Allied Market Research published a report, titled, “Top 10 Cancer Drugs Market by Region (Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2018–2026.” According to the report, the global top 10 cancer drugs industry generated $63.61 billion in 2018, and is estimated to reach $129.94 billion by 2026, witnessing a CAGR of 9.8% from 2019 to 2026.
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Drivers, restraints, and opportunities
Surge in incidence of cancer across the globe, increase in aging population, and rise in expenditure of government on healthcare infrastructure drive the global top 10 cancer drugs market. However, adverse effects related to usage of cancer usage hinder the market growth. Contrarily, surge in number of pipeline drugs and untapped potential in emerging geographies create new opportunities in the market.
Cancer 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 forms of drugs such as hormonal therapy, immunotherapy, targeted therapy, and others.
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Drugs such as Revlimid, Opdivo, Keytruda, Herceptin, Avastin, Rituxan, Imbruvica, Neulasta/Peglasta, Ibrance, and Zytiga are the top selling drugs in 2018. The key drivers of the global cancer drugs market are increase in incidence of cancer, rise in adoption of advance therapies such as biological & targeted drug therapies, surge in geriatric population, and rise in collaborations & partnerships to facilitate drug development. In addition, availability of the drugs 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, high cost involved in new drug development and adverse effects related to cancer drugs are expected to impede the market growth.
Leading market players
- AbbVie Inc.
- Astellas Pharma Inc.
- AstraZeneca PLC
- Bristol-Myers Squibb Company
- Celgene Corporation
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson (Janssen Global Services, LLC)
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
Key Findings of the Top 10 Cancer Drugs Market :
- Revlimid occupied 15.22% share of the global top 10 cancer drugs sales in 2018.
- Keytruda is anticipated to grow at the highest rate during the analysis period.
- The Europe cancer drugs accounted for 21.21% share of the global top 50 cancer drugs sales in 2018.
- The top 10 cancer drugs accounted for 52.96% share of the global top 50 cancer drugs sales in 2018.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA
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