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Global Cancer Therapy Market Growth, Trends, and Forecasts 2018-2019 & 2024: Strong R&D Initiatives from Key Players & Increasing Patient Assistance Programs (PAPs)
DUBLIN, April 3, 2019 /PRNewswire/ -- The "Cancer Therapy Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global cancer therapy market was valued at USD 136,254.35 million in 2018, and is estimated to be valued at USD 220,701.26 million in 2024, witnessing a CAGR of 8.37%.
Certain factors that are driving the market growth include increasing Patient Assistance Programs (PAPs), increasing government initiatives for cancer awareness, rising prevalence of cancer worldwide, and strong R&D initiatives from key players.
More than 45 million Americans do not have health insurance and millions more are underinsured; eight out of 10 uninsured people are from working families. Among those with health insurance, one out of 10 individuals, 65 years old or younger, and one in three persons over 65 years do not have prescription drug coverage.
Hence, Patients Assistance Programs (PAPs) have emerged in an effort to help patients who are lacking health insurance or prescription drug coverage get the medication they need. These programs are provided by pharmaceutical companies to provide free or low-cost prescription drugs to patients who are suffering from serious illnesses.
Several big pharmaceutical companies, such as Pfizer and Eli lily, have also started these programs to help uninsured patients who are suffering from chronic diseases. Thus, a large number of uninsured patients, suffering from cancer, can also undergo cancer therapies, which is likely to augment the growth of the market.
Scope of the Report
As per the scope of the report, cancer therapies are drugs that block the growth and proliferation of cancer, by interfering with specific molecules, such as DNA or proteins, which are involved in the growth or expansion of cancerous cells. These therapies include surgery, radiation therapy, chemotherapy, immunotherapy, etc.
Key Market Trends
The Target Therapy Segment is Expected to show the Fastest Growth in the Forecast Period
The target therapy segment is expected to show the highest CAGR of 9.68% during the forecast period. The target therapy includes hormone therapies, gene expression modulators, apoptosis inducers, angiogenesis inhibitors, immunotherapies, signal transduction inhibitors, and toxin delivery molecules. Targeted therapy is attaining importance due to its specificity toward cancer cells, while sparing the toxicity to off-target cells.
The breast cancer segment is belived to account for the largest market size over the forecast period. This is majorly attrobuted to the higher and continuously increaisng prevalence of breast cancer acoss the world. As per estimates provided by the Breast Cancer Organization in 2018, it is estimated that over 2,66,120 new cases of invasive breast cancer are expected to be diagnosed in women in the United States, along with 63,960 new cases of non-invasive (in situ) breast cancer.
North America Currently Dominates the Cancer Therapy Market and is Expected to Continue in the Forecast Period
North America currently dominates the market for cancer therapy and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the increased adoption of cancer therapy. The United States holds majority of the market in the North American region, due to the rising prevalence of cancer in the country. According to the National Cancer Institute (NCI), in 2016, 1.6 million people suffered from cancer, and around 0.5 million people died from cancer. This figure indicates that the prevalence of cancer is rapidly increasing in the United States.
The cancer therapy market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with cheaper prices.
Companies, like Amgen Inc., AstraZeneca PLC, Bayer AG, Bristol-Myers Squibb Company, and Johnson and Johnson, hold significant shares in the cancer therapy market.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Patient Assistance Programs (PAPs)
4.2.2 Growing Government Initiatives for Cancer Awareness
4.2.3 Rising Prevalence of Cancer Worldwide
4.2.4 Strong R&D Initiatives from Key Players
4.3 Market Restraints
4.3.1 Fluctuation in Reimbursement Policies
4.3.2 High Cost of Cancer Therapies
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 Market Segmentation
5.1 By Treatment Type
5.1.2 Targeted Therapy
5.1.4 Hormonal Therapy
5.1.5 Other Treatment Types
5.2 By Cancer Type
5.2.1 Blood Cancer
5.2.2 Breast Cancer
5.2.3 Prostate Cancer
5.2.4 Gastrointestinal Cancer
5.2.5 Gynecologic Cancer
5.2.6 Respiratory/Lung Cancer
5.2.7 Other Cancer Types
5.3 By End User
5.3.2 Spcialty Clinics
5.3.3 Cancer and Radiation Therapy Centers
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Amgen Inc.
6.1.2 AstraZeneca PLC
6.1.3 Bayer AG
6.1.4 Johnson and Johnson
6.1.5 Merck & Co. Inc.
6.1.6 F. Hoffmann-La Roche AG
6.1.7 Eli Lilly and Company
6.1.8 Novartis AG
6.1.9 Pfizer Inc.
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/r678bt/global_cancer?w=5
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