Flourishing Advancement of Global Anticancer Drugs Market: Projected to Grow at a CAGR of 6.9% During the Forecast Period
Published | 16 August 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global anticancer drugs market was worth USD 112.3 billion in the year 2020. The data yielded by the report further states that the market is estimated to grow at a CAGR of 6.9%, earning revenue of around USD 175.9 billion by the end of 2027. The global anticancer drugs market is flourishing at a high rate because of the increasing prevalence of cancer worldwide and growing research and development activities for advancing anticancer drugs. Nevertheless, the adverse side effects of the anticancer drugs may harm the market revenue up to some degree.
Increasing Adoption of Target Therapies for Cancer Treatment Is Anticipated to Boost the Global Anticancer Drugs Market
Based on the types of therapies, the global anticancer drugs market is segmented into chemotherapy, targeted therapy, and immunotherapy. The target therapy segment held the largest market share in 2020 and is likely to maintain its dominance even during the forecast period. The increasing demand for target therapy for the treatment of various types of cancer is one of the major factors driving the growth of this segment. Target therapies specifically use drugs that target genes and proteins which propagate the growth of the tumor or cancer cells. The immunotherapy segment, on the other hand, is also growing at an impressive ratedue to the launch of a wide range of medications launched in this area.
Growing Demand for Injectables Is Projected to Favorthe Global Anticancer Drugs Market
In terms of dosage forms, the global anticancer drugs market is segmented into solid dosage form, liquid dosage form, and injectable dosage form. Among these, the injectable segment leads the market and is likely to dominate even during the forecast period. This is because injectable chemotherapy is one of the most common cancer treatment methods since many types of chemotherapy are administered through injections. In many cases, the anticancer drug is injected into the body with a syringe. This segment is further classified into prefilled syringes and others. Other than the injectable segment, the solid dosage form segment is also expected to witness substantial growth during the forecast period.
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Global Anticancer Drugs Market - By Distribution Channel
Based on distribution channels, the global anticancer drugs market is segmented into hospital pharmacies, retail pharmacies, online, and others. Hospital pharmacies account for the largest share of the market. This is because the high number of diagnostic tests and treatments performed at hospitals results in a high number of prescriptions for medication that can easily be obtained from the hospitals.Online pharmacies, on the other hand, are expected to gain significant traction, especially after the COVID-19 outbreak. Additionally, the online medical stores also offer great discounts in order to entice potential customers.
Global Anticancer Drugs Market - Regional Insights
Geographically, the global anticancer drugs market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the market. However, the Asia-Pacific region is estimated to witness substantial growth in the anticancer drugs market during the forecast period. The surging prevalence of cancer and the adoption of advanced medical techniques for its treatment are major factors driving the growth of the anticancer drugs market in this region. Furthermore, the government is also taking various initiatives for cancer diagnosis, and offering aid to unprivileged cancer patients, thereby contributing to the growth of the anticancer drugs market in the Asia Pacific region.
Impact of COVID-19 on Global Anticancer Drugs Market
Due to the COVID-19 situation, the global anticancer drug market initially suffered a sharp decline.The reason for this decline is because fewer patients visited hospitals to receive chemotherapy or other treatment therapies, which directly impacted the demand for anticancer drugs.The pandemic-induced lockdown, however, also led to cancer patients becoming more dependent on drugs, which increased market growth.Furthermore, the pharmaceutical companies also improved their distribution channels to meet the growing demands for anticancer drugs, which in turn led to the growth of the global anticancer drugs market.
The leading market players in the global anticancer drugs market are Johnson & Johnson, F. Hoffmann-La Roche Ltd., Pfizer Inc., Novartis AG, Merck & Co. Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., Amgen, Takeda Oncology Drugs Ltd., GlaxoSmithKline, Sanofi, Celgene Corporation, Boehringer Ingelheim GmbH, Teva Pharmaceuticals, Eli Lilly and Company, Millennium Pharmaceuticals, Kolaz Biotech, and other prominent players.
The industry participants invest heavily in the research and development activities for product approvals and launches to stay ahead in the competition. They also offer a wide range of products to various geographical locations to expand their market revenue share. Furthermore, the adoption of competitive strategies such as partnerships, mergers, collaborations, and joint ventures have become very common in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global anticancer drugs market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global anticancer drugs market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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