Increase in incidence of cancer across the globe and rise in global geriatric population, drive the growth of the global oncology/cancer Drugs market.
Portland, OR, April 20, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Oncology/Cancer Drugs Market by Drug Class Type (Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy) and Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2027” According to the report, the global oncology/cancer Drugs industry generated $128.35 billion in 2019, and is expected to reach $222.38 billion by 2027, witnessing a CAGR of 7.4% from 2020 to 2027.
Prime determinants of growth
Increase in incidence of cancer across the globe, rise in global geriatric population, and surge in government expenditure on healthcare drive the growth of the global oncology/cancer drugs market. However, adverse effect associated with the use of cancer drugs hinder the market growth. Contrarily, high growth potential in untapped emerging economies and increase in number of pipeline drugs present new opportunities in the coming years.
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The outbreak of Coronavirus disease (COVID-19) has significantly impacted the oncology/cancer drugs market, as the supply chains were disrupted due to restrictions on trade of pharmaceutical ingredients and products across several countries.
In addition, COVID 19 has disrupted the most crucial areas of the oncology/cancer drugs market by distorting clinical trials and drug supply chains. COVID-19’s interference with the research and development of new treatments is one of the most significant blows to the cancer drugs market.
The targeted therapy segment to continue its leadership status during the forecast period
Based on drug class, the targeted therapy segment held the highest share in 2019, accounting for nearly three-fifths of the global oncology/cancer drugs market, and is projected to continue its leadership status during the forecast period. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. On the other hand, the immunotherapy segment is estimated to portray the highest CAGR of 9.9% from 2020 to 2027.
The breast cancer segment offers lucrative opportunities
Based on indication, the breast cancer segment accounted for the largest market share in 2019, contributing to nearly one-fourth of the global oncology/cancer drugs market, and is expected to maintain its lead position during the forecast period. On the other hand, the lung cancer segment is projected to register the highest CAGR of 9.6% from 2020 to 2027. This is owing to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco which includes passive smoking, which may lead to lung cancer.
North America to maintain its dominance in terms of revenue by 2027
Based on region, North America contributed to the highest share in 2019, holding nearly half of the global oncology/cancer drugs market, and is estimated to maintain its dominance in terms of revenue by 2027. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2020 to 2027. This is due owing to increase in number of cancer affected population and rise in awareness related to different cancers.
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Leading market players
AbbVie Inc. Amgen
Astellas Pharma Inc.
Bristol-Myers Squibb Company
F. Hoffmann-La Roche Ltd.
Johnson & Johnson (Janssen Global Services, LLC,)
Merck & Co., Inc.
Novartis AG, and Pfizer Inc.
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