and immunotherapies, which are gaining prominence due to their effectiveness and reduced side effects. Expansion of the cancer therapeutics portfolio by the companies could increase the region's share cancer therapeutics market growth.

Competitive Landscape

The major global players in the cancer therapeutics market include F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, AbbVie Inc., Astellas Pharma Inc., Pfizer, Inc., Novartis AG, Merck & Co., Inc., Eli Lilly and Company, Amgen Inc. and AstraZeneca and Pfizer Inc. among others.

Key Developments

• In January 2023, Loxo@Lilly, received the U.S. Food and Drug Administration (FDA) approval Jaypirca (pirtobrutinib, 100 mg & 50 mg tablets) for the treatment of adult patients with relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a Bruton's tyrosine kinase (BTK) inhibitor.
• In May 2024, Amgen Inc. received the Food and Drug Administration's accelerated approval for tarlatamab-dlle for extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Cancer Therapeutics Market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
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• Academic & Research: Academic Institutions.