There are many types of cancer treatment. The types of treatment that patients receive will depend on the types of cancer. Some cancers will have only one treatment, some have a combination of treatments, such as surgery with chemotherapy and radiation therapy. Types of treatment may have biomarker testing for cancer treatment in which testing look for genes, proteins, and other substance that can provide cancer information. Biomarker testing can help doctors to choose a cancer treatment.
Chemotherapy is a type of cancer treatment that uses drugs to kill cancer cells. Hormone therapy is a treatment that shows or stops the growth of breast and prostate cancers that use hormone therapy and side effects that may happen. Hypothermia is a type of treatment in which the body’s tissues are heated t as o as highF to help damage and kill cancer cells with little or no harm to normal tissue. Immunotherapy is a type of cancer treatment that helps the immune system fight cancer. Photodynamic therapy uses a drug activated by light to kill cancer and other abnormal cells. Radiation therapy is a type of cancer treatment that uses high doses of radiation to kill cancer cells and shrink tumors. Stem cell transplant are producers that restore stem cells that grows into blood cells in people who have their destroyed by high doses of chemotherapy or radiation therapy. Targeted therapy is a type of cancer treatment that targets the changes in cancer cells that help them grow, divide, and spread. When used to treat cancer surgery is a procedure in which a surgeon removes cancer from the body. Laser therapy uses a very narrow focused beam of light to destroy cancer cells. Laser therapy is used to destroy tumors and precancerous growths, shrink tumors that are blocking the stomach, help treat cancer symptoms, and seal nerve endings after surgery. Cryosurgery is a therapy that uses very cold gas to freeze and kill cancer cells. It is sometimes used to treat cells that might turn into cancer on the skin or cervix.
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Global Cancer Therapy Market – Competitive Landscape
On October 3, 2023, Eli Lilly acquired Point Biopharma to expand oncology capabilities into next-generation radioligand therapies. On September 27, 2023, Feds invested nearly USD 115 million in new cancer technology research. On August 9, 2023, Astellas invested USD million to support advancements in Poseida cancer cell therapy. On August 7, 2023, Astellas and Poseida Therapeutics announced a strategic investment to support Poseida’s commitment to redefining cancer cell therapy. On August 2, 2023, Steve Job Son started a USD 200 million VC fund to find new cancer treatments. On May 16, 2023, RWJBarnabas Health and Rutgers Cancer Institute formed NVentures to develop therapeutics for cancer.
Some of the Key Players in the Global Cancer Therapy Market Include –
- Pfizer
- Merck
- AbbVie
- GSK
- AstraZeneca
- Novartis
- BioNTech
- City of Hope
- Eisai
- Immatics
Global Cancer Therapy Market – Growth Drivers
The rising global prevalence of cancer acts as a primary driver, stimulating demand for effective therapies and driving continuous research and development efforts. According to IARC, there were USD 17.0 million new cancer cases and USD 9.5 million cancer deaths worldwide. Progress in genomics research facilitates the identification of specific cancer biomarkers, paving the way for targeted therapies and personalized treatment approaches. Ongoing innovations in immunotherapy, harnessing the immune system to fight cancer, contribute significantly to the growth of the cancer therapy market by providing novel and effective treatment options. Advances in diagnostic technologies, such as next-generation sequencing and liquid biopsy, enable early detection of cancer, enhancing the efficacy of treatment and driving market growth. The aging global population is associated with an increased incidence of cancer, creating a substantial market for cancer therapies as older individuals are more prone to developing malignancies. Significant investments in biopharmaceutical research and development, coupled with collaboration between academia and industry, accelerate the discovery and commercialization of new cancer therapies. Increased healthcare spending globally, particularly in developed region, support the adoption of advanced cancer therapies, contributing to market growth. Supportive government policies incentives, and funding for cancer research and treatment initiative play pivotal roles in driving growth within the cancer therapy market. Growing awareness among patients and healthcare professionals about the importance of early diagnosis and advanced treatment options fosters increased demand for cancer therapies. Collaborative international efforts in conducting clinical trials facilitate the efficient evaluation and approval of new cancer therapies, accelerating their entry into the market.
Global Cancer Therapy Market – Restraints
The substantial cost associated with research, development, and clinical trials of cancer therapies poses a significant restraint, potentially limiting the accessibility of innovative treatments. According to IIASA, the estimated cost of cancers from 2020-2050 to fall around USD 25.2 trillion. Stringent regulatory processes and approval timelines can impede the timely introduction of new cancer therapies, delaying their availability to patients in need. Disparities in healthcare infrastructure and economic challenges in certain regions restrict patient access to advanced cancer therapies, exacerbating global health inequalities. Some cancer therapies may be associated with severe side effects, impacting patient tolerability and adherence to treatment regimens, thereby limiting their widespread adoption. The emergence of resistance mechanisms in cancer cells can compromise the effectiveness of certain therapies over time, necessitating the development of alternative treatment strategies. Issues related to intellectual property, including patent expirations and legal disputes, can hinder market competition and delay the entry of generic or biosimilar cancer therapies. Ethical considerations surrounding experimental cancer therapies, especially in areas like gene editing and stem cell therapy, may slow down research and development processes. Insufficient awareness among patients and healthcare providers about the availability and benefits of certain cancer therapies may lead to delayed diagnoses and suboptimal treatment outcomes. Complex logistics associated with the distribution and storage of certain advanced therapies such as gene therapies, may pose challenges in ensuring widespread availability and administration.
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Global Cancer Therapy Market – Opportunities
The rise in precision medicine allows for tailored cancer therapies, presenting opportunities for targeted treatments based on individual patient characteristics. Integration of technologies like artificial intelligence and big data analytics enhances cancer diagnostics and treatment planning, facilitating more accurate and efficient therapies. Shifting towards patient-centric care models emphasizes improved quality of life during cancer treatment, opening opportunities for therapies with reduced side effects and enhanced patient experience. Exploring alternative therapies, such as gene therapies and oncolytic viruses, provides new avenues for cancer treatment with potentially transformative outcomes.
Global Cancer Therapy Market – Geographical Insight
the market for cancer treatment is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for cancer therapy due to advanced healthcare infrastructure and substantial investment in research and development. Europe follows closely, with a focus on personalized medicine and innovative therapies. The Asia-Pacific region is witnessing rapid growth, attributed to increasing cancer incidence, improving healthcare facilities, and raising awareness. Emerging economies in this region are adopting novel therapies contributing to market expansion.
Global Cancer Therapy Market – Key Development
- On December 14, 2023, St. Joseph’s Health launched a Cancer care service line in partnership with Rosewell Park
- On December 5, 2023, Max Healthcare Launched CAR-T cell therapy in collaboration with ImmunoACT.
- On August 31, 2023, the UK launched the world’s first 7-minute Cancer Treatment Jab.
- On July 7, 2023, BDR Pharma’s launch of Nilotinib set a new standard in childhood cancer treatment.