Oncology Drugs Market growing at a CAGR of 11.1% from 2023 to 2032, owing to increasing demand for biological and targeted drug therapies | insightSLICE
The global Oncology Drugs market size was estimated to be US$ 279 billion in 2021 and is expected grow at a CAGR of 11.1% between 2023 to 2032.
When the body’s basic control system fails to prevent the growth of aberrant cells, cancer occurs. In this instance, aged cells continue to divide uncontrollably instead of dying, giving rise to new aberrant ones. Chemotherapy, hormone therapy, immunotherapy, surgical intervention, and targeted therapy are all options for treating cancer patients.
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Monoclonal antibodies (mAbs), commonly referred to as biological medicines, are used to create biopharmaceuticals, which have shown promise as an immunology-based treatment for many cancer types.
The expansion of the global oncology/cancer drug market is being driven by an increase in the prevalence of various cancer illnesses, the popularity of cutting-edge treatments (such as biological and personalized drug treatments), and an increase in the number of older persons globally.
The key players of the Global Oncology Drugs Market are:
Some of the main competitors present in the Oncology Drugs Market with significant product development and sales revenue include Ariad Pharmaceuticals, Amgen Inc., Bristol-Myers Squibb, Bayer, Boehringer Ingelheim GmbH, Celgene Corporation, Eli Lilly and Company, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd, Johnson and Johnson, Merck & Company, Novartis AG, Pfizer, Roche Diagnostics, Sanofi, and Teva Pharmaceuticals among others.
Market participants are concentrating on projects and initiatives such as securing licensing deals with national governments. This is therefore expected to increase the demand for oncology medications worldwide.
Growth trajectory and key factors covered in this report for the global oncology drugs market:
The market for cancer medications is being propelled by the rising incidence of different cancers, increased demand for biological and targeted medicinal therapy, ongoing patent expirations of important cancer medications, and the expanding influence of biosimilars.
However, the market expansion may be hampered by the high price of drug research, the likelihood of failure, and the unfavorable side effects of cancer medicine therapy, notably chemotherapy. For the creation and development of cancer treatments, developed countries have put in place stringent rules.
By granting pre-market authorization for potential medications in clinical research, the USFDA and the EU have made substantial efforts to support the expansion of the cancer drug market.
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Global Oncology Drugs Market Key Segments:
By Therapeutic Modules
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormonal Therapy
- Others
By Cancer Type
- Blood Cancer
- Breast Cancer
- Gastrointestinal Cancer
- Prostate Cancer
- Lung Cancer
- Skin Cancer
- Others
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
Fastest growing segments of oncology drugs market:
According to therapy modules, cancer kind, and studies across various topographies, the aforementioned research study includes an in-depth analysis of numerous market sectors. The research also includes a competitive analysis of the top producers of oncology drugs as well as the most recent advancements.
Biologics and immunotherapies are developing as viable treatments for many cancer types in search of a long-term cure. Drugs based on monoclonal antibodies (mAbs) have become increasingly popular recently among different biologics because of their excellent efficacy.
The market’s largest contributor, the breast cancer category, is anticipated to expand at a CAGR of 8.3% during the projected period.
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Regional performance of Oncology Drugs Market
North America is predicted to continue to lead the regional segments over the forecast period of this report. North America, particularly the US, has the biggest demand for anti-cancer medications. Due to the presence of firms involved in the development of cancer medications in the region, North America dominates the market for cancer medications.
Furthermore, North American customers have very high disposable incomes and have access to health insurance that covers life-threatening illnesses, which makes cancer treatment more affordable.
The US Food and Drug Administration (USFDA) has recently taken steps to encourage the expansion of the market for cancer medications by granting pre-market approval to treatments that are still in the trial stage, thereby quickening clinical development.
During the projected period, Asia-Pacific is expected to experience moderate growth in the market for cancer medications. Additionally, significant market growth is anticipated for the Middle East, Africa, and Latin America in the upcoming years.
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