Cancer Treatment Market to Reach USD 171,266 Million by 2026 at a CAGR of 7.3%

Thu, 02 May 2019 1:15

Cancer are the most common disease and the second leading cause of death across the globe. Around 17 million new cases are being diagnosed, and 9.5 million deaths are caused by cancer worldwide. Moreover, lung cancer, breast cancer, and prostate cancer have higher prevalence globally. For instance, 1.8 million, 1.7 million, and 1.1 million people are suffering from these cancers, respectively. Treatment options depend on the stages of disease progression. Chemotherapy is majorly used in the early stages, followed by targeted therapy and immunological therapy.

Widespread prevalence of cancer, surge in cancer research, rise in healthcare expenditure, and growth in the geriatric population have led to an increase in the demand for cancer drugs and treatment. Moreover, increasing potential of market growth in developing nations, upsurge in demand for personalized medicines, and a significant rise in the number of drugs in the pipeline are expected to offer new opportunities for the market players during the forecast period 2016–2026.

 Hormonal Cancer Therapy to Value USD 29,149 Million by 2026

Global cancer treatment market is segmented by therapy, application, and end-user.

By therapy, the market is further segmented into chemotherapy, targeted therapy, immunotherapy, and hormonal therapy.

Hormone therapy is used in the treatment method of cancers, including prostate, breast, ovarian, and womb cancer, which are dependent on hormones in the human body for their growth. According to the Food and Drug Administration (FDA), as of 2016, approximately 13 different treatment options were available through hormonal therapy to treat multiple cancer tumors. Increasing use of hormone therapy medicines in blocking or lowering the number of hormones secreted by the body to stop or slow down cancerous cells growth has anticipated a positive impact on the segmental growth. In 2016, the hormonal therapy was valued at USD 16469 million and was expected to reach USD 29149 million by 2026 at a CAGR of 6.3%.

By end-user, the market is segmented into hospitals and clinics and cancer and radiation therapy centers.

In the U.S, over 2,300 cancer and radiation therapy centers are present, out of which more than 20% are operating in association with the state health department. An increasing number of cancer and radiation therapy centers across North America with improved accuracy of radiation machines through technological advancements is projected to boost the overall growth of the cancer treatment market. Cancer & radiation therapy segment was valued at USD 34,886 million in 2016 and is expected to reach USD 71141 million by 2026 at a CAGR of 7.8% during the forecast period.

 Americas Cancer Drug Market to attain a value of USD 54214 million

North America is holding the largest share of the global cancer treatment market thanks to developed healthcare infrastructure and technologically advanced cancer treatment services, presence of major players in the country, and ongoing research and development activities for bettering the cancer treatment options. Increasing prevalence of cancer cases has created an alarming situation in the region.

The study suggests that the prevalence of new melanoma cases in the U.S. is expected to increase by 7.7% in 2019, which would add up to 192,310 cases. As a result, the demand for effective cancer therapies and treatments is expected to witness a huge surge during the forecast period, 2019–2026. The U.S. cancer treatment market was valued at USD 32011 million in 2016 and is expected to reach USD 58214 million by 2026 at a CAGR of 6.5%.

In Mexico, the number of cancer cases diagnosed is estimated to reach 1,262,861 by 2020 from 1,017,277 in 2018. Moreover, the cancer mortality rate is estimated to increase to 79 per 100,000 by 2020 on account of the poor impact of actions and interventions in prostate and breast cancers.

Key Players

Some of the key players in the global cancer treatment market are F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, AbbVie, Inc., Johnson & Johnson, Celgene Corporation, Astellas Pharma, Inc., Pfizer, Inc., Novartis AG, Merck KGaA, and Eli Lilly, AstraZeneca plc, Bayer AG, and Takeda Pharmaceutical Company Limited.