Global Cancer Therapy Market Overview:
The global cancer therapy market was valued at USD 136,254.35 million in 2018, estimated at USD 220,701.26 million in 2024, a CAGR of 8.37%. Some variables driving the market growth include growing Patient Assistance Programs PAPs, increasing government cancer awareness initiatives, increasing cancer incidence globally, and powerful R&D initiatives from key players.
More than 45 million Americans have no health insurance, and millions more are underinsured; eight out of ten individuals are from working families. One out of 10 people, 65 years of age or younger, and one in three over 65 years of age have no prescription drug coverage. Hence, Patient Assistance Programs PAPs have appeared to assist patients lacking health insurance or prescription drug coverage get the medication they need. Pharmaceutical companies provide these programs to provide free or low-cost prescription drugs to patients with severe diseases.
Several big pharmaceutical companies like Pfizer and Eli lily have also begun these programs to assist uninsured patients with chronic diseases. A big amount of uninsured patients can also undergo cancer therapies, which is probable to increase the market growth.
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Global Cancer Therapy Market Scope of the Report:
As per the scope of the report, cancer therapies are drugs that block cancer development and proliferation by interfering with molecules such as DNA or proteins engaged in cancer cell development or development. Including surgery, radiation therapy, chemotherapy, immunotherapy, etc.
Global Cancer Therapy Market Key trends:
The Target Therapy Segment is expected to show the Fastest Forecast Period growth
During the forecast period, the target therapy segment is anticipated to demonstrate the highest 9.68% CAGR. Target therapy involves hormone therapies, modulators of gene expression, apoptosis inducers, angiogenesis inhibitors, immunotherapies, signal transduction inhibitors, and toxin molecules. Targeted therapy is gaining significance owing to its specificity towards cancer cells while sparing off-target toxicity.
The breast cancer segment is believed to account for the forecast periods’ largest market size. This is primarily attributable to the world’s higher and growing incidence of breast cancer. According to estimates given by the Breast Cancer Organization in 2018, over 2,66,120 new instances of invasive breast cancer are anticipated to be diagnosed in U.S. females along with 63,960 new instances of non-invasive in situ breast cancer.
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North America Presently Dominates the Cancer Therapy Market and is Expected to Continue in the Forecast Period:
Currently, North America dominates the cancer therapy market and is anticipated to remain its stronghold for several years. This region is anticipated to boost its future market share due to enhanced cancer therapy acceptance. The United States holds most of the North American region’s market, owing to the country’s increasing cancer incidence. According to the National Cancer Institute NCI, 1.6 million individuals experienced cancer in 2016 and about 0.5 million died from cancer. This figure shows a rapid increase in cancer incidence in the United States.
Global Cancer Therapy Market Competitive Landscape:
The cancer therapy market is highly competitive, with several significant players. On market share, few significant players currently dominate the market. With technological advances and product innovations, mid-size to smaller businesses increase their market presence by introducing fresh products at lower rates. Companies like Amgen Inc., AstraZeneca PLC, Bayer AG, Bristol-Myers Squibb Company and Johnson and Johnson hold important cancer therapy market shares.
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