Cancer therapy includes the use of various chemotherapy drugs, biological therapy, immunotherapy, targeted therapy, surgery, and radiation therapy to treat cancer patients. These therapies help in destroying or limiting the growth of cancer cells while causing minimum damage to normal cells. The use of precision medicine in cancer therapy has increased in recent years which utilizes a patient's genetic tests and other factors to select appropriate treatment options.
The cancer therapy market is estimated to be valued at USD 230.96 Bn in 2025 and is expected to reach USD 530.37 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 12.6% from 2025 to 2032.
Key Takeaways
Key players operating in the Cancer Therapy Market are Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Novartis AG, GSK plc., Sanofi, Bayer AG, Amgen Inc., Gilead Sciences, Inc., Boehringer Ingelheim International GmbH., ADC Therapeutics SA, F. Hoffmann-La Roche Ltd, Merck & Co., Inc., Eureka Therapeutics, Inc., AbbVie Inc., Fate Therapeutics, Sorrento Therapeutics, Inc., Carrick Therapeutics Limited, Atara Biotherapeutics, Inc., Celluris, NeoTX, Kazia Therapeutics Limited. Bristol-Myers Squibb Company acquired Celgene Corporation in 2019 to enhance its oncology portfolio.
Rising Cancer Therapy Market Demand is driven by increasing global cancer incidence, higher healthcare spending, and growing awareness of early diagnosis.
Major pharmaceutical companies are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa through acquisitions and collaborations. This helps in catering to the increasing needs of cancer patients in these regions. In addition, strategic agreements between payers and life science companies ensure quicker patient access to innovative treatment options.
Market Key Trends
The growing focus on precision medicine has become one of the key trends in cancer therapy market. Precision medicine involves the use of genetic sequencing tools and other technologies to understand the molecular changes in cancer cells, which helps in developing targeted therapies tailored to a patient's specific genetic makeup. Since each tumor has a unique genetic blueprint, precision medicine aims at providing right treatment to the right patient at the right time. Pharmaceutical giants are increasingly investing in precision oncology to develop innovative targeted drugs, biological, and immunotherapies. This is transforming the way cancer is diagnosed and managed.
Porter's Analysis
Threat of new entrants: Pharmaceutical development requires substantial investment and expertise to enter this market making threat moderate.
Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from existing cancer treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power as cancer therapies require specialized raw materials and manufacturing capabilities.
Threat of new substitutes: Substitution threat is low as existing cancer therapies target different cancer types and stages of the disease.
Competitive rivalry: Competition is high among existing players to develop more effective and targeted therapies.
The largest share of the cancer therapy market in terms of value is concentrated in North America owing to high healthcare expenditure and increasing burden of cancer. According to WHO, North America accounts for around 23% share of the total number of new cancer cases reported globally.
Asia Pacific region represents the fastest growing regional market for cancer therapies with CAGR of around 13.5% during the forecast period. Rising awareness, improving healthcare infrastructure and increasing disposable incomes are some factors driving strong growth in the emerging economies of China and India. These countries are expected to account for over 40% share of the global cancer incidence by 2030.
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