Increase in incidence of cancer, rise in the global geriatric population, and surge in government expenditure on healthcare have boosted the global oncology/cancer drugs market. However, adverse effect associated with use of cancer drugs hinders the market growth. On the contrary, rise in number of pipeline drugs and high growth potential in untapped emerging economies are expected to open new opportunities for the market players in the future.
The Covid-19 pandemic directly affected the supply of oncology drugs to cancer patients. Moreover, it became difficult to administer chemotherapy outside clinics. However, as the number of vaccination drives has increased, the market is expected to get back on track. the global Oncology/Cancer Drugs Market was accounted for $135.49 billion in 2020, and is estimated to garner $274.40 billion by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
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Based on type, the targeted therapy segment held the largest share in 2020, accounting for more than half of the market. However, the immunotherapy segment is projected to manifest the highest CAGR of 8.7% during the forecast period.
On the basis of bases, the breast cancer segment held the lion’s share in 2020, contributing to nearly one-fifth of the market. However, the lung cancer segment is estimated to portray the highest CAGR of 9.3% from 2021 to 2030.
The report offers an analysis of the global oncology/cancer drugs market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly half of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 9.0% during the forecast period.
The global oncology/cancer drugs market report includes an in-depth analysis of the prime market players such as AbbVie Inc., Amgen, Astellas Pharma Inc., AstraZeneca PLC., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson (Janssen Global Services, LLC,), Merck & Co., Inc., Novartis AG, and Pfizer Inc.