Cancer Therapy Market to Rise at Unprecedented CAGR of 8.13%, Rising FDA Approvals to Drive Robust Growth

The Food and Drug Administration (FDA) of the United States approved a cell-based gene therapy to treat adult patients with multiple myeloma. The therapy is the in the list of long-line of approvals from the FDA in recent times. Similarly, in April, 2021, Vysioneer, a company dealing with Artificial Intelligence (AI) announced that it received an FDA approval for its first-ever tumor auto-contouring solution. On a similar note, Oncology journal announced that Cembipilima-rwlc has been granted regular approval for patients with locally advanced basal cell carcinoma. Such patients were previously treated with a hedgehog pathway inhibitor.

According to the American Association for Cancer Research (AACR), twenty-one novel oncology drugs were approved by the US FDA in 2020. Moreover, these drugs included previously difficult-to-treat cancers including triple-negative breast cancer and certain gastrointestinal stromal tumors. Furthermore, the FDA also approved first liquid biopsy next-generation sequencing tests. Furthermore, it also approved the first-in human trial of off-the-shelf CAR T-Cell therapy.

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Key players in the global Cancer Therapy market covered in Chapter 4:

Bristol-Myers Squibb
Bayer AG
Pfizer Inc.
GlaxoSmithKline PLC.
Merck & Co. Inc.
F. Hoffmann-La Roche Ltd.
Johnson & Johnson.
Novartis AG

In Chapter 11 and 13.3, on the basis of types, the Cancer Therapy market from 2015 to 2026 is primarily split into:

Blood Cancer
Breast Cancer
Prostate Cancer
Gastrointestinal Cancer
Gynecologic Cancer
Respiratory/Lung Cancer

In Chapter 12 and 13.4, on the basis of applications, the Cancer Therapy market from 2015 to 2026 covers:

Specialty Clinics
Cancer and Radiation Therapy Centers

Market segment by Region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Hospitals Will Likely Account for Highest Total Revenues

The growing efficacy of conventional treatments like chemotherapy, and expansion of healthcare facilities across emerging regions remains a strong driver of growth. rising disposable income in regions like Asia Pacific, expansion of affordable insurance facilities, and growing incidences of cancers. Leading research suggests that growing lifestyle diseases, sedentary lifestyle, and worsening environmental conditions are an indicator of growing cancer cases worldwide. In countries like India, lifestyle diseases like obesity are expected to triple within 30-year during 2010-2040. Similar patterns have been observed in countries like the United States, wherein large number of chronic illnesses like diabetes, cancers, among others are increasingly plaguing the population. Moreover, many of these diseases represent a major challenge to both individuals, and organizations alike, as treatment costs can run really high. The growing introduction of new, effective, and economical products like therapies is the need of the hour for both end-players, and other stakeholders in the healthcare industry. The growing demand for cancer therapies, and their rising promise will drive tremendous growth for players in the cancer therapy market. Some key players in the cancer therapy market are AstraZeneca plc, Amgen Inc., Bristol-Myers Squibb Company, Bayer AG, Novartis AG, Pfizer Inc, and Johnson and Johnson

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