Global & United States Cancer Therapeutics Market to 2031

In 2022, the American Cancer Society reported that over 1.9 million new cancer cases were diagnosed in the United States, resulting in approximately 610,000 deaths. By 2024, the number of new diagnoses is projected to reach around 2 million. Colorectal cancer ranks as the third most commonly diagnosed cancer among both men and women in the U.S., according to the American Society of Clinical Oncology. In 2023, about 150,000 adults were diagnosed with colorectal cancer, including 106,970 cases of colon cancer (54,420 in men and 52,550 in women) and 46,050 cases of rectal cancer (27,440 in men and 18,610 in women). This growing incidence of cancer highlights the urgent need for advanced treatment options such as immunotherapies and targeted therapies. The expanding patient population is a key factor driving growth in the cancer therapeutics market as healthcare providers seek more effective approaches to treatment.

Recent FDA approvals highlight the ongoing innovation in cancer treatment. In April 2024, AstraZeneca and Daiichi Sankyo's Enhertu (trastuzumab deruxtecan) received FDA approval for the treatment of adults with unresectable or metastatic HER2-positive solid tumors who have not responded adequately to previous systemic therapies. In August 2023, the FDA approved a treatment regimen that combines the chemotherapy drugs trifluridine and tipiracil (Lonsurf) with the targeted therapy bevacizumab (Avastin) for patients with metastatic colorectal cancer who have already undergone multiple cycles of chemotherapy. Additionally, in November 2022, AstraZeneca's Imjudo (tremelimumab) was approved in combination with platinum-based chemotherapy for the treatment of Stage IV non-small cell lung cancer (NSCLC).

The growing adoption of novel therapies, especially immunotherapies and targeted treatments, is transforming cancer care. Many of these therapies are being fast-tracked by the FDA through initiatives like the Breakthrough Therapy Designation, accelerating their availability. Consequently, the combination of increasing cancer prevalence and proactive efforts by key industry players is expected to significantly boost the cancer therapeutics market in the forecast period.