Post Covid19: Oncology Drugs Market To Reach USD 223 Billion By 2027 | CAGR 7.3% — Forencis Research
Global Oncology Drugs Market: Key Highlights
- According to the new market research report “Oncology Drugs Market by Form (Oral, Topical & IV), by Type (Targeted Therapy, Immunotherapy, Chemotherapy), by Cancer Type (Prostate Cancer, Brain Cancer, Ovarian Cancer, Breast Cancer, Bladder Cancer, Blood Cancer ), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global ONCOLOGY DRUGS market is projected to reach a value of over USD 223 million, registering a CAGR of 7.3% during the review period
- Oncology Drugs are the class of drugs used to treat, retard growth and kill the cancer cells
- This includes chemotherapy, immunotherapy, pain killers, hormone therapy and others
- The growing incidence of cancer with high mortality rate in the human population is creating higher need for oncology drugs
Global Oncology Drugs Market: Key Market Dynamics
- Rise in the cancer incidence globally with a high mortality rate is the prime driver driving the market growth
- The demand for personalized medicine in on the constant rise, which is favoring the growth of the cancer drug market
- High cost linked with new cancer drug development hampers the market growth
- The market is expected to witness strong growth in the forecast owing to increased funding to cancer research with recent approvals on the new cancer drugs
- Side-effects such as anemia, nausea, anorexia and others is acting as the challenge for the market growth
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Global Oncology Drugs Market: Regional Overview
- North America
North America has emerged as the leading region owing to rapidly growing cancer patients. American Cancer Society statistics reveal that 1.8 million new cancer cases diagnosed in 2020 when compared to 1.7 million fresh cancer cases in 2019. Rise in the new cancer cases coupled with higher mortality ratio is shifting the target population towards undergoing treatment and therapies. Growing healthcare infrastructure with increasing funding dedicated to cancer research for improving cure rate is driving the cancer drug market across North America. According to the American Association for the Advancement of Science (AAAS), National Cancer Institute-funded 20 billion for the new cancer drugs research, accounting for 31% of the total for basic research.
The Asia-Pacific market is growing at a high CAGR due to highly populated countries such as China and India along with growing geriatric population and rapidly rising life-style related disorders in the region. The World Health Organization stated that the Asia-Pacific region accounts for approximately more than 50% of the cancer deaths worldwide in 2018 as it holds nearly 60% share of the global population. The Cancer Atlas projects that Sothern, Eastern and South-eastern Asia register 8.2 million new cancer cases, contributing to 5.2 million cancer deaths in 2018. Also, China alone accounts for 52% of new cancer cases with 55% of cancer deaths within the region. Owing to rapidly surging demand for effective cancer therapies, the market for cancer drugs is projected to grow.
Global Oncology Drugs Market: Key Players Overview
- Hoffmann-La Roche Ltd:
Hoffmann-La Roche Ltd is the Switzerland-based healthcare company offering next-generation medicine for benefitting the patients. The company operates through pharmaceuticals and diagnostics business lines. The company offers highly personalized cancer drugs for treating even the rare form of cancer to cancer patients worldwide. The company is actively involved in research and development of newer medicine. For instance, in 2019, the company received US FDA granted additional approval for Tecentriq combination therapy for initial treatment of metastatic non-squamous non-small cell lung cancer (NSCLC) and extensive-stage small cell lung cancer (ES-SCLC)
- Abbott Laboratories:
Abbott Laboratories is the manufacturer and provider of the diverse of the medical products and related services. It operates through its business verticals: Nutritionals, Diagnostics, and Medical Devices. Nutritional includes pediatric nutritionals and adult nutritionals. Diagnostic vertical includes Core Laboratory, molecular, Point of Care, and Rapid Diagnostics, whereas medical devices encompasses of devices for Rhythm Management, Electrophysiology, heart failure, Vascular problems, Structural Heart, Neuromodulation and Diabetic Care. The company offers DNA probe kits for different solid tumors.
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