The Global Cancer Drugs Market Growth Accelerated By Rising Prevalence Of Cancer
Cancer Drugs Market |
Cancer drugs are pharmaceutical drugs used in chemotherapy for treating various types of cancer. They work by slowing or stopping the growth of cancer cells and reducing the size of tumors. The global Cancer Drugs Market is estimated to be valued at US$ 154.4 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising prevalence
of cancer across the globe is one of the major factors driving growth of the
Cancer Drugs Market. According to the World Health Organization, cancer is a
leading cause of death worldwide and accounts for an estimated 9.6 million
deaths in 2018. The four most common types of cancer that account for more than
half of all new cancer cases are lung, breast, colorectal and prostate cancer.
Increasing focus of pharmaceutical companies on development of novel targeted
therapeutics as well as growing healthcare expenditure are also contributing to
the growth of the market. Advancements in cancer diagnostic techniques have
further aided in early detection and treatment of cancer, supporting market
growth over the forecast period.
Segment Analysis
The global cancer drugs market is dominated by chemotherapy segment which
holds around 35% of the total market share. Chemotherapy is one of the most
common treatment options against various cancer types such as breast cancer,
lung cancer, blood cancer etc. It works by killing cancer cells or stopping
their growth and division. The dominance of chemotherapy is attributed to its
broad spectrum anticancer activity against several types of cancer and
relatively affordable cost as compared to targeted and biologic therapies.
Key Takeaways
The global Cancer
Drugs Market Analysis is expected to witness high. Regional analysis
related content comprises the North America region currently dominates the
global cancer drugs market with around 45% share. This dominance is attributed
to factors such as growing prevalence of cancer, rising healthcare expenditure,
availability of advanced treatments and presence of major market players in the
region.
Key players operating in the cancer drugs market are Svenska Cellulosa
Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy,
SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM
Environmental Products, VGrid Energy Systems, and Vattenfall AB.
The global cancer drugs market size was valued at US$ 154.4 Bn in 2023 and is
projected to reach over US$ 284 Bn by 2030, expanding at a CAGR of around 9.7%
during the forecast period. Increasing prevalence of cancer owing to growing
geriatric population and changing lifestyle habits are major factors driving
the market growth. Additionally, rising adoption of targeted therapies and
biologics over conventional chemotherapy drugs will further aid the market
expansion over the next few years.
Get more insights on this topic: https://www.newsstatix.com/skin-cancer-drugs-market-size-and-share-analysis-growth-trends-and-forecasts-2023-2030/
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