Cancer Therapeutics Market Soars with 9.1% CAGR by 2031 Amidst Breakthrough Innovations
Cancer Therapeutics Market size was valued at USD 136.6 Billion in 2022 and is poised to grow from USD 149.02 Billion in 2023 to USD 299.13 Billion by 2031, at a CAGR of 9.1% during the forecast period (2024-2031).
The global cancer treatment market was undergoing rapid expansion and innovation. In the last few years, governments and medical institutions worldwide have been actively investing in cancer research and encouraging access to cost-effective cancer therapies. This has resulted in the rapid development of healthcare infrastructure and enhanced reimbursement rules, making cancer treatments more accessible to a wider population.
The cancer therapeutics market is also growing due to a surge in cancer incidence, increased collaboration between pharmaceutical firms, and the rise in cancer research. Furthermore, the rising elderly population is also likely to drive market growth.
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Navigating the Cancer Therapeutic Market: Key Insights and Trends
One of the primary motivators for the growth of the cancer therapeutics market is the ongoing development of novel cancer treatments like immunotherapies, targeted medicines, and personalized medicine. These medicines have demonstrated encouraging success in treating a variety of cancer types, considerably improving patient outcomes and survival rates. Furthermore, the pharmaceutical industry’s substantial research and development efforts in oncology have resulted in the approval of several new medications, which improves the current therapy scenario.
Today hospitals have higher quality diagnostic equipment, surgical abilities, and multidisciplinary staff. They are the primary center for cancer patients, providing several therapy options such as chemotherapy, radiation, targeted therapy, and more. These sophisticated radiation therapy and personalized treatment programs are tailored to the patient’s specific needs. Patients are also becoming more interested in treatment due to such high quality of care and in-person therapy. With the increased need for advanced cancer treatments, cancer and radiation therapy centers are likely to expand rapidly, leading to market growth.
Technological advances in genomics, proteomics, and molecular diagnostics have allowed for a better knowledge of cancer biology. This understanding has resulted in the creation of targeted medicines and personalized medicine, which improve therapeutic results while lowering side effects. In the next few years, it looks like medical technology will be the primary driver of the global world cancer therapeutic industry.
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- The 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, held in Chicago from May 31 to June 4, 2024, highlighted MRG004A, a new antibody-drug combination (ADC) developed to treat advanced solid tumors with high tissue factor (TF) expression. TF levels are substantially raised in various kinds of cancers, specifically pancreatic cancer, and are highly associated with poor prognosis and metastases. As a result, TF is now known as a critical target for novel therapeutic techniques aiming at improving treatment results for patients with solid malignancies.
- In May 29, 2024 the FDA provided approval for selpercatinib (Retevmo) for pediatric patients aged 2 years or older who suffer from advanced or metastatic medullary thyroid cancer and a RET mutation and need systemic treatment.
- According to a press release from SpringWorks Therapeutics on March 4th, 2024, the investigational MEK inhibitor mirdametinib (formerly PD-0325901) is being submitted to the FDA on a rolling basis in pediatric and adult patients with neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN). The NDA proposal has been backed by data from the Phase 2b ReNeu study (NCT03962543), which demonstrated that mirdametinib treatment resulted in significant and sustained responses, along with major improvements in key secondary patient-reported outcome measures.
- A City of Hope-developed CAR T cell treatment has demonstrated both safety and prospective therapeutic effectiveness in patients with metastatic castration-resistant prostate cancer (mCRPC). The Phase I clinical study results were published on June 12, 2024, in Nature Medicine. The study included 14 patients with prostate stem cell antigen (PSCA)-positive mCRPC who had disease gone beyond the prostate and were no longer responding to hormone therapy. The CAR T cells were created in the lab of Saul Priceman, PhD, an associate professor in the Department of Hematology and Hematopoietic Cell Transplantation at City of Hope.
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The global cancer therapeutics market is shifting away from conventional cytotoxic drugs and toward newly discovered, targeted, and immunotherapeutic methods. Due to the rising frequency of cancer in both developed and emerging nations, there has been a significant increase in demand for targeted and biologic-based cancer therapies. The expansion of the cancer therapeutic market is mainly driven by an increase in the elderly population, increased collaboration between pharmaceutical companies for the advancement of innovative cancer therapies, and a rise in cancer awareness among the general public.
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