Global Statistics Representing Cancer Treatment Market Scenario
Cancer is caused by uncontrolled growth of abnormal cells in distinctive parts of the body; it gets severe with every elevating stage of the disease. Cancer treatment works in the direction of slowing down or eliminating the growth of abnormal cells in the body. Availability of precise and highly effective cancer treatment options with respect to new age technological advancements and minimizing aftereffects of the treatment are expected to drive the overall cancer treatment market during the forecast period 2019–2026.
The cancer treatment market is expected to witness exponential growth in the coming years as a result of the rising prevalence of various cancers across the globe and increasing spending on healthcare. Every year, the number of people suffering from cancer is growing at an unprecedented rate. Globally, 17 million people suffered from cancer in 2018, and it is expected to reach 27.5 million by 2040. Lung cancer is one of the most common types of cancer, followed by breast, bowel, and prostate cancer. For instance, 18 million and 17 million cases were found for lung cancer and breast cancer worldwide, respectively. In the U.S alone, 3 million men suffered from prostate cancer in 2019. According to the American Cancer Society, in 2014, cancer patients paid approximately USD 4,000 million out-of-pocket for cancer treatment, and roughly USD 87.8 million was spent alone in the U.S. on cancer-related healthcare.
Global cancer treatment market is expected to reach USD 171,266 million in 2026 from USD 98,069 million in 2018 at a CAGR of 7.3% during the forecast period 2019–2026
Chemotherapy Is the Most Popular Cancer Treatment Option Available In the Cancer Treatment Market
Today, numerous cancer treatments options are available in the cancer treatment market, and each one has its pros and cons. To study this market in a better way, we have categorized the market by therapy, application, and end-user.
By therapy, the cancer treatment market is further segmented into chemotherapy, targeted therapy, and immunotherapy. Based on the study, it is witnessed that chemotherapy drugs are highly effective in treating and curing cancer. Numerous chemotherapy drugs are available in the market, and each one of them works on different phases of the cell cycle. Three major categories of chemotherapy drugs are alkylating agents, antimetabolite, and antitumor antibiotic are available for use, and they are majorly administered through different routes including oral, intravenous, and topical. In 2016, global chemotherapy treatment generated a revenue of USD 20,608 million and was expected to reach USD 31,210 million by 2026.
Targeted therapy inhibits growth and spread of cancer by interfering or attacking with molecular targets; this ability makes targeted therapy less toxic and exhibits fewer side effects than other cancer treatment types. It can be said that targeted therapy would continue to be the leader in overall treatment for cancer with a robust late-stage drug pipeline, which is accounting for 87% share of the total pipeline for cancer treatment. In 2016, targeted therapy was accounted for at USD 37,277 million and was expected to attain a value of USD 59,768 million by 2026.
Immunotherapy works by boosting the body’s immune system to attack specific cancerous cells and eliminate them. It is available in various forms including cancer vaccines, checkpoint inhibitors, cytokines, adjuvants, adoptive cell transfer, and targeted antibodies which are used in different cancer types. As of April 2019, the Food and Drug Administration (FDA) approved immunotherapy as a treatment option for nearly 20 cancer types and cancers with a specific genetic mutation. In 2016, Immunotherapy was accounted for USD 8766 million and is expected generate revenue of USD 17,056 million by 2026.
By end user, the cancer treatment market is further segmented into hospitals & clinics and cancer and radiation therapy centers. Hospitals and clinics are leading the global cancer treatment market as most of the patients frequently visit the places for diagnosis and treatment of cancer.
Growing Prevalence of Cancer Cases is a Rising Demand for the Cancer Treatment Market
North America is dominating the global treatment markets. The U.S. is the leading cancer treatment market as a result of developed healthcare infrastructure and technologically advanced cancer treatment services, presence of major players in the country, and ongoing research and development for the improvement of treatment options.
It has been found that a huge population is suffering from cancer in the region. For instance, the U.S., Canada, and Mexico are housing over 2 million, 177,880, and 190,000 cancer cases, respectively. Moreover, the total revenue of the U.S., Canada, and Mexico were accounted for USD 32,011 million, USD 5659 million, and USD 828 million respectively in 2016, which is expected to reach USD 50,666 million, USD 8438 million, and USD 1393 million respectively by 2026.
In the U.S, high prevalence of various cancers, including skin cancer, lung cancer, breast cancer, and ovarian cancer, among others is driving the market growth. According to the National Cancer Institute, in 2018, about 1,735,350 new cases of cancer were diagnosed alone in the U.S. with an incidence rate of 439.2 cases per 100,000 people, and near about 609,640 people died from the disease.
In Canada, more than 206,200 new cases were diagnosed with cancer in 2005, and the number is expected to grow by 80% by 2030, Canadian Cancer Society. Similarly, over 190,667 new cases of cancer were diagnosed in Mexico. Out of which, breast, prostate, colorectal, thyroid, cervix uterus, and other types of cancer accounted for 14.3%, 13.1%, 7.8%, 6.4%, 4.1%, and 54.3% share of the market respectively, WHO.
Prominent Players Active in the Market
Some of the prominent 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.
Our Report Covers
The Cancer Treatment Market Segmentation