According to AMR’s prediction, “Oncology/Cancer Drugs Market by Drug Class Type (Chemotherapy, Therapy Therapy, Immunotherapy and Hormone Therapy) and Indications (Cancer Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Breast Cancer) Liver, Esophageal Cancer, Cervical Cancer, Kidney Cancer, Colon Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027.” According to the report, the global oncology drug/cancer drug industry generates $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.
♦ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
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The increase in cancer worldwide, the increase in the global geriatric population and the increase in government healthcare expenditure are driving the growth of the global oncology and cancer drug market. However, the adverse effects associated with the use of anti-cancer drugs are restraining the market growth. On the contrary, the great growth potential of the economy does not mean that the increase in the number of drugs and developments offers new opportunities in the coming years.
The coronavirus (COVID-19) was discovered at the end of December in the Hubei province of the city of Wuhan in China. This disease is caused by a virus, namely the severe respiratory disease coronavirus 2 (SARS-CoV-2), which is transmitted from person to person. Supply chains have been disrupted due to restrictions on the international trade of drugs and medicines. In addition, COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. With its disruption of clinical trials and drug delivery to patients, the COVID-19 pandemic has affected the most important areas of oncology and the cancer drug market.
The disease has directly affected oncology patients; Not only is it difficult to provide chemotherapy and some other treatments outside the hospital, but the spread of the coronavirus has reduced the willingness and ability of patients to receive not only treatment but also trials of new drugs. The impact of COVID-19 on the research and development of new treatments is one of the most lethal factors in the cancer drug market.
♦ 𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭:
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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 cancer treatment.
Key Market Players –
Major key players that operate in 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)
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