Cancer Therapy Market powered by Rising Incidences of Cancer
Cancer therapy includes chemotherapy, radiation therapy, immunotherapy, and targeted therapy among others which are major treatment modalities deployed for treating various types of cancer including lung cancer, breast cancer, prostate cancer and colorectal cancer among others. These therapies rely on drugs or radiation to kill cancer cells or slow their growth. Radiation therapy uses high-energy waves or particles to damage cancer cell DNA and stop cancer cells from multiplying. Chemotherapy uses drugs to kill cancer cells by stopping their ability to grow and divide. Immunotherapy treatments aid the body's immune system in fighting cancerous cells. Targeted therapies focus on specific vulnerabilities within cancer cells.
The global cancer therapy market is estimated to be valued at US$ 231671.29 Bn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the cancer therapy market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco. The key players are focusing on developing innovative cancer therapies and diagnostic methods to expand their oncology portfolio and strengthen their market position.
The growing demand for minimally invasive cancer treatment methods and rapid increasing incidences of various types of cancer are fueling the growth of the Cancer Therapy Market Size According to Global Cancer Observatory, the global cancer burden is projected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. The rising cancer prevalence is anticipated to propel the demand for cancer therapies over the forecast period.
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