Cancer is ranked among the top causes of death globally, and recent data indicates that the number of cancer related cases is only expected to rise. As a result, the global cancer therapeutics market is projected to grow.
According to a research by Allied Market Research, the global cancer therapeutics market size was valued at USD 98,900 Million in 2018 and is expected to reach USD 180,193 Million by 2026 while registering a CAGR of 7.7 percent from 2019 to 2026.
Among the many factors influencing the cancer therapeutics segment is the increase in cancer prevalence, growth of the geriatric population, surge in collaboration between pharmaceutical companies and the rise in cancer research.
However, the high cost linked with oncology drug development and with adverse effects associated with cancer therapeutics are restraining the market growth. Yet, it is the upsurge in demand for personalized medicine and the potential of developing nations that is expected to provide new opportunities for the many market players in the future. In addition, an increase in competition and continuous technological advancements have led to improved product portfolios and more often product approvals.
To illustrate the dire need for new cancer therapeutic developments, the National Cancer Institute provided revealing statistics. The institute estimated that 1.73 million people in the U.S. were affected by cancer in 2018. Additionally, the report also suggested that 609,640 people passed away due to cancer in the same year. Overall, cancer research has accelerated over the past several decades. And typically, most cancer patients undergo various types of therapies such as chemotherapy or radiotherapy. Generally, these therapies use stimulants such as anti-cancer drugs or radiation to eradicate cancerous cells. However, the acceleration of the cancer technology market has introduced new procedures such as personalized treatments.
Notably, formalin-fixed paraffin-embedded (FFPE) has become a crucial part of cancer research in labs in recent years. FFPE is a form of preservation and preparation for biopsy specimens that aid in the examination, experimental research, and diagnostic/drug development. A tissue sample is first preserved by fixing it in formaldehyde to preserve the proteins and vital structures within the tissue. These tissues are then frequently used in immunohistochemistry (IHC). The information provided from IHC can aid doctors in spotting signs of diseases such as cancer or Alzheimer's. Now, as the cancer treatment industry continues to advance, medical researchers are continuing to develop treatments and therapies that will effectively eliminate or limit the condition in patients. And with the number of cases emerging around the world, the biotechnology market is primed to witnessed substantial growth.