Global Oncology Drug Market was valued at USD 104.7 Billion in 2019 and is expected to reach over USD 169.9 Billion by 2026, growing at a CAGR of around 7.2% during the forecast period from 2020 to 2026
Oncology Drug Market
According to the report, the global oncology drug market was valued at USD 104.7 Billion in 2019 and is expected to reach over USD 169.9 Billion by 2026, growing at a CAGR of around 7.2% during the forecast period from 2020 to 2026.
Cancer is a class of chronic illness characterized by uncontrolled cell growth.The common types of cancer are breast cancer, cancer of the lung, colorectal cancer, uterine cancer and cancer of the thyroid.The three main drugs used for cancer are cytotoxic drugs, targeted drugs, and hormonal drugs based on their mechanism of action. The investment dynamics has increased which has propelled the growth for oncology rug market.
Oncology Drug Market: Overview
Oncology is a branch of therapeutic science that study malignancy and treatment and prevention of malignancy. Segments of oncology include radiation oncology (the use of radiation therapy to treat cancer), medical oncology (the use of chemotherapy, hormone therapy and other drugs to treat cancer), and surgical oncology (the use of surgeries to treat cancer).
Cancer is the uncontrolled growth of abnormal cells anywhere in an individual’s body. These cells are termed as tumor cells or malignant cells. Frequently, cancer cells can detach from this original mass of cells, travel along the blood and lymph systems, and lodge in other organs where they can repeat the uncontrolled growth cycle. This process of cancer cells, leaving an area and growing in another area of the body is termed as metastatic spread or metastasis.
Cancer stage is often determined by biopsy results which also helps to determine the cancer type and the extent to which cancer has spread in an individual. Staging also helps doctors to determine treatment protocols.
Oncology Drug Market: Market Dynamics
Major drivers in the oncology drug market include growing prevalence of various types of cancer, increasing demand of biological and targeted drug therapies, technological advancements in the healthcare sector, continuous patent expiry of key cancer drugs, rise in need for R&D activities in cancer, growing concerns over high death rates due to cancer and the rising impact of biosimilars.
The threat of failure and the adverse effects of cancer drug therapy; particularly chemotherapy, strict government regulations, the high cost of drug development is expected to hinder the growth of the global oncology drugs market over the forecast period.
Oncology treatments are rapidly evolving with the latest innovations emerging from immunotherapy research, thus creating new grounds for R&D for the competing firms, cancer vaccines is also seeing a genetic engineering of living immune cells and reinfusing them into cancer patients, re-emerged when combined with checkpoint inhibitors, yet another kind of immunotherapy, is swiftly advancing. The recent discovery of genes linked to ovarian cancer risk (RAD51C and RAD51D0), new pancreatic cancer susceptibility genes (CDKN2A, BRCA1/2, PALB2), and the discovery that many cases of pediatric cancer are associated with hereditary gene mutations, may lead to new kinds of targeted therapies.
Segmentation based on the Therapeutic Modals:
Segmentation based on the Cancer Type:
Gastrointestinal tract cancer
Segmentation based on Regions:
North America dominates the oncology drug market over the forecast period, attributed to high presence of the cancer drugs development companies in the U.S. Additionally, high disposable incomes of consumers and compulsory health insurance cover for life-threatening diseases leads to increasing the affordability of cancer treatment in the U.S. Europe is the second largest revenue generating region in oncology drugs market over the forecast period. The research for cancer drugs in developing economies including Asia Pacific, Latin America, and the Middle East and Africa is emerging with the focus towards the development of biosimilars. The prevalence of various cancer types is high in developing countries which generates interest for these regions to conduct clinical trials. In addition, the cost of research is low in these regions due to favorable government policies and the availability of a huge population base contributing to the oncology drug market growth in the developing countries. This, in turn, results in the significant growth of oncology drug market in the developing region over the forecast period.
Oncology Drug Market: Competitors
Some of the key players in the global oncology drug market include Johnson & Johnson, Amgen Inc., Eli lilly & Co., GlaxoSmithKline, Roche diagnostics, Merck & Co., Pfizer, Sanofi, and Celgene Corporation, and Novartis AG.
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