Chemotherapy refers to the treatment of cancer with one or more anti-cancer drugs (chemotherapeutic agents) as part of an established treatment plan. It works by disrupting cell division in cancer cells or killing them. It is commonly administered intravenously or orally. The market has witnessed significant growth owing to the increasing prevalence of cancer worldwide. According to WHO, cancer burden rose to 19.3 million new cases and 10.0 million cancer deaths in 2020.
The chemotherapy market is estimated to be valued at USD 10.87 Bn in 2024 and is expected to reach USD 18.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.
Key Takeaways
Key players operating in the chemotherapy market are Bristol-Myers Squibb Company, AstraZeneca, copyright Inc., Novartis AG, GSK plc., Sanofi, Amgen Inc., Gilead Sciences, Inc., Boehringer Ingelheim International GmbH., AbbVie Inc., Merck & Co., Inc., and Autolus Therapeutics. Key players are mainly focusing on developing innovative drug formulations and combination therapies to treat various cancer types.
The Chemotherapy Market Demand can be attributed to the rising global incidence of cancer. According to WHO, cancer incidence is estimated to further increase by over 70% in the next two decades. Furthermore, growing demand for targeted therapy drugs and personalised medicine is expected to drive the chemotherapy drugs market during the forecast period.
Advancements in biotechnology have enabled development of biologics and targeted therapies for chemotherapy. Combination of chemotherapy with molecularly targeted drugs and immunotherapy has improved survival rates. Oral chemotherapy drugs offer convenience of home administration and have gained popularity. Development of nanoparticle-based drug delivery has minimized toxic effects and improved efficiency of chemotherapy.
Market Trends
The trend of personalized medicine is gaining traction in the chemotherapy market. Based on an individual’s genetic makeup and tumor biomarkers, personalized chemotherapy helps determine appropriate drugs and doses for optimal treatment outcomes. Another key trend is the shift from intravenous to oral drug formulations owing to ease of administration and improved patient adherence to treatment.
Market Opportunities
Growing demand for biosimilar and biologics based chemotherapy agents poised to create lucrative opportunities. These newer agents have minimal side effects and ability to target specific cancer cells. Emerging economies with large cancer patient pool and rising healthcare expenditure present significant growth potential for chemotherapy drugs market.
The COVID-19 pandemic has impacted the growth of the Chemotherapy Market in various ways. In the initial stages of the pandemic during 2020-21, many cancer patients avoided visiting hospitals for chemotherapy treatment due to fears of contracting the virus. Hospitalizations were limited to COVID-19 patients alone, with other treatments taking a backseat. This adversely impacted the Chemotherapy Market's growth trajectory. However, with time healthcare facilities adapted by taking adequate safety measures and protocols to screen and isolate COVID patients. Telemedicine also emerged as an important tool for cancer consultation and monitoring of patients.
Geographically, North America accounts for the largest share of the Chemotherapy Market in terms of value. This is mainly attributed to the presence of well-established healthcare infrastructure and higher adoption of advanced treatment options in the region. The growing incidence of cancer coupled with rising investments in oncology research by pharmaceutical companies is also propelling the market growth in North America. Meanwhile, the Asia Pacific region is poised to witness the fastest growth during the forecast period owing to increasing disposable income, growing cancer awareness, and expanding healthcare spending. Heightened focus on making cancer drugs accessible to a wider population base through supplemental funding schemes will further aid market development across major Asian countries.
Moving forward, greater research into combination therapies, targeted drugs and immunotherapies is expected post-COVID. Teleoncology is likely to play a bigger role in remote monitoring and support. Manufacturers would need to devise innovative supply chain and distribution strategies and build partnerships to ensure chemotherapy drugs remain available amid future unexpected healthcare disruptions. Enhanced collaboration between private and public healthcare organizations can help augment treatment access.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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