Cancer Therapeutics Market (Detailed Analysis and Current Scenario)
Global Outlook & Forecast 2021-2031
The global cancer therapeutics market was pegged at US$ 112.8 billion in 2020. The market is expected to witness a CAGR of 7.5% from 2021 to 2031.
Rising prevalence of cancer across the globe, strong product pipeline, growing demand for personalized medicine, an increasing number of cancer awareness programs, and growing public & private funding for R&D activities of cancer therapeutics are some of the key factors propelling the growth of cancer therapeutics market. However, the high cost of drug development and the high cost and adverse effects of cancer therapy are likely to restrain market growth to a certain extent.
Prominent players are progressively taking collaborative initiatives with several organizations, research centers & companies in order to encourage R&D of novel cancer treatment. For instance, in April 2020, Fate Therapeutics, Inc., a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, announced a global collaboration and option agreement with Janssen Biotech, Inc. (Janssen), one of the pharmaceutical subsidiaries of Johnson & Johnson for novel iPSC-derived cell-based cancer immunotherapies.
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Key players:
Merck Sharp & Dohme Corp
Novartis AG
Pfizer Inc
Bristol-Myers Squibb Company
Johnson & Johnson Services, Inc
Bayer AG
F. Hoffmann-La Roche Ltd
AstraZeneca
Amgen Inc
Lilly USA
LLC
By Treatment Type:
Chemotherapy
Immunotherapy
Targeted Therapy
Radiation Therapy
By Application:
Bladder Cancer
Breast Cancer
Colon & Rectal Cancer
Lung Cancer
Prostate Cancer
Regional Analysis-
The Asia-Pacific market is anticipated to grow at a higher CAGR during the forecast period.
Major factors contributing to the growth of Cancer Therapeutics Market in this region include the rising incidence of chronic infectious diseases, rising awareness regarding growing applications of Cancer Therapeutics, and increasing research activities in the field of Cancer Therapeutics.
The emergence of local players and new product launches has also played a critical role in boosting the Cancer Therapeutics Market in this region. Browse the full report now: https://growthplusreports.com/report/cancertherapeutics-market/7624
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