According to a new report published by Allied Market Research, titled,"Oncology/Cancer drugs market by Treatment Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025"the market was valued at $97,401 million in 2017, and is projected to reach $176,509 million by 2025, growing at a CAGR of 7.6% from 2018 to 2025.
North America was the leading revenue contributor to the global market in 2017, garnering nearly 47.65% of the total market share, owing to high adoption rate of cancer drugs. However, Asia-Pacific is expected to grow at the highest CAGR of 9.5% from 2018 to 2025, owing to increase in disposable income; surge in research, development, & innovation activities; and rise in awareness related to different cancers.
The report provides an extensive competitive analysis and profiles of the key market players such as Amgen Inc., Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Johnson & Johnson, Merck & Co., Inc., Novartis AG, Pfizer Inc., and Sanofi.
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Surge in prevalence of cancer across the globe is anticipated to significantly drive the growth of the oncology/cancer drugs market. Furthermore, rise in geriatric population, increase in healthcare expenditure, and upsurge in awareness related to early screening of cancer are the key factors that augment the market growth.
Cancer is caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. Cancer has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into others parts of body.
The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and others.
Regionally, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key drivers of the global oncology/cancer drugs market are surge in geriatric population and rise in collaborations & partnerships to facilitate drug development. In addition, surge in prevalence of cancer and increase in healthcare expenditure have significantly contributed toward the growth of this market.
Increase in number of pipeline drugs along with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, adverse effects related to cancer drugs impede the market growth.
The global oncology/cancer drugs market is segmented based on drug class type, indication, and region. Based on drug class type, the market is divided into chemotherapy, targeted therapy, immunotherapy (biologic therapy), and hormonal therapy. By indication, it is categorized into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer, and other cancers.
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