Market Size of North America Cancer Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.10 % |
| Market Concentration | Medium |
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?
North America Cancer Therapies Market Analysis
The North America cancer therapy market is estimated to grow at a CAGR of 8.1% during the forecasted period.
The COVID-19 pandemic has affected the healthcare systems globally and also has had a significant impact on the cancer therapy market. As per the article published in November 2020 titled "Studies Evaluate Impact of COVID-19 on Cancer Care", by Cancer Connect, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types - breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. Moreover, in the COVID-19 era, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including precautionary measures, lack of personal protective equipment, and staff shortage as per the research article published in the JCO Global Oncology 2020. Additionally, this impact was more pronounced in low-income countries. Thus, the COVID-19 pandemic has impacted the cancer therapy market.
Certain factors that are driving the market growth include the rising prevalence of cancer, strong research and development (R&D) initiatives from key players, and growing government initiatives for cancer awareness.
Additionally, the high concentration of key players in North America, increasing Food and Drug Administartion (FDA) approvals, strategic alliances, and high investment in research and development activities are expected to boost the market in the region. For instance, in November 2020, Merck & Co. Inc entered into a definitive agreement to acquire Velosbio Inc., which is a privately held clinical-stage biopharmaceutical company committed to developing first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). Similarly, in March 2020, Johnson and Johnson received the United States Food and Drug Administration (USFDA) Breakthrough Therapy Designation for JNJ-61186372 (JNJ-6372) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC). Thus, given the aforementioned factors, the cancer therapy market is expected to grow significantly over the forecast period in North America.
However, fluctuation in reimbursement policies and high cost of cancer therapies is expected to hinder the growth of the market.
