Cancer/Oncology Drug Market
By Drug (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, and Others),
By Therapy (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy),
By Cancer (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, Others)
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2022-2032.
The global cancer/ oncology drug market to be worth more than USD 376.9 billion by 2032
The market for oncology drugs has experienced rapid expansion in recent years due to rising drug approval rates and the introduction of biosimilar cancer therapy products. WHO predicts that 1 in 5 men and 1 in 6 women will develop cancer at least once in their lives worldwide. The number of new cases is expected to rise by roughly 70 million between 2014 and 2024 due to growing populations, aging, and increased risk-taking behaviours, including exposure to carcinogens like UV radiation, which may result in an increased incidence rate over the forecast period. New cancer treatments that are incredibly effective and have few side effects have been developed due to increasing research activity. For instance, the European Society for Medical Oncology (ESMO) decided to begin accepting registrations in August for its conference in June 2022. The ESMO Congress in 2022 will be primarily focused on the discussion and debate of the latest recent research and treatment options for European oncology medications.
To broaden their geographic reach, businesses in cancer/oncology medicine market are undergoing mergers, partnerships, acquisitions, and service agreements. For instance, in January 2020, Taiho Pharmaceutical Co., Ltd. and Astex Pharmaceuticals (U.K.), two pharmaceutical firms whose entirely owned Otsuka Pharmaceutical Co., Ltd. subsidiaries, announced a research collaboration and license agreement. The goal of this collaboration is to create small-molecule inhibitors for a number of pharmacological targets, including the KRAS gene.
According to the CXOs and primary research conducted, Pfizer, Novartis, and Mylan are part of the new initiative, giving more nations access to the priority drugs and formulations covered by the agreements. The American Cancer Society (ACS) and the Clinton Health Access Initiative (CHAI) declared agreements with drug manufacturers, including Pfizer, Novartis, and Mylan, to enhance access to 20 life-saving cancer medications in 26 countries in sub-Saharan Africa and Asia. These new agreements will improve life quality and reduce the mortality gap by focusing on the tumors that cause the most deaths.
The Cancer/Oncology Drug market is analyzed across North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA), and Middle East & Africa (MEA). In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Due to several factors, including improved healthcare infrastructure and more affordable treatment options, the Asia Pacific is predicted to grow exponentially within the forecast period. The major companies operating within the market are AbbVie Inc., Amgen, Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Hoffmann-La Roche Ltd., Johnson & Johnson (Janssen Global Services, LLC), Merck & Co. Inc., Novartis AG, Pfizer Inc.
