Rising incidence of cancer across the globe anticipated to raise the demand for oncology/cancer drugs in the global market with significant market contribution
Published | January 2020
The global market for Oncology/Cancer Drugs predicted to expand at a 7.2% CAGR. An increase in the incidence of cancer cases worldwide and a significant increase in government spending on healthcare services facilitate growth in the global market for oncology/cancer drugs. Deadly effects of using cancer drugs, is hampering the development of the market. The increasing burden of cancer is due to several factors, including population growth and aging, as well as the changing prevalence of specific cancer causes linked to social and economic development. These factors especially true in fast-growing economies, where there is a change from poverty-related cancers and infections to lifestyle-related cancers and directly drives demand for oncology drugs on the global market with significant growth speed. High costs associated with the development of new medications, coupled with the threat of failure and adverse effects anticipated related to cancer drug therapies, will restrict the market growth.
In contrast, high potential of emerging economies and an increase in the number of pipeline products are expected to provide new opportunities for market players in the future
Chemotherapy drugs hold the largest market share of oncology/cancer drugs during the forecast period
As a result of their killing effect on cancer cells, demand for chemotherapy drugs has risen at a stellar speed. Some of the main categories of the global market for oncology/cancer drugs, based on indication, include cervical cancer, kidney cancer, breast cancer, and prostate cancer. The availability of progressive treatment facilities, intensifying government initiatives to encourage research to find a cure to the mounting number of cancer cases, and increasing healthcare spending are motivating the development of the chemotherapy market in the global region. North America was the leading contributor to the worldwide market in 2019. However, during the forecast period, Asia-Pacific is expected to grow due to an increase in disposable income, a rise in research, development and innovation activities, and an increase in awareness of various cancers.
Targeted therapy segment predicted to be the significant market-driven of oncology/cancer drugs across the globe
During the forecast period, the targeted therapy segment had the largest market share of oncology/cancer drugs. Because of the ability of targeted therapies to kill only malignant cells, the increased efficacy and survival rates associated with their use. Immunotherapy drugs are widely acknowledged as an ideal form of treatment as these drugs are potentially harmless to the rest of the body's living cells, making them less toxic than other cancer therapy methods. Additionally, ongoing R&D efforts to design and develop new immunotherapy to treat different types of cancer serve as a critical factor in the oncology/cancer drug market's growth.
Oncology/cancer drugs: Competitive Landscape
The major market players in the oncology/cancer drugs are focusing on explaining their portfolio of services in the global market. Such as AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson (Janssen Global Services, LLC,), Merck & Co., Inc., Novartis AG, Pfizer Inc., and other prominent players.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Oncology/cancer drugs market size & forecast. The report promises to provide state-of-the-art technology of Oncology/cancer drugs and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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