Oncology Drugs Market globally is forecast to reach a market size of US$ 342.5 billion by 2027; growing from about US$ 142.9 billion in 2019 experiencing a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Rising incidences of cancer all around the globe is accelerating the market for oncology drugs at present and the scenario is expected to be worse in the coming years and it would further boost the market for oncology drugs. Unhealthy lifestyle in this busy world and uses of different harmful substances in cultivation and processing of are the major key factors that has given rise to the chronic diseases such as cancer. Further, advancement across oncology has resulted in substantial improvement of patient outcomes.
There are several types of cancer such as Kidney cancer, Liver cancer, Ovarian Cancer, Prostate Cancer, Breast Cancer, Lung Cancer, Skin Cancer, Colorectal, Blood Cancer, Pancreatic Cancer, Others. Further, huge investment in new product development, ongoing speedy research and development and increase in the number of patients are the primary factors that would give a robust potential opportunity to this market during the forecast period. One of the most common treatment today is chemotherapy which seems to be successful if the cancer is diagnosed in the early stage, if in the later stage other therapies such as targeted therapy drugs, and immunological therapy drugs are used to treat in the later stage.
The global oncology cancer drugs market is segmented into by drug class type, by indication and by geography. Further, the market by drug class type is segmented into chemotherapy, targeted therapy, immunotherapy (biologic therapy) and hormonal therapy. Among the drug class type, targeted therapy segment holds the largest market share at present. By indication, the market is segmented into colorectal cancer, breast cancer, prostate cancer, liver cancer, lung cancer, kidney cancer, bladder cancer, stomach cancer, esophagus cancer, cervical cancer, and other cancers. Among the indication, prostate cancer accounts for the largest share currently.
Regional market covered under the scope of the study are North America, Europe, Asia Pacific and Rest of the World (RoW). The countries covered under the scope of North America are the U.S., Mexico and Canada; wherein the scope of Europe is mapped across the countries namely the UK, Italy, Germany, France, Russia, Spain and Rest of Europe. Under Asia Pacific region, the countries covered are China, India, Japan, South Korea, Australia, Singapore, Taiwan and Rest of APAC. Rest of the World (RoW) caters to the countries namely Central America & South America, Middle East and Africa. Across the globe, Asia Pacific is expected to witness robust growth during the forecast period and the growth is attributed to the factors such as rise in research & development activities, huge population base and rise in cancer awareness across the region. Huge opportunities are available in this region for the manufacturers as well as the venture capitalists.
Key players in the global oncology cancer drugs market are Johnson & Johnson (Janssen Global Services, LLC,), Merck & Co., Inc., Novartis AG, AstraZeneca PLC, Bristol-Myers Squibb Company, AbbVie Inc. Amgen, Astellas Pharma Inc., F. Hoffmann-La Roche Ltd., and Pfizer Inc. among others.
Scope of the Global Oncology Cancer Drugs Market
Market Segments by Drug Class Type (Revenue, USD Billion, 2019 - 2027)
Market Segments by Indication (Revenue, USD Billion, 2019 - 2027)
Market Segments by Region (Revenue, USD Billion, 2019 - 2027)
Johnson & Johnson (Janssen Global Services, LLC,), Merck & Co., Inc., Novartis AG, AstraZeneca PLC, Bristol-Myers Squibb Company, AbbVie Inc. Amgen, Astellas Pharma Inc., F. Hoffmann-La Roche Ltd., and Pfizer Inc. among others.