Anti-cancer Drugs Market Rising at 7.5% CAGR to Top US$ 411.7 Billion by 2034: Fact.MR Analysis
Increasing Focus on Making Anti-cancer Drugs Accessible Globally Propels Manufacturers to Develop Cost-effective Solutions
Rockville, Nov. 27, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Anti-cancer Drugs Market is estimated at US$ 198,957.9 million in 2024, projected to develop steadily with a 7.5% CAGR through 2034. The market size is projected to surpass a valuation of US$ 411,789.3 million by 2034.
The World Health Organization (WHO) reports that one of the leading causes of mortality globally is cancer. Over 10 million fatalities, or around one in six deaths, were due to cancer in 2020. As a result, the anti-cancer drugs market stands as a critical frontier in the fight against cancer. To lower the occurrence rate, medical professionals are focusing on facilitating the development of effective treatment and diagnostic strategies.
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Key Segments of Anti-cancer Drugs Industry Research Report
By Drug Class
By Distribution Channel
Every business is undergoing change due to recent technology breakthroughs, and the healthcare sector is no exception. A more individualized approach to cancer treatment is made possible by cutting-edge technologies like targeted therapy and precision medicine, which guarantee that medications are customized to each patient’s unique features and produce better results.
The global rise in medical tourism, the ongoing development of promising medications, and the increasing involvement of key companies in product development create a favorable environment for market expansion. Additionally, the unexplored market holds enormous growth potential, further enhancing the prospects for the anti-cancer drugs market. These combined factors underscore a promising future for the industry.
In terms of both revenue and new medication discoveries, North America is anticipated to lead the regional anti-cancer medicine market. On the other hand, because of the region’s improving healthcare conditions, growing economy, and more government activities, East Asia is predicted to see rapid expansion in the industry.
Key Takeaways from the Market Study
The global anti-cancer drugs market is projected to expand at a CAGR of 7.5% through 2034.
The North America anti-cancer drugs market is expected to develop at a promising CAGR of 7.7% through 2034.
The anti-cancer drugs industry in the United States holds a dominant share of 86.7% in 2024. The United States dominates the global anti-cancer drugs market, valued at US$ 71,571 million in 2024, with factors such contributing to its dominance.
The anti-cancer drugs industry in Japan is expected to rise at a CAGR of 6.8% through 2034.
Based on the drug class, targeted therapy is likely to hold a 58.8% market share in 2024.
The breast cancer segment is set to dominate the indication category with a 22.0% share in 2024.
“A new therapy that specifically targets cancer cell lysosomes is an example of how cutting-edge technologies and anti-cancer medications are coming together to bring forth a transformative age. Lysosomes, which are essential for cellular disintegration, are now a crucial area of interest, providing a possible way to overcome medication resistance in cancer cells. With its robust approach to counter resistance and improve treatment efficacy, this discovery has the potential to change the anti-cancer drugs market completely.” says a Fact.MR analyst.
Top Contenders Diversify Anti-cancer Drug Pipelines for Competitive Edge
Leaders in the sector use multiple approaches to control the highly competitive anti-cancer drugs market. These firms place a high priority on research and development, contributing significantly to the investigation of state-of-the-art technologies to discover new anti-cancer drugs. In order to reach different markets and strengthen their position as leaders in the global battle against cancer, they are forming strategic alliances and emphasizing acquisitions. To reduce risks and guarantee a steady stream of possible discoveries, these industry leaders also deliberately diversify their drug portfolios throughout different phases of development.
Small anti-cancer drug market start-ups use their agility to carve out distinctive markets. These start-ups set themselves apart and spur innovation by concentrating on certain cancer forms or cutting-edge therapy modalities. Their dedication to rapid development methods is clear; they place a strong emphasis on adaptability and quickness to launch new anti-cancer medications ahead of their more established competitors.
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Value Projection (2034)
USD 411,789.3 Million
Growth Rate (2024-2034)
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the anti-cancer drugs market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market by drug class (cytotoxics, hormonal therapy, targeted therapy), by indication (prostate cancer, lung cancer, breast cancer, melanoma, colon and rectum cancer, others), by distribution channel (hospital pharmacies, retail pharmacies), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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