Cancer Therapeutics Market Size to Reach US$ 176 Bn by 2026

LOS ANGELES, Nov. 27, 2019 /PRNewswire/ -- The global cancer therapeutics market is expected to grow at a CAGR of around 7.8% over the forecast period 2019 to 2026 and reach the market value of over 176 billion by 2026.

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In 2018, North America dominated the regional market with maximum share. The well-established healthcare infrastructure and early adoption of new technologies in the region is favoring market growth. The high prevalence of cancer in the region due to the rapidly changing lifestyle is contributing to the market growth. In addition, according to National Cancer Institute (NCI), 15.5 million cancer survivors were estimated in the United States in the year 2016. Additionally, according to the institute, US-based cancer survivors are anticipated to increase to 20.3 million during the forecast period of 2026.

On the basis of application, breast cancer accounted for the largest market share in the year 2018 and the cancer type is also expected to maintain its dominance over the forecast period owing to its high prevalence.  For instance, scientists at the Institute of Cancer Research (ICR) in London announced that they have found a way to prevent the escape of triple-negative breast cancer cells, and the new way can disrupt the key process in the evolution of cancer. The team has used a drug from Boston Pharmaceuticals called BOS172722 for the rapid division of cancer cells. Apart from these, breast cancer is also diagnosed as the most common cancer in the US region, which is also supporting the growth of the segment.

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By treatment type, targeted therapy dominated the market with the largest share and the segment is also expected to maintain its dominance over the forecast period owing to its advantage over its substitutes. The advantage associated with the targeted therapy includes less harm to normal cells and fewer side effects among others. The targeted therapy is used as maintenance treatment for advanced cancer to prevent the comeback cancer is also a factor supporting the growth of the segment.

Some of the leading competitors are AbbVie Inc., Astellas Pharma Inc., Bristol Myers Squibb Company, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co., Inc., Novartis AG, and Pfizer Inc. among others. The key players of the cancer therapeutics market are involved in research & development activities for providing more advanced and efficient solutions to the patients for early recovery.

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Some of the key observations regarding Cancer Therapeutics industry include:

• Kymera Therapeutics Inc., a biotechnology company announced to present preclinical data demonstrating the potency and antitumor activity of a selective stat3 degrader at the AACR-NCI-EORTC international conference in 2019, focused on molecular targets and cancer therapeutics.
• The Texas Medical Center (TMC) Innovation Institute campus comprises several different enterprises from labs to co-working spaces to accelerator programs. The TMC innovation is starting a new program for early-stage startups, which are focused on developing novel cancer therapeutics.
• Mirati Therapeutics, Inc. a clinical-stage targeted oncology company, announced to present a Pre-Clinical And Initial Clinical Data at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in 2019 at Hynes Convention Center, Boston. The data is focused on MRTX849, a novel and optimized KRAS G12C inhibitor.
• Virginia Tech has announced a cancer research initiative with the development of a university-wide cancer research strategy. The strategy is intended for creating and expanding synergies among more than 30 existing research teams. The initiative is focused to find a new way to prevent, quickly diagnose, and treat cancers.
• Verseau Therapeutics, Inc. launched with US$50 Mn in financing from 3SBio, Alexandria Venture Investments, 20/20 HealthCare Partners, Highlight Capital, InHarv Partners Ltd., The Mark Foundation for Cancer Research and Yonghua Capital. The launch is intended to develop in-Class Macrophage-Targeted Immunotherapies. Former Executive Vice President of Celgene and a champion of innovation honored with Ph.D. named George Golumbeski, appointed as the chairman of the Verseau Board of Directors.
• Immunomic Therapeutics, Inc. announced a presentation in 2019 at the Precision Lung Cancer World R&D Summit, Boston. The talk is likely to be initiated by the Business Development Advisor of Immunomic, with the title "Current & Future Application of the UNITE Platform in Cancer Immunotherapy."

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