The Chemotherapy Market is estimated to be valued at USD 18.35 Billion in 2031

  • Ronak Shah
  • U.S.A
  • January 23, 2025

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the chemotherapy market. Coherent Market Insights’ analyst projected the chemotherapy market to be valued at USD 18.35 Bn in 2024. It is expected to exhibit a CAGR of 7.8% over the forecast period 2024 -2031.

Increased occurrences of cancer all over the world drives market growth. World Health Organization has termed cancer as the cause of nearly 10 million deaths worldwide in 2020.

Additionally, increase in geriatric population is also contributing to the growth of the cancer patient pool as geriatric persons are more prone to developing cancer due to weakening of immunity with age. For example, as per the United Nations, persons aged 60 years or above are likely to double by 2050 and reach around 2 billion.”.

Key market trends include Increasing adoption of targeted therapy: Targeted therapy is gaining popularity as it targets specific molecular changes within a cancer cell that help cancer to grow, progress, and spread. This helps avoid harmful effects on normal cells.

Growing pipeline of biosimilars: Biosimilars are expected to penetrate the chemotherapy market significantly in the forecast period. This is due to patent expiration of prominent drugs and reduced prices of biosimilars compared to original biologics. This will increase accessibility and affordability of cancer treatment.

 

Chemotherapy Market Opportunities: The chemotherapy market size was valued at USD 10.87 billion in 2024 and is expected to reach USD 18.35 billion by 2031, registering a CAGR of 7.8% during the forecast period. The main factors driving the market are the growing prevalence of cancer and the increasing focus on targeted drug therapies.

The chemotherapy drugs segment dominated the market share by over 30% in 2024. This is mainly due to these drugs that are administered to patients suffering from various cancers, such as breast, lung, and blood cancers. Some of the well-known drugs under this class include cisplatin, carmustine, lomustine, and cyclophosphamide. The ongoing research in developing novel drugs belonging to this class will further strengthen the segment growth.

Lung cancer had the highest market share of more than 20% in the chemotherapy cancer type segment in 2024. NSCLC is the most common type of lung cancer. Increasing demand for targeted lung cancer therapies and combination drug regimens is driving the sales of chemotherapy drugs for lung cancer treatment.

Key Market Takeaways: The chemotherapy market is anticipated to witness a CAGR of 7.8% during the forecast period 2024-2031. This is owing to rising global cancer incidence rates.

On the basis of drugs, alkylating agents’ segment is expected to hold a dominant position. This is owing to extensive use in breast, lung and blood cancers.

On the basis of cancer type, lung cancer is expected to hold a dominant position over the forecast period. This is owing to rising prevalence of NSCLC.

On the basis of region, North America is expected to hold a dominant position over the forecast period. This is due to well-established healthcare infrastructure and rising healthcare expenditure.

 

Competitor Insights: Key players operating in the chemotherapy market include Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Novartis AG, GSK plc., Sanofi, Amgen Inc., Gilead Sciences, Inc., Boehringer Ingelheim International GmbH., AbbVie Inc., Merck & Co., Inc.

Recent Developments: In January 2023, the FDA approved tucatinib (Tukysa) in combination with trastuzumab for treating RAS wild-type HER2-positive unresectable or metastatic colorectal cancer that has progressed after fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy. Seagen Inc. is a biotechnology company. More information in full report

Summary

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