The cancer therapeutics market size is expected to reach US$ 2,20,296.70 million by 2031 from US$ 96,352.25 million in 2024. The market is estimated to record a CAGR of 12.7% from 2025 to 2031.
The cancer therapeutics market in North America is experiencing significant growth driven by several key factors, including growing burden of breast and lung cancer and surging investments in oncology research. The North America medical device support arms market is segmented into the US, Canada, and Mexico. Canada is burdened with the rising incidence of cancer. According to the data published by Statistics Canada, ~0.23 million people in the country were diagnosed with cancer in 2022, and the disease caused ~0.08 million deaths. The most commonly diagnosed cancers in the Canadian population are lung, breast, prostate, and colorectal. As per the Canadian Cancer Society, ~28,600 women were diagnosed with breast cancer in 2022, representing 25% of new cancer cases in women in the country. Nearly one in eight Canadian women is estimated to develop breast cancer during their lifespan. The Canadian government's commitment to advancing cancer treatment is evident through programs such as the Canadian Cancer Research Alliance (CCRA), which has invested in research and the development of new therapies. Drugs, such as Keytruda, are gaining traction, offering patients more effective treatments with fewer side effects.
Key segments that contributed to the derivation of the cancer therapeutics market analysis are type and application.
The North America medical device support arms market is segmented into the US, Canada, and Mexico. North America, particularly the US, records a high prevalence of cancer; moreover, a large aging population is at a greater risk of the disease. The rising number of cancer cases fuels the demand for advanced therapeutics and treatment options. The cancer therapeutics market in Mexico is experiencing significant growth owing to demographic, economic, and healthcare infrastructure improvements. As per the data published by the International Agency for Research on Cancer (IARC), ~0.21 million new cancer cases were reported in Mexico in 2022, wherein the major cancer was breast cancer, accounting for 15.0% of all reported cases, followed by prostate cancer. An increasing number of cancer cases leads to an upsurge in the demand for innovative treatments, boosting the cancer therapeutics market through advancements in drug development and personalized medicine, and investments in research and healthcare infrastructure.
Based on region, the North America cancer therapeutics Market is further segmented into the US, Canada, and Mexico. The US held the largest share in 2024.
According to the American Cancer Society, in 2022, more than 1.9 million new cases of cancer were diagnosed in the nation, causing ~0.61 million deaths. The source estimated ~2.0 million cancer diagnoses in the US in 2024. According to the American Society of Clinical Oncology, colorectal cancer is the third most common cancer diagnosed in both men and women in the US. In 2023, ~0.15 million adults in the US were diagnosed with colorectal cancer. These numbers include 106,970 new cases of colon cancer (54,420 men and 52,550 women) and 46,050 new cases of rectal cancer (27,440 men and 18,610 women). The rising case of cancer fuels the need for innovative treatments, such as immunotherapies and targeted therapies. This increasing patient base drives market growth as healthcare providers seek effective solutions to manage and treat diverse cancer types.
Innovative therapies, particularly immunotherapies and targeted therapies, are reshaping cancer care, and the FDA has fast-tracked several of these therapies under programs such as Breakthrough Therapy Designation, contributing to the rapid availability of life-saving treatments. Thus, due to the rising cancer burden and strategic initiatives by market players, the cancer therapeutics market is projected to experience substantial growth during the forecast period.
Hitachi Ltd; Shin-Etsu Chemical Co Ltd; TDK Corp; Arnold Magnetic Technologies.; Galaxymagnets; Goudsmit Magnetics; Electron Energy Corporation; Dexter Magnetic Technologies; Adams Magnetic Products, LLC; and NINGBO YUNSHENG co., Ltd 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: