The Cancer Drugs Market is estimated to be valued at US$ 143.9 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cancer drugs include biological and chemotherapeutic agents used for treating different types of cancers such as lung cancer, breast cancer, prostate cancer, colorectal cancer, and leukemia. They help kill cancer cells or slow their growth.

Market Dynamics:
Rising prevalence of cancer and growing demand for targeted therapies are expected to drive the cancer drugs market growth over the forecast period. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for 10 million deaths in 2020. The four most common cancers in 2020 were lung, breast, colorectal, and prostate cancer.

Market key trends:
The Cancer Drugs Market Demand has been witnessing a rising demand for targeted therapies and precision medicines. Biologics and targeted therapies are replacing conventional chemotherapies as first-line treatments. Recent years have seen significant approvals of immune checkpoint inhibitors, PI3K inhibitors, PARP inhibitors and other targeted therapies which have improved clinical outcomes for various cancer types. Rising prevalence of cancer owing to changing lifestyle patterns and growing geriatric population is also driving the demand for various cancer drugs globally.

SWOT Analysis
Strength: Presence of large number of pipeline drugs and robust R&D investments from key players.
Weakness: High cost of drug development and stringent regulations for drug approval.
Opportunity: Untapped growth potential in developing markets and emerging targeted therapeutic areas.
Threats: Patent cliffs of major drugs and entry of generics.

Key Takeaways
The global cancer drugs market is expected to witness high growth, exhibiting CAGR of 7.60% over the forecast period, due to increasing adoption of targeted therapies. The market was valued at US$ 143.9 Bn in 2023.

Regional analysis:
The US dominates the global cancer drugs market, owing to high healthcare spending and presence of major players. However, China is expected to exhibit fastest growth during the forecast period driven by rising healthcare expenditure, large cancer patient pool and growing health insurance penetration in the country.

Key players:
Key players operating in the cancer drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among others.

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