Market Trends of Global Cancer Therapy Industry
The Targeted Therapy Segment is Expected to Witness Significant Growth during the the Forecast Period
The drugs that work by targeting the proteins or specific genes in the cancer cells are known as Targeted Therapy. Researchers are exploring a wide range of novel targets in the quickly expanding field of targeted therapy in cancer research, contributing to the growth of the Targeted Therapy Market.
The introduction of patient assistance programs supports the accessibility and growth of the Targeted Therapy Market segment. For instance, in July 2023, the Ministry of Health in Vietnam launched a patient assistance program to improve the affordability of targeted therapy Brentuximab vedotin drug and improve patients' quality of life with malignant lymphoma. Additionally, the same resource reported that malignant lymphoma is increasingly rising and is considered in the list of 35 most common cancers in Vietnam. Thus, the affordability of the drug enhances its adoption for the treatment of malignant lymphoma and fuels the segment's growth.
Moreover, the growing burden of cancer cases such as lymphoma fuels the need for Targeted Therapy for its treatment as this therapy effectively targets tumors; thus, it's anticipated to contribute to the growth of the Targeted Cancer Therapies Market. For instance, according to the American Cancer Society, around 89,100 new lymphoma cases are expected to be diagnosed in 2024 in the United States. Thus, the high prevalence of cancer cases fuels the need for targeted therapy and drives market growth.
The market players' key developments in Targeted Therapy have also boosted the segment's growth. For instance, in August 2023, Eli Lilly and Company introduced the positive outcomes from the LIBRETTO-431 study, in which the targeted therapy Retevmo (selpercatinib) represented an improvement in progression-free survival (PFS) in comparison to the PD-1 inhibitor plus Chemotherapy for patients who have advanced or metastatic non-small cell lung cancer (NSCLC).
In December 2022, Ferring Pharmaceuticals got approval from the United States Food and Drug Administration (US FDA) for its adenovirus vector-based Gene Therapy, Adstiladrin (nadofaragene firadenovec-vncg). The targeted gene therapy vector is intended for the treatment of Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors of high-risk adult patients.
Thus, given the increasing product approvals and growing research activities for targeted cancer therapy development, the studied segment is anticipated to grow during the forecast period.
North America Currently is Expected to Witness Significant Growth during the the Forecast Period
North America is expected to increase its market share during the forecast period, owing to the increased adoption of Cancer Therapy and the high burden of cancers in the United States. For instance, according to the data published by the Canadian Cancer Society in November 2023, an estimated 239,100 individuals in Canada were diagnosed with cancer in 2023, and around 45% of individuals are expected to be diagnosed with cancer during their lifetime.
Furthermore, the high concentration of key players in North America, with strategic initiatives such as product approvals and increased investment in research and development activities, is anticipated to stimulate the Cancer Treatment Market in the region. For instance, in January 2023, Kite, the subsidiary of the Gilead Company, and Arcellx, Inc. signed a global strategic alliance to co-develop and co-commercialize CART-ddBCMA, Arcellx's lead late-stage product candidate. The Cancer Therapy is intended for treating patients with relapsed or refractory multiple myeloma. Similarly, in November 2022, AstraZeneca received USFDA approval for its Imjudo (tremelimumab) plus platinum-based Chemotherapy for treating Stage IV (metastatic) non-small cell lung cancer (NSCLC) in adult patients.
Thus, given the factors above, such as the increasing burden of cancer and strategic initiatives taken by the market players, the Cancer Therapy Market in North America is expected to grow significantly over the forecast period.
