According to a new report published by Allied Market Research, titled, “Global Oncology/Cancer Drugs Market by Drug Class Type, Indication, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The oncology drugs market size was valued at $135,494.17 million in 2020, and is projected to reach $274,400.63 million by 2030, registering a CAGR of 7.5% from 2021 to 2030. Cancer is 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.
♦ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
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Key Findings of the Study –
- On the basis of drug class type, the targeted therapy segment held largest oncology drugs market share in 2020, and is expected to remain dominant throughout the forecast period.
- On the basis of indication, the breast cancer segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
In the pharmaceutical class, the targeted therapy segment is expected to grow at the highest rate during the forecast period. This is due to the identification of the molecular targets of cancer cells, the side effects are few, and there are many targeted therapies. Recent advances in cell technology have helped to improve the understanding of tumor cells and their metabolism at the molecular level, thus leading to the need for targeted drug therapy for the treatment of cancer. On the other hand, immunotherapy is expected to show the fastest market growth during the forecast period due to its effectiveness and the planned launch of immunotherapies in the pipeline.
As a guide, the breast cancer segment is the largest contributor in 2020 and is expected to continue this trend during the forecast period, due to the increase in the number of women with breast cancer. In addition, acceptance of poor quality of life, increase in the number of geriatric women, exposure to harmful radiation, and increase in government schemes also contributed to the growth of the oncology drug market. On the other hand, lung cancer is expected to exhibit the fastest market growth during the forecast period, due to high growth rates, increasing geriatric population, changing lifestyles and increasing of smoking, including passive smoking, which can cause lung cancer.
♦ 𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭:
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North America achieved the highest revenue in 2020 and is expected to maintain its dominance from 2021 to 2030, due to the presence of large patient population, strong presence of major players, ease of access to medicine, well-developed health. resources, better reimbursement policies and health systems, greater numbers of research, development and new programs and greater acceptance of advanced treatments. However, Asia-Pacific is expected to experience the growth at the highest CAGR, due to the increase in the number of cancer patients and the increase in different types of cancer.
Key Market Players –
Major key players that operate in the the industry are Abbvie Inc., Amgen, Inc., Astellas Pharma Inc., Astrazeneca Plc, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ag, Johnson & Johnson, Merck & Co., Inc., Novartis International Ag, Pfizer, Inc.
By Region –
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
♦ 𝐁𝐮𝐲 𝐍𝐨𝐰 𝐓𝐡𝐢𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
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