Global Cancer Therapeutics Market is Expected to Grow at a CAGR of 10.4% in the Forecast Period of 2024-2032

The global cancer therapeutics market size is expected to expand in the coming years. The demand for cancer therapeutics is powered by the increased government spending in R&D firms. The rising occurrence of cancer worldwide also increases the growth of the cancer therapeutics industry. Based on the application, breast cancer accounts for the largest market share in 2020 and, due to its high prevalence, the form of cancer is projected to remain dominant over the forecast period. Researchers at the ICR in London have confirmed that they have discovered a way to inhibit the escape of three negative breast cancer cells, and this new approach will interrupt the main mechanism in the progression of cancer. The team used a drug named BOS172722 from Boston Pharmaceuticals to rapidly differentiate cancer cells. Such developments are expected to drive the growth of the segment. In addition, breast cancer is also identified as the most prevalent cancer in the United States, which supports the segment's rise in the cancer therapeutics industry.

In March 2021, AbbVie (NYSE: ABBV), one of the key players in the industry, received a much-awaited approval for VENCLYXTO combination regime by the European Commission for patients with previously untreated chronic lymphocytic leukaemia. It is the third approval of VENCLYXTO, the first-ever B-cell lymphoma-2 (BCL-2) inhibitor. BCL-2 refers to a protein that prohibits apoptosis from occurring in cancer cells, a mechanism leading to the eventual death or self-destruction of cancer cells. VENCLYXTO is also approved for use in combination with rituximab for adult patients with CLL who have undergone at least one prior therapy and as in case of 17p deletion or TP53 mutation in adult patients who were not eligible for or failed a B- pathway inhibitor as a monotherapy in the treatment of CLL (chronic lymphocytic leukaemia).

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Market Analysis by Top Selling Drugs, Application, and Regions:

• Based on top selling drugs, the market can be divided into Revlimid, Avastin, Herceptin, Rituxan, Opdivo, Gleevec, Velcade, Imbruvica, Ibrance, Zytiga, Alimta, Xtandi, Tarceva, Perjeta, Temodar, and others.

• It finds wide application in the treatment of blood cancer, lung cancer, breast cancer, colorectal cancer, cervical cancer, prostate cancer, head and neck cancer, malignant meningioma, glioblastoma, mesothelioma, and melanoma, among others.

• The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising cases of cancer throughout the world is driving the growth of the global therapeutics market.

• The increasing cooperation among various pharmaceutical companies is further driving the market growth.

• The rising advancement and innovation in cancer-research sector is also driving the market growth.

• The growth in the geriatric population is further pushing the development of the market.

• The increasing demand for personalised medicine is another major demand driver for the market.

• The rising investment in the healthcare sector is providing further impetus to the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global cancer therapeutics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the top selling drugs, application, and regional markets of cancer therapeutics.

• It also assesses the market based on SWOT and Porter's Five Forces models.

The major key players in the global cancer therapeutics market include companies like AbbVie Inc., Astellas Pharma Inc., Bristol Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co., Inc., Novartis AG, and Pfizer Inc., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.

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