Pune, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The global oncology drugs market size is expected to reach USD 394.24 billion by 2027, exhibiting a CAGR of 11.6% during the forecast period.
The growing prevalence of cancer around the world will spur opportunities for this market during the forecast period, states Fortune Business Insights, in a report, titled “Oncology Drugs Market Size, Share & COVID-19 Impact Analysis, By Drugs Class (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, and Others), By Therapy (Chemotherapy, Targeted Therapy, and Immunotherapy), By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others), By Dosage Form (Solid, Liquid, and Injectable), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), and Regional Forecast, 2020-2027.” The market size stood at USD 141.33 billion in 2019.
Key Development:
April 2019: Sun Pharmaceutical Industries announced the release of INFUGEM injection, which will ve used for the treatment of cancer in the US.
The oncology drugs market highlights:
- An extensive study of regions
- Forecast value of the market
- Detailed analysis of the segments
- COVID-19 effect on the market
- Ongoing clinical trials
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Surging Pharmaceutical Industry to Contribute Colossal Development
The ongoing technological advancement in the field of pharmacy is expected to create opportunities for the market during the forecast period. The clinical trials and various drugs in the pipeline can further facilitate the healthy growth of the industry. The growing cases of numerous types of cancer, such as lung cancer, skin cancer, prostate cancer, colon cancer, breast cancer, and others will spur demand for oncology drugs, thus enhancing market growth.
According to the World Health Organization (WHO), cancer is a growing burden and the number of new cancer cases is going to rise from 18.1 million in 2018 to 29.4 million by 2040. Moreover, product launches and approvals are expected to have a tremendous impact on the market.
The whole world is fighting the novel coronavirus. Sectors and industries are devasted due to the major loss caused by COVID-19 in business. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/oncology-drugs-market-103431
Positive Impact on Oncology Drugs Market Growth During COVID-19
The outbreak of COVID-19 has had a positive impact on the oncology drugs market globally. Certain market segments have witnessed a growth in demand for drugs with respect to the COVID-19 emergency. Panic buying of medications has been witnessed among the cancer patients amid lockdown.
The pharmaceutical companies involved in this market have significantly improved their supply chain management, enhanced the capabilities of their R&D, and invested more their manufacturing management and quality control. For instance, according to the quarterly reports of 2020 of Roche, their global supply chain of medicines and tests remain intact and their pharmaceutical division sales increased by 7% as compared to the prior year.
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Rising Prevalence to Cancer to Influence Market in North America
The market size in North America is expected to witness a rapid growth rate during the forecast period. The dominance in the region is attributed to the growing prevalence of cancer in the U.S. As per the National Cancer Institute, in 2020, approximately 1.8 million people will be diagnosed with cancer in the U.S.
The recent product launches will aid the expansion of the market in the region. Europe is predicted to exhibit a stellar growth rate during the forecast period owing to the growing cancer burden in countries such as U.K., Germany, and France. The market in Asia Pacific is predicted to rise tremendously during the forecast period due to the rising awareness among the population regarding cancer.
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The Report Lists the Main Companies in the Market:
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Genentech, Inc. (California, United States)
- Novartis AG (Basel, Switzerland)
- Pfizer Inc. (New York, United States)
- Bristol-Myers Squibb Company (New York, United States)
- GlaxoSmithKline plc. (Brentford, United Kingdom)
- Eli Lilly and Company (Indiana, United States)
- AstraZeneca (Cambridge, United Kingdom)
- Sanofi (Paris, France)
- Bayer AG (Leverkusen, Germany)
- Other Players
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Oncology Drugs Market Segmentations:
By Drug Class
● Cytotoxic Drugs
• Alkylating Agents
• Antimetabolites
• Others
● Targeted Drugs
• Monoclonal Antibodies
• Others
• Hormonal Drugs
• Others
By Therapy
• Chemotherapy
• Targeted Therapy
• Immunotherapy
By Indication
• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Others
By Dosage Form
• Solid
• Tablets
• Capsules
• Liquid
• Injectable
• Prefilled Syringes
• Others
By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others
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