Market Size of Europe Cancer Therapeutics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 58.32 Billion |
| Market Size (2029) | USD 75.79 Billion |
| CAGR (2024 - 2029) | 5.38 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Cancer Therapeutics Market Analysis
The Europe Cancer Therapeutics Market size is estimated at USD 58.32 billion in 2024, and is expected to reach USD 75.79 billion by 2029, growing at a CAGR of 5.38% during the forecast period (2024-2029).
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.
