Cancer therapy refers to treatment options for patients diagnosed with cancer. It involves surgery, chemotherapy, radiation therapy, immunotherapy, targeted therapy, hormone therapy and stem cell transplantation to eliminate cancer cells and improve overall patient outcomes. Given the high prevalence of cancer worldwide, the demand for advanced and effective treatment solutions has increased significantly.
The global Cancer Therapy Market is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising number of cancer cases globally presents a major market opportunity for cancer therapy. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and was responsible for nearly 10 million deaths in 2020. The four most common cancers in terms of new cases are lung cancer, female breast cancer, colorectal cancer and prostate cancer. Furthermore, incidence rates are projected to increase by over 50% by the year 2040 due to rapidly aging population and lifestyle changes. Expanding patient pool suffering from various types of cancer has boosted demand for advanced treatment solutions like targeted therapy, immunotherapy and stem cell transplantation. Development of innovative treatment regimens that improve therapy outcomes while minimizing side effects can help address large unmet needs and drive strong market revenue growth over the forecast period.
Porter's Analysis
Threat of new entrants: High research and development costs to enter the cancer therapy market size make it difficult for new companies to enter.
Bargaining power of buyers: There is significant bargaining power for buyers since there are many established companies offering similar cancer treatments and therapies.
Bargaining power of suppliers: Suppliers of key technologies and equipment have some bargaining power given the importance of their products/services in research and treatment processes.
Threat of new substitutes: Threat of substitutes is moderate as some therapies offer alternatives for treatment but may not replace existing ones fully.
Competitive rivalry: High as there are many large multinational companies offering similar products and competing for market share.
SWOT Analysis
Strengths: Growing incidence of cancer, increasing awareness, advancing technologies for detection and treatment.
Weaknesses: High costs involved, required infrastructure and skilled workforce, long development timelines for new therapies.
Opportunities: Scope for developing preventive techniques, emerging markets in developing countries, newer treatment options like immunotherapy.
Threats: Long regulatory approvals, social and economic barriers in low resource regions, high R&D costs.
Key Takeaways
The global cancer therapy market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is US$ 231671.29 Bn.
Regional analysis: North America dominates the global cancer therapy market currently owing to established healthcare infrastructure and availability of advanced treatment options. Asia Pacific is expected to grow at the fastest rate due to rising healthcare expenditures and growing patient pool.
Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco. All major companies are focusing on new product launches, acquisitions and geographic expansions to strengthen their market position.
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