The cancer therapeutics market size is expected to reach US$ 8,146.85 million by 2031 from US$ 4,231.97 million in 2024. The market is estimated to record a CAGR of 9.82% from 2025 to 2031.
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.
Key segments that contributed to the derivation of the cancer therapeutics market analysis are therapy type, indication, and distribution channel.
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.
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.
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 players adopt strategies such as expansion, product innovation, and mergers and acquisitions to stay competitive in the market and offer innovative products to their consumers.
The following methodology has been followed for the collection and analysis of data presented in this report:
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:
Note: 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.
The Insight Partners 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:
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: