Cancer Therapeutics Drugs Market Growth To Generate Massive Revenue by 2029

Research Nester released a report titled Cancer Therapeutics Drugs Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the cancer therapeutics drugs market in terms of market segmentation by therapy type, disease type, and regions.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The cancer therapeutics drugs market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of extensive research associated with cancer treatment in western countries and the rising prevalence of cancer due to greater exposure to risk factors. As per the WHO’s International Agency for Research on Cancer, in 2021, cancer is the leading cause of deaths globally, and is responsible for about 10 million deaths per year. Globally, about 1 in 6 deaths occur due to cancer.

The market is segmented by therapy type into chemotherapy, immunotherapy, targeted therapies, hormonal therapy, and others. Among these segments, the targeted therapy segment is anticipated to hold the largest share by the end of 2021 in the cancer therapeutics drugs market due to advancement in cellular technology and gene therapy which have contributed in improving the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for treatment of cancer.

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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the cancer therapeutics drugs market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading healthcare providers in the region, especially in the United States, who are extensively involved in the research and development for innovative cancer treatment procedures.

Greater Exposure to Risk Factors to Drive Market Growth

According to the World Health Organization, tobacco use, alcohol use, unhealthy diet, physical inactivity and rise in air pollution levels are risk factors for cancer. Also, the incidence of cancer rises dramatically with age as the cellular repair mechanisms are likely to be less effective as a person grows older. According to the data published by United Nations, the number of people aged 60 or over is anticipated to more than double by 2050, by 962 million in 2017 to 2.1 billion in 2050 across the world.

Age is another predominant risk factor for any kind of cancer. It has been observed that individuals whose age is above 65 years or more possess a high risk of having cancer. Additionally, the rising prevalence of cancer in recent years is also expected to boost the market growth in upcoming years.

However, the expensive cost of cancer therapies and lack of awareness in low-income economies are some of the factors that are estimated to restrain market growth in the near future.

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This report also provides the existing competitive scenario of some of the key players of the cancer therapeutics drugs market which includes company profiling of F. Hoffman-La Roche Ltd (RO: SWX), Celgene Corp, Novartis AG (SWX: NOVN), Pfizer Inc. (NYSE: PFE), Johnson & Johnson (NYSE: JNJ), AstraZeneca PLC (LON: AZN), Astellas Pharma Inc. (TYO: 4503), Merck & Co. (MRK: NYSE), Bristol Myers Squibb Company (BMY: NYSE) among others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the cancer therapeutics drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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