28-Aug-2020 | Zion Market Research
As per analyst at Zion Market Research, the global oncology drug market is anticipated to attain USD 169.9 Billion by 2026, augmenting at a CAGR of 7.2% during the forecasted period 2019–2025. Cancer is provoked when the cells present in the body are produced at an uninhibited rate resulting in the development of a tumor. Cancer has various stages on the basis of its advancement. Metastasis is the last phase of the disease that is noticeable by the invasion of the tumor in other body parts. The cancer treatment in patients needs the utilization of different drugs like targeted therapy, immunotherapy, hormonal therapy, and others.
Some of the key players in the global market are Celgene Corporation; Amgen Inc.; F. Hoffmann-La Roche Ltd.; Eli Lilly and Company; Johnson & Johnson; GlaxoSmithKline Plc.; Novartis AG; Merck & Co., Inc.; Sanofi; and Pfizer Inc.
Rise In Incidence Of Cancer & Healthcare Expenses To Boost Global Oncology Drug Market
The major drivers of the global oncology drug market are the rising geriatric population and augmenting partnerships & collaborations to facilitate drug advancement. Additionally, the augment in the incidence of cancer and healthcare expenses have considerably contributed toward the expansion of this market. The increasing number of pipeline drugs coupled with the high potential of emerging economies is further projected to present lucrative opportunities for market development. Nevertheless, undesirable effects concerning cancer drugs hinder the growth of market.
The global oncology drug market is bifurcated on the basis of drug class type, indication, and regional analysis. Based on the drug class type, the market is segmented into targeted therapy, chemotherapy, hormonal therapy, and immunotherapy (biologic therapy). Based on the indication, the market is divided into breast cancer, cervical cancer, stomach cancer, lung cancer, colorectal cancer, liver cancer, prostate cancer, esophagus cancer, bladder cancer, kidney cancer, and other cancers.
The North America Region Expected To Dominate The Global Oncology Drug Market Over Forecasted Period
Based on geographical analysis, the global oncology drug market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region was the leading region in terms of revenue in the global market in 2017, collecting almost 48.18% of the total market share, due to the high adoption pace of cancer drugs. Nevertheless, the Asia-Pacific region is anticipated to develop at the highest CAGR of above 9.6% from 2019–2025, due to a surge in research & development activities, disposable income, and awareness related to various cancers.
Browse the full “Oncology Drug Market - by Therapeutic Models (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy, Others), by Cancer Type (Breast Cancer, Blood Cancer, Prostate Cancer, Skin Cancer, Lung Cancer, Others), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast 2019 – 2026.” Report at https://www.zionmarketresearch.com/report/oncology-drug-market
The global oncology drug market is segmented as follows:
By drug class type:
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