Cancer Drugs Market Estimated To Witness High Growth Owing To Rising Geriatric Population
Cancer drugs are pharmaceutical drugs used in chemotherapy for treatment of various cancers such as lung cancer, breast cancer, prostate cancer, blood cancer, and others. Cancer drugs help in destroying or limiting the growth of cancer cells in the body. Commonly used cancer drugs include Abiraterone, Ado-trastuzumab emtansine, Afatinib dimaleate, Alemtuzumab etc. The global cancer drugs market is primarily driven by the rising cancer prevalence across the globe due to growing geriatric population, increased adoption of sedentary and unhealthy lifestyle, growing awareness about cancer treatment along with availability of reimbursement schemes. The global cancer drugs Market is estimated to be valued at US$ 154.4 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising geriatric population and growing cases of cancer are the major drivers of the global cancer drugs market. According to WHO, the aging population (65 years or older) is growing at a rate of about 3% per year worldwide and is projected to reach around 1.5 billion by 2050. Moreover, according to National Cancer Institute, around 1.8 million new cases and over 600,000 cancer deaths are estimated to occur in 2022 in the United States. Advanced technologies like precision and personalized medicines are further fueling the market growth. However, negative side effects and high cost associated with cancer drugs are the major restraints for the market.
SWOT Analysis
Strength: Cancer Drugs Market have strong research and development capabilities that allow companies to introduce innovative drugs. Major players invest heavily in R&D activities every year to develop improved and targeted treatment options. Furthermore, increasing awareness about cancer and availability of various treatment choices have improved survival rates in recent years.
Weakness: High costs associated with drug development and regulatory approvals for new cancer drugs put pressure on profit margins. Lengthy clinical trials and regulatory processes can delay market launch of new drugs as well. Patent expirations of blockbuster drugs also impact revenues of companies.
Opportunity: Emerging economies present lucrative growth opportunities due to rising healthcare spending levels and growing cancer burden. Partnerships between drug makers and local players can help increase accessibility in developing nations. Furthermore, shift towards precision medicines and personalized treatment provide opportunities to address unmet needs in oncology.
Threats: Strict regulations and safety concerns over side effects of cancer medications are major challenges. Increasing preference for alternative treatment options like herbal medicines also threatens market potential of drug makers. Prices of drugs coming under pressure due to cost control measures posed by governments and insurance firms. Dependence on limited number of major drugs also makes companies vulnerable to competition.
Key Takeaways
The global Cancer Drugs Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising cancer incidence worldwide. According to estimates, there were over 19 million new cancer cases globally in 2020.
Regional analysis: North America currently dominates the market owing to increasing healthcare investments, presence of major pharmaceutical players and rising prevalence of different cancer types in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing patient population, improving access to diagnostics and care.
Key players: Key players operating in the Cancer Drugs Market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. Patent expirations and new product launches by these players will have major influence on the market dynamics.
Get more insights on this topic: https://webinsightworld.blogspot.com/2023/12/the-global-cancer-drugs-market-growth.html
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