The global oncology drugs market to grow at a CAGR of 7.0% during the forecast period 2018–2024 to aggregate $197.6 billion by 2024
Increasing incidence of cancer across the globe, growing geriatric population, expiration of patents & increase in generic drugs, and growing demand for personalized medicine are anticipated to increase the market growth during the forecast period.
BANGALORE, India – March 14, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Oncology Drugs Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (March 2018).
According to Infoholic Research, the oncology drugs market is growing steadily due to increasing incidence of cancer, growing geriatric population, expiration of patents, and growing demand for personalized medicine. The high cost and side-effects of oncology drugs are hampering the market growth. The oncology drugs market, by applications, is segmented into breast cancer, blood cancer, prostate cancer, gastrointestinal cancer, lung cancer, and others. Blood cancer occupied a significant market share in 2017 and lung cancer is expected to grow at a high CAGR in the next few years. The incidence of cancer is one of the leading causes of death globally due to unhealthy food habits, changing lifestyle, and increasing consumption of tobacco-related products. According to the estimation of the National Cancer Institute, in the US, around 1.6 million new cases of cancer were diagnosed and 595,690 people died due to cancer in 2016. Nearly 60% of new cancer cases are from Africa, Asia, Central and South American countries, and almost 70% of cancer deaths are from these regions. The Indian Council for Medical Research estimated around 1.4 million new cancer cases in 2016, which is expected to rise to 1.7 million cases by 2020.
The global oncology drugs market is expected to grow at a CAGR of 7.0% during the forecast period 2018–2024 to touch an aggregate of $197.6 billion by 2024.
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The market is analyzed based on three segments: therapeutic modality, applications, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region and held around 28.4% of the market share in 2017. Asia Pacific is expected to grow at the fastest CAGR during the forecast period.
Based on therapeutic modality, the oncology drugs market is segmented into chemotherapy, immunotherapy, targeted therapy, and others. Chemotherapy occupied the largest share in 2017 and immunotherapy is expected to grow at a high CAGR in the coming years due to high efficiency, increased preference of targeted immunotherapy, and fewer side effects.
“The oncology drugs market is growing steadily, and the key vendors in the market are increasingly focusing on the approval of new drugs, partnerships, and agreements to increase their revenue. In February 2018, AstraZeneca received FDA approval for Imfinzi to treat patients with stage III lung cancer. There is a robust late-stage oncology pipeline with around 630 unique molecules in the development, i.e., more than 7% when compared to the previous year, including 278 biological therapies and 82 vaccines. Apart from this, growing incidence of cancer and high investment in R&D for new drug launch are expected to drive the market growth.” – Arpitha Shetty, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides the complete details about various oncology drugs.
- Provides the details of trending oncology drugs in the market.
- Provides the complete details about the analysis of top 13 players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.