Nordic Cancer Therapeutics Market Report (2021–2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The cancer therapeutics market size is expected to reach US$ 8,134.39 million by 2031 from US$ 3,960.76 million in 2024. The market is estimated to record a CAGR of 10.93% from 2025 to 2031.

Executive Summary and Nordic Cancer Therapeutics Market Analysis:

The global cancer therapeutics market is experiencing significant growth driven by growing burden of breast and lung cancer and surging investments in oncology research . The Danish government has been instrumental in facilitating advancements in cancer therapeutics by funding research and promoting collaborations among universities, hospitals, and the private sector. In November 2023, the Danish government allocated an additional funding of US$ 44.19 million (300 million DKK) for the extraordinary and urgent strengthening of cancer care services in 2024. Moreover, starting in 2025, permanent annual funding of US$ 88.39 million (600 million DKK) will be dedicated to the cancer plan. These ongoing fundings position Denmark at the forefront of the fight against cancer, aiming to reduce cancer incidence and enhance patient outcomes.

Nordic Cancer Therapeutics Market Segmentation Analysis:

Key segments that contributed to the derivation of the cancer therapeutics market analysis are therapy type, indication, and distribution channel.

By therapy type, the cancer therapeutics market is segmented into chemotherapy, targeted therapy, radiation therapy, hormone therapy, and other therapy types. The chemotherapy segment dominated the market in 2024. In terms of indications, the market is segmented into blood cancer, lung cancer, breast cancer, colorectum cancer, prostate cancer, stomach cancer, cervical cancer, liver and intrahepatic bile duct cancer, thyroid cancer, and other indications. The lung cancer segment held the largest share of the market in 2024. By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online stores. The hospital pharmacies segment held the largest share of the market in 2024.

Nordic Cancer Therapeutics Market Outlook

The Nordic cancer therapeutics market is segmented into Denmark, Sweden, Norway, Finland, and Iceland. Nordic countries are at the forefront of adopting innovative cancer treatments, particularly personalized medicine. By tailoring therapies to individual genetic profiles, targeted therapies and immunotherapies are improving patient outcomes. These advancements are attracting significant investment and attention, propelling the market for new cancer therapeutics. Norway's publicly funded and universally accessible healthcare system guarantees the availability of cancer treatments to all citizens. The Norwegian government has made significant investments in cancer research, particularly in creating new therapies and enhancing early detection methods. In 2023, the Norwegian Cancer Society allocated ~US$ 6.67 million (NOK 71 million) to MED researchers, marking a crucial contribution to the country's cancer research efforts.

Nordic Cancer Therapeutics Market Country Insights

Based on region, the Nordic cancer therapeutics market is further segmented into the Denmark, Sweden, Norway, Finland, and Iceland. The Sweden held the largest share in 2024.

The cancer therapeutics market in Sweden is a dynamic and evolving field, propelled by innovations in cancer treatment and government-supported initiatives designed to enhance healthcare outcomes. Companies such as AstraZeneca (Sweden) are at the forefront of developing immuno-oncology therapies to treat various cancer types, including lung and bladder cancer. The Swedish government has been actively involved in bolstering the oncology sector through initiatives that aim to improve cancer treatment and patient care. For instance, the Cancer Care Reform, i.e., Sweden's national cancer strategy, emphasizes ensuring access to effective and high-quality treatments for all cancer patients in the country. Additionally, the country's approach to cancer care is enhanced by initiatives such as the National Cancer Registry, which provides essential data for research and contributes to the overall quality of care. These databases play a crucial role in monitoring cancer incidence and treatment outcomes, facilitating continuous improvements in therapeutic approaches.

Nordic Cancer Therapeutics Market Company Profiles

Astellas Pharma Inc; Eli Lilly and Co; Novartis AG; Merck KGaA.; Johnson & Johnson; AstraZeneca; Pfizer Inc; Bristol Myers Squibb; F. Hoffmann-La Roche Ltd; and AbbVie are among the key players operating in the market. These companies are engaged in collaborative drug development to bring novel therapeutics for cancer in the market, aiming to stay ahead on competitive edge.

Nordic Cancer Therapeutics Market Research Methodology:

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations Industry trade journals and other relevant publications Government documents, statistical databases, and market reports News articles, press releases, and webcasts specific to companies operating in the marketNote:All financial data included in the Company Profiles section has been standardized to US$. For companies reporting in other currencies, figures have been converted to US$ using the relevant exchange rates for the corresponding year.

Primary Research

Business Market Insights conducts a significant number of primary interviews each year with industry stakeholders and experts to validate and analyze the data and gain valuable insights. These research interviews are designed to:

Refine findings from secondary research Enhance the expertise and market understanding of the analysis team Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects Primary research is conducted via email interactions and telephone interviews with industry experts across various markets, categories, segments, and sub-segments in different regions. Participants typically include:

Industry stakeholders:

Vice Presidents, business development managers, market intelligence managers, and national sales managers External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise Key Sources Referred:

World Health Organization (WHO) Macmillan Cancer Support Global Cancer Observatory Eurostat Danish Cancer Society European Cancer Information System (ECIS)