In 2022, the U.S. cancer therapeutics market was valued at USD 32.1 billion and is projected to reach USD 69.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.1% from 2023 to 2030. The increasing incidence of cancer in the country is a key factor driving market growth. Major risk factors contributing to rising cancer cases include smoking, alcohol consumption, obesity, and unhealthy dietary habits. The expansion of the market is further supported by the increasing prevalence of cancer, strong research and development efforts by key pharmaceutical companies, and heightened government awareness campaigns.
Additionally, various initiatives by governments and international health organizations aimed at raising cancer awareness and reducing the disease burden are expected to boost market demand. The development of innovative drug candidates targeting different tumor types by leading pharmaceutical companies is also anticipated to drive growth. Advanced medical infrastructure and cutting-edge technology in hospitals enable more precise diagnoses and effective treatment, further strengthening the market.
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Role of Key Industry Players
The U.S. cancer therapeutics market is poised for growth due to the presence of major pharmaceutical companies, increased FDA approvals, strategic partnerships, and substantial investments in research and development. For instance, in November 2020, Merck & Co. Inc. finalized an agreement to acquire Velosbio Inc., a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). Similarly, in March 2020, Johnson & Johnson received Breakthrough Therapy Designation from the FDA for JNJ-61186372, a drug designed to treat metastatic non-small cell lung cancer.
Rising Cancer Cases Driving Market Demand
The U.S. has experienced a concerning rise in cancer cases, highlighting the urgent need for innovative therapies. Contributing factors include an aging population, lifestyle choices, and environmental influences, all of which have intensified the demand for advanced treatments. According to the American Cancer Society’s Cancer and Figures 2022 report, approximately 1.9 million new cancer cases were recorded in 2022. The most commonly diagnosed cancers in 2020 included breast cancer (253,465 cases), lung cancer (227,875 cases), prostate cancer (209,512 cases), and colon cancer (101,809 cases). The increasing prevalence of cancer is expected to drive demand for effective therapeutic solutions throughout the forecast period.
Technological Advancements in Cancer Treatment
Significant technological breakthroughs have revolutionized cancer treatment in the U.S. Innovations in precision medicine, immunotherapy, and targeted therapies have allowed for more personalized treatment approaches, improving patient outcomes. One notable advancement, CAR-T cell therapy, has demonstrated remarkable success in treating blood cancers.
In May 2021, the FDA approved Amgen’s LUMAKRAS (sotorasib) for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) in adults with KRAS G12C mutations. Additionally, in September 2022, the FDA granted accelerated approval for Retevmo, a drug targeting RET fusion, a genetic alteration that promotes cancer growth. This further reinforces the potential of precision medicine in providing effective treatments tailored to specific tumor biology.
Progress in Breast Cancer Treatment
The U.S. cancer therapeutics market has seen significant advancements in breast cancer treatment, improving patient care and outcomes. Innovations such as targeted therapies, immunotherapies, and precision medicine have enabled personalized treatment plans that enhance efficacy while minimizing side effects.
Notable advancements include the introduction of PARP inhibitors, CDK4/6 inhibitors, and HER2-targeted therapies. In November 2021, AstraZeneca and Merck Sharp & Dohme (MSD) received Priority Review status in the U.S. for Lynparza (olaparib), a treatment for patients with high-risk, early-stage HER2-negative breast cancer carrying BRCA mutations. AstraZeneca and MSD are collaborating on the development and commercialization of Lynparza.
Additionally, in August 2022, the FDA approved Enhertu (fam-trastuzumab-deruxtecan-nxki), an intravenous infusion therapy designed for patients with HER2-low breast cancer that is either inoperable or has metastasized.
Impact of COVID-19 on the Market
The COVID-19 pandemic had a mixed impact on the U.S. cancer therapeutics market. While it initially caused disruptions in clinical trials and delayed drug approvals, the industry quickly adapted by implementing virtual trials and accelerating research efforts.
However, patient access to cancer treatments was affected, leading to temporary adjustments in treatment protocols. According to a study published by Cancer Connect in November 2020, researchers at the Dana-Farber Cancer Institute found a 46% decline in the detection of the six most common cancer types—including breast, colorectal, lung, pancreatic, gastric, and esophageal cancers—during the pandemic.
Similarly, a 2020 study in JCO Global Oncology reported that 88% of cancer treatment centers faced difficulties in providing standard care due to COVID-19-related challenges, such as protective measures, shortages of personal protective equipment (PPE), and staffing deficits.
Market Report Scope
The report “United States Cancer Therapeutics Market Assessment, Opportunities, and Forecast, 2016-2030F” by Markets & Data provides a comprehensive analysis of the U.S. cancer therapeutics market. It covers industry trends, market size, segmental analysis, growth drivers, the impact of COVID-19, and forecasts for 2023-2030. Additionally, it profiles leading industry players, highlighting their market share, business strategies, and competitive landscape.
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