Oncology/Cancer Drugs Market Size to Raise by $222.38 Billion, Globally, by 2025 at 7.4% CAGR

Oncology/Cancer Drugs Market 1

Oncology/Cancer Drugs Market 1

Increase in incidence of cancer across the globe and rise in global geriatric population, drive the growth of the global oncology/cancer Drugs market.

Companies profiled include: AbbVie Inc, Amgen, Astellas Pharma Inc, AstraZeneca, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Merck & Co. Inc, Novartis AG & Pfizer Inc”
— Allied Market Research
NE WIN SIVERS DRIVE, PORTLAND, UNITED STATES, September 14, 2021 /EINPresswire.com/ -- The global oncology/cancer drugs market generated $128,352 million in 2019, and is projected to reach $222,380 million by 2027, registering a CAGR of 7.4%. Surge in incidence of cancer across the globe and rise in global geriatric population, and surge in government expenditure on healthcare drive the growth of the global oncology/cancer drugs market. However, fatal effects related to cancer drugs usage hinder the market growth. On the other hand, surge in number of pipeline drugs and untapped potential in emerging countries offer lucrative opportunities in the coming years.

Covid-19 Scenario:

• The outbreak of Coronavirus disease (COVID-19) has significantly impacted the oncology/cancer drugs market, as the supply chains were disrupted due to restrictions on trade of pharmaceutical ingredients and products across several countries.
• In addition, COVID 19 has disrupted the most crucial areas of the oncology/cancer drugs market by distorting clinical trials and drug supply chains. COVID-19’s interference with the research and development of new treatments is one of the most significant blows to the cancer drugs market.

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The targeted therapy segment to continue its leadership status during the forecast period

Based on drug class, the targeted therapy segment held the highest share in 2019, accounting for nearly three-fifths of the global oncology/cancer drugs market, and is projected to continue its leadership status during the forecast period. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. On the other hand, the immunotherapy segment is estimated to portray the highest CAGR of 9.9% from 2020 to 2027.

The breast cancer segment offers lucrative opportunities

Based on indication, the breast cancer segment accounted for the largest market share in 2019, contributing to nearly one-fourth of the global oncology/cancer drugs market, and is expected to maintain its lead position during the forecast period. On the other hand, the lung cancer segment is projected to register the highest CAGR of 9.6% from 2020 to 2027. This is owing to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco which includes passive smoking, which may lead to lung cancer.

North America to maintain its dominance in terms of revenue by 2027

Based on region, North America contributed to the highest share in 2019, holding nearly half of the global oncology/cancer drugs market, and is estimated to maintain its dominance in terms of revenue by 2027. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2020 to 2027. This is due owing to increase in number of cancer affected population and rise in awareness related to different cancers.

The key companies profiled in the report include

• AbbVie Inc. Amgen
• Astellas Pharma Inc.
• AstraZeneca PLC
• Bristol-Myers Squibb Company
• F. Hoffmann-La Roche Ltd.
• Johnson & Johnson (Janssen Global Services, LLC,)
• Merck & Co., Inc.
• Novartis AG, and Pfizer Inc.

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