Alternative Cancer Therapeutics Market to be Dominated by Acupuncture through 2028
The increasing prevalence of cancer is expected to drive the growth of global alternative cancer therapeutics market in the forecast period, 2024-2028.
According to TechSci Research report, “Alternative Cancer Therapeutics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” Global Alternative Cancer Therapeutics market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing government initiatives to promote the adoption of alternative cancer therapeutics along with regulatory norms related to the right to health in all types of therapies. Additionally, growing disposable incomes and greater government spending on healthcare systems in the developing regions especially in North America and Europe are expected to create lucrative opportunities for alternative cancer therapeutics market growth in the coming years. Besides, the growing popularity of alternative cancer therapeutics and the healthcare insurance companies offering the coverage of alternative cancer therapies to the patients will drive the market growth over the years. The growing awareness among consumers regarding the availability of different complementary therapies that are free from any complications and side-effects is expected to drive the market growth significantly during the forecast period.
However, side effects associated with alternative therapies may slow down the growth of the global alternative cancer therapeutics market in the forecast period. Also, a lack of awareness about new alternative therapies for the treatment of different types of cancers in emerging countries can further restrict the growth of the global alternative cancer therapeutics market. Similarly, the high cost and diagnosis and treatment for cancer can further restrict the growth of the market during the forecast period.
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Global Alternative
Cancer Therapeutics market can be segmented by therapy type, disease type, end
users, region, and competitive landscape.
Based on therapy type, the global alternative cancer therapeutics market can be segmented into hormone therapies, acupuncture and dietary supplements, others. The Acupuncture segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to the growing demand for opioids for cancer pain management among aging population and boost the immune system as it works on healing the whole body. Also, growing demand for natural alternative and complementary therapies such as acupuncture therapy is expected to drive the market growth over the forecast period.
Based on end users, the market can be segmented into hospitals and clinics, cancer and radiation therapy center, home care, others. The hospitals and clinics segment is expected to dominate during the forecast period on account of the increase in prevalence of different types of cancer and their diagnosis by chemotherapy, hormone therapy in the hospitals. Similarly, growing number of hospitals and clinics for advanced treatment of cancer is expected to create significant growth during the forecast period.
Major companies operating in the global alternative cancer therapeutics market are:
- ZInnovative
Medicine, LLC
- Northwest
Natural Health Clinic
- Immunotherapy
Institute
- Georgia
Cancer Specialists
- Holistic
Bio Spa
- Johnson
& Johnson
- Celgene
Corporation
- Astellas
Pharma, Inc.
- Novartis
AG
- Merck
KGaA.
In March 2021, Astellas Pharma Inc. announced
the submission of a New Drug Application (NDA) to Japan’s Ministry of Health,
Labour and Welfare (MHLW) for enfortumab vedotin for the treatment of patients
with locally advanced or metastatic urothelial cancer that has progressed after
anti-cancer medication. If approved, enfortumab vedotin would be the first antibody-drug
conjugate (ADC) available in Japan for people living with this form of
urothelial cancer.
In May 2020, the US Food and Drug Administration
supported Tabrecta (capmatinib) for the therapy of adult patients with
non-small cell lung cancer (NSCLC), and it is the primary FDA-endorsed
designated treatment to treat NSCLC with explicit changes. Accordingly,
considering the expanding item endorsements and high exploration exercises
identified with designated treatments against cancers.
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“North
America is expected to dominate the Global Alternative Cancer Therapeutics market
on account of growing adoption of alternative medicines by patients and
decreasing dependency on the modern
medicines. Similarly, growing healthcare initiatives and awareness campaigns
taken by government organizations in order to educate people and healthcare
professionals about new alternative therapies such as acupuncture will further
boost the growth of the market over the years. Furthermore, growing adoption of
new treatments such as yoga and acupuncture for the treatment of cancer is
anticipated to drive the growth of the market over the years. Besides, the
growing number of new companies in the market and technological advancements in
the development of new therapies for the treatment of cancer and growing
approval of new therapies and their successful commercialization in the market are
further expected to create lucrative opportunities for market growth,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Alternative Cancer
Therapeutics Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Therapy Type (Hormone Therapies, Acupuncture and Dietary
Supplements, Others), By Disease Type (Gastrointestinal, Lung Cancer, Breast
Cancer, Colorectal Cancer, Leukemia, Lymphoma, Melanoma, Prostate Cancer,
Others), By End Users (Hospitals and Clinics, Cancer and Radiation Therapy
Center, Home Care, Others), By Region, and Competition”, has evaluated the future growth potential of global alternative
cancer therapeutics market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Alternative
Cancer Therapeutics market.
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