WELLESLEY, Mass., July 16, 2008–According to a new technical market research report, CANCER THERAPIES: TECHNOLOGIES AND GLOBAL MARKETS (HLC027B) from BCC Research, the global market for cancer therapies will be worth $47.3 billion in 2008. This should increase to over $110.6 billion by 2013, a compound annual growth rate (CAGR) of 12.6%.
The four main types of cancer therapy are chemotherapy, hormone therapy, target therapy and immunotherapy. Of these, the target therapy segment has the largest share of the market. Worth an estimated $22.9 billion in 2008, this segment should reach $69.1 billion in 2013, for a CAGR of 24.7%. Target therapy comprised approximately 45.0% of the overall market in 2007. This figure is expected to increase to 48.0% by the end of 2008 and 62.5% in 2013.
Chemotherapy has the second largest share of the market, worth $13.1 billion in 2007. This segment is expected to reach $14.3 billion in 2008 and $24.3 billion in 2013, for a CAGR of 11.2%.
The breast cancer therapy segment dominated the overall market in 2007 with 26.0% of the market share and $10.6 billion in revenue. This segment is forecast to reach $12.4 billion in 2008 and $26.5 billion in 2013, for a CAGR of 16.4%.
Although significant improvements in the diagnosis and development of various compounds to treat cancer have been made, cancer remains a major healthcare challenge worldwide. More than 11 million people are diagnosed with cancer every year, and the cancer therapy market is the second largest pharmaceutical market in terms of revenue after the cardiovascular drug market.
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Jason W. Prokowiew