Europe Cancer Therapeutics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Europe Cancer Therapeutics Market Analysis

The Europe Cancer Therapeutics Market size is expected to grow from USD 55.34 billion in 2023 to USD 71.92 billion by 2028, at a CAGR of 5.38% during the forecast period (2023-2028).

At the start of the global spread of COVID-19 in early 2020, patients with cancer were designated as a particularly vulnerable subgroup of the population. Cancer patients have been reported to be both at increased risk of contracting SARS-CoV-2 infection and of running a more severe disease course, with a higher proportion requiring greater levels of intensive care, having a more rapidly evolving disease, and an increased risk of death. Additionally, it seems that cancer treatment does not associate with COVID-19 severity, which could help cancer patient's well-being during this pandemic. The consequences of this pandemic for the cancer therapeutics market seemed to be heavy, as the entire healthcare system got reorganized.

The driving factors for the growth of the European cancer therapeutics market include the ease in regulatory approval for novel cancer therapy in Europe, the rising prevalence of cancer, and strong R&D investments by the key players in the region. According to the International Agency for the Research on Cancer, 2021 data reported that the number incidence of cancer cases for the European region in the year 2020 was 4.79 million cancer cases and the number is expected to increase to 6.07 million by 2040. Thus, increasing the incidence of cancer cases is more likely to drive the market.

In addition, the heavy investments made in R&D activities have enhanced the development of cancer therapeutics. Furthermore, favorable government regulations for cancer therapeutics and recent mergers, acquisitions, and launches within the key market players have also boosted the growth of the market. For instance, in May 2020 Boehringer Ingelheim acquired Northern Biologics, a wholly owned subsidiary of Northern LP. This acquisition has assisted the company to add two complementary assets to its existing cancer immunology portfolio including cancer vaccines, oncolytic viruses, T-cell engagers, and myeloid cell modulators.

Thus, due to the aforesaid mentioned reasons the company is expected to show significant growth over the forecast period, however high cost of cancer therapies, and inequality in access to cancer therapy across Europe may slow down the growth of the market.

Europe Cancer Therapeutics Market Trends

This section covers the major market trends shaping the Europe Cancer Therapeutics Market according to our research experts:

Target Therapy is Expected to Witness Significant Growth over the Forecast Period (2022-2027)

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Europe Cancer Therapeutics Industry Segmentation

As per the scope of the report, Europe cancer therapeutics 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. The cancer therapeutics market is segmented by Treatment Type (Chemotherapy, Target Therapy, Immunotherapy (Biologic Therapy), Hormonal Therapy, Other Treatment Types), Cancer Type (Blood Cancer, Breast Cancer, Prostate Cancer, Gastrointestinal Cancer, Gynecologic Cancer, Respiratory/Lung Cancer, Other Cancer Types), By End-Users (Hospitals, Specialty Clinics, Cancer and Radiation Therapy Centers, and Geography (Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)). The report offers the value (in USD million) for the above segments.

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