The global alternative cancer treatment market size was valued US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2022-2029).
Alternative cancer treatments are now actively involved in restricting the growth of cancer. These treatments are also recognized as precision medicines. Recently alternative cancer treatment has gained rising focus in the industry as these therapies form that utilizes complementary and alternative methods or methods to prevent and treat cancer at an earlier stage.
The alternative cancer treatment market growth is driven by the growing prevalence of various types of cancers such as colorectal cancer, prostate cancer, lymphoma, leukaemia, lung cancer, breast cancer, melanoma and others. Also increasing awareness regarding natural alternative and complementary therapies such as acupuncture and chiropractic therapy is expected to drive the market over the forecast period.
The rising burden of cancer across the globe is driving the market growth
As per the Globocan 2020 fact sheet, an expected 19,292,789 new cancer cases were treated worldwide, with approximately 9,958,133 deaths due to cancers globally. In addition, as per the estimates from the International Agency for Research on Cancer, by 2040, the global burden of cancers is anticipated to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. The growing incidence of cancer cases is anticipated to drive the need for an alternative cancer treatment market.
Prostate cancer is the second most prevalent type of cancer in the male population. About 80% of men who reach 80 years of age are diagnosed with it. As per the data published by Globocan 2020, the prevalence of prostate cancer was found to be 1,414,259 or 7.3% of the total cancer cases worldwide.
As prostate cancer is more prevalent in the elderly population, the rising ageing population is also expected to propel market growth. For instance, as per World Population Ageing Report 2019, there were 703 million people aged 65 years or over in the world in 2019, and this number of older persons is projected to double and reach 1.5 billion in 2050.
Thus, given the aforementioned factors, the alternative cancer treatment market is expected to witness tremendous growth over the forecast period.
Low effectiveness and impact of the top alternative cancer therapies will hamper the market growth
However, the market is hindered by the low effectiveness and impact of the top alternative cancer therapies like IPT- insulin potentiation therapy, UkrainTM, Gerson Therapy, iscador aka mistletoe extracts, biotherapeutic detoxification and drainage, and biomagnetic therapy, among others, along with less coverage to cure cancer.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted the healthcare systems globally and also has a notable impact on the market. As per the article written in Cancer Connect 2020, doctors from Dana Farber Cancer Institute determined that while the COVID-19 pandemic, there was a 46% reduction in the diagnoses of the six most prevalent cancer types pancreatic, gastric, breast, colorectal, lung and esophageal cancers. Additionally, the Centers for Disease Control and several medical professional organizations suggested that cancer screening and other health prevention services be postponed except the risks outweighed the benefits and ensured the hospital infrastructure for the treatment of COVID-19 patients. Thus, the COVID-19 pandemic has affected the alternative cancer treatment market. However, the situation is expected to improve gradually in the forecast period.
The hormone therapies segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Hormone therapy is recognized as a systemic treatment because the hormones they target flow in the body. The drugs used in hormone therapy travel everywhere the body to target and find the hormones. It makes several treatments that affect only a specific part of the body, like most surgery and radiation therapy types. Treatments like these are called local treatments because they influence one part of the body.
Hormone therapy is available in pills, injections and surgery that eliminates hormone-producing organs, particularly the ovaries in women and the testicles in men. It’s typically prescribed, along with other cancer treatments.
Because hormone treatment blocks the body’s ability to produce hormones or interferes with how hormones behave, it can cause undesired side effects. The side effects will depend on the type of hormone therapy you receive and how the body reacts. People react differently to the same treatment, so not everyone gets the equivalent side effects. Some side effects also change in a man or a woman.
The lung cancer segment is expected to dominate the alternative cancer treatment market during the forecast period
Lung Cancer is the deadly lung tumor described by the undisciplined growth of cells in the lung tissues. Cigarette smoking is the leading risk factor for the growth of lung cancer. Prolonged exposure to tobacco smoke can also create lung cancer. In addition, the raised funding in the field of R&D of new drugs, growing pollution due to rapid industrialization, an increased number of smokers is some of the reasons for the increasing prevalence of lung cancer.
There are many types of primary lung cancer, and they are separated into Non-Small Cell Lung Cancer (NSCLC) and Small Cell Lung Cancer (SCLC). Among the two types of lung cancer, NSCLC is more prevalent. As per the Cancer Research 2017 data, about 87% of the lung cancers in the UK are NSCLC. Lung cancer is also one of the most prevalent types of cancer. As per the American Society of Clinical Oncology 2019 report, lung cancer advances up about 13% of all new cancer diagnoses.
The global pervasiveness of cancer is increasing, as per a Cancer Research UK report. The report suggests that the population suffering from cancer is expected to increase in the future. As per the report, if recent trends in the number of significant cancers and population growth are consistent, it is prophesied there will be 27.5 million new cancer cases worldwide each year by 2040. This is an expansion of 61.7% from 2018 (17 million). This factor will increase the demand for alternative cancer treatment, which will help the market growth.
North America region holds the largest market share in the global alternative cancer treatment market
North America region is dominating the global alternative cancer treatment market accounted for the largest market share in 2020. According to the American Society of Clinical Oncology 2019 report, an expected 228,150 adults in the United States were expected to be diagnosed with lung cancer. Lung cancer causes up about 13% of all new cancer treatments. Lung cancer is the second common cancer and the foremost cause of cancer death for adults in the US. The report predicted that 142,670 deaths from this disease would occur in the year 2019.
However, North American countries such as the United States and Canada have an advanced and well-structured health care system. These systems also support research and development. These policies support global players to penetrate the US and Canada markets. As a result, these nations enjoy the presence of many market players. As global players in the region meet the high requirement, the market is further expected to increase in the forecast period.
The alternative cancer treatment market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Innovative Medicine, LLC, Northwest Natural Health Clinic, Immunotherapy Institute, Georgia Cancer Specialists, Holistic Bio Spa, Esperity, and Merck & Co. Inc., among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the alternative cancer treatment market globally.
Innovative Medicine, LLC
Overview: Innovative Medical Solutions LLC is headquartered in the United States. The first medical centre for Innovative Medicine has been established in New York City where patients seek treatment from all over the world.
Product Portfolio: The Company’s portfolio is comprised of wholesale distribution of surgical and other medical instruments, apparatus, and equipment.
The global alternative cancer treatment market report would provide an access to an approximately 45+ market data table, 40+ figures and 180 pages.
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