Portland, OR, Feb. 27, 2019 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Oncology/Cancer Drugs Market by Drug Class Type (Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy) and Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025.” According to the report, the global oncology/cancer drugs market garnered $97.40 billion in 2017, and is expected to reach $176.50 billion by 2025, registering a CAGR of 7.6% from 2018 to 2025.
Growth Drivers and Industry Trends
Increase in incidence of cancer across the world and significant surge in government expenditure on healthcare services drive the growth in the market. However, adverse effects related to usage of cancer drugs hinder the market growth. On the other hand, increase in number of pipeline drugs and unlocked potential in emerging economies create new opportunities in the industry.
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Targeted therapy contributed to nearly three-fifths of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This is due to lesser side effects provided by these drugs as compared to other drugs. However, the immunotherapy segment is expected to grow at the highest CAGR of 10.4% from 2018 to 2025, owing to high survival and remission rates with their use.
Segmentation Analysis of the Industry
Kidney cancer contributed to one-fifth of the total market share in 2017 and will maintain its leadership position by 2025. This is due to high rate of prevalence and better survival rates. Lung cancer is expected to grow at the highest CAGR of 11.7% from 2018 to 2025, owing to significant rise in prevalence across the globe.
Asia-Pacific is expected to register the highest growth rate, with a CAGR of 9.5% from 2018 to 2025. This is due to large population base and development of advanced healthcare infrastructure. North America accounted for nearly half of the total market share in 2017 and will maintain its lead position by 2025, owing to surge in awareness among the population, access to premiere chemotherapy treatment options, and rise in sedentary lifestyle among the population.
Industry Key Players
Leading market players analyzed in the research include Amgen Inc., Eli Lilly and Company, Celgene Corporation, GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Johnson & Johnson, Pfizer Inc., Novartis AG, and Sanofi.
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