Market Size of Global Cancer Therapy Industry
| Study Period | 2021-2029 |
| Market Size (2024) | USD 220.24 Billion |
| Market Size (2029) | USD 409.68 Billion |
| CAGR (2024 - 2029) | 10.64 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cancer Therapy Market Analysis
The Global Cancer Therapy Market size is estimated at USD 220.24 billion in 2024, and is expected to reach USD 409.68 billion by 2029, growing at a CAGR of 10.64% during the forecast period (2024-2029).
The factors driving the market's growth include increasing patient assistance programs (PAPs), increasing government initiatives for cancer awareness, the rising prevalence of cancer worldwide, vital R&D initiatives from key players, and the increasing demand for personalized medicine. For instance, in November 2023, the American Cancer Society introduced a new program, Community Access to Resources, Education, and Support (ACS CARES), which provides quality information and one-on-one support to cancer patients through the mobile application. This program focuses on improving the accessibility of cancer care services to patients and caregivers by improving information. Thus, such initiatives may enhance the adoption of cancer therapy and contribute to the market's growth.
The technological advancements to enhance the planning of personalized medicines fuel the demand and raise its adoption; thus, it is expected to contribute to the market's growth. Artificial intelligence-based technology for personalized care medicine improves healthcare professionals in therapy planning and early multi-cancer diagnostics. It is used in applications such as developing personalized medical products by utilizing patient data to improve the effectiveness and safety of therapy for cancer patients, fueling the demand for personalized medicine.
Furthermore, the growing burden of cancer globally further raises the need for cancer therapies to treat different types of cancers and is anticipated to drive market growth. For instance, in January 2024, according to the American Cancer Society, over 18 million Americans were reported to have a history of cancer in the year 2022. It is estimated that over 2 million new cancer cases are expected to be diagnosed in the United States in 2024.
Thus, the factors above, such as the rising burden of cancer, the increasing number of government initiatives, and increasing demands for personalized medicine, contribute to the market's growth of cancer therapy during the forecast period. However, the fluctuations in reimbursement policies and the high cost of cancer therapies can impede the market's growth.
