Cancer Therapy Market Observes an Outstanding Growth in Revenue of US$ 300,830.5 Mn By 2028 with a CAGR 8.4%

 

Cancer Therapy Market

Due to the rising cancer burden worldwide, supportive government initiatives, and campaigns to raise awareness of the disease, the market for cancer therapies is expanding rapidly on a global scale. Furthermore, the Cancer Therapy Market is anticipated to develop as need for secure and efficient cancer medicines increases globally. The development of the worldwide cancer therapy market, however, is anticipated to be constrained by factors such the high cost of cancer medicines and their adverse effects.

Cancer therapy is the use of surgery, radiation, medication, and other treatments to eradicate a malignancy, reduce a tumour, or halt tumour growth. Chemotherapy, radiation therapy, immunotherapy, and targeted therapy are the most often used treatments.

The Global Cancer Therapy Market Was Valued At US$ 171,143.8 Mn In 2021 And Is Forecast To Reach A Value Of US$ 300,830.5 Mn By 2028 At A CAGR Of 8.4% Between 2022 And 2028.

During the anticipated timeframe, it is expected that an increase in cancer cases would fuel the expansion of the global market for cancer therapies. Cancer therapy helps to treat a tumour, reduce a malignancy, or halt the progression of cancer. Radiation therapy uses high-energy beams to kill cancerous tissues, whereas chemotherapy uses drugs to kill tumour cells. According to the WHO, cancer was the leading cause of death worldwide in 2020, accounting for around 10 million deaths, or one in every six. The colon, prostate, breast, lung, and rectum tumour were the most common cancers.

Companies in the global cancer therapy market are expected to benefit from lucrative growth prospects due to the predicted increase in medical test demand or increase in R&D globally. For instance, the CAR-T therapy emerged as a breakthrough in cancer treatment in June 2021. Clinical trials carried out all around the world have demonstrated positive results in end-stage patients, especially in patients' discomfort from ALL. This initial phase pilot medical test for gene therapy is unique to India. For conducting a first-in-human phase-1/2 medical test of the CAR-T cells, the team has received funding from the central regulatory NBM-BIRAC worth 19.15 crore (INR).

Major Companies involved are- Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company, among others

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