Pune, India, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The oncology drugs market was USD 141.33 billion in 2019 and is projected to USD 394.24 billion by 2027, exhibiting a CAGR of 11.6% during the forecast period. Fortune Business Insights™, provide this information in its latest report titled, “Medical Imaging Market Forecast, 2019-2027.”
The oncology drugs market is expected to reach $141.33 billion by 2019, according to a market research report by Fortune Business Insights™. This growth is primarily due to the increasing incidence of cancer, increasing number of cancer patients, and the increasing use of novel therapies.
The major oncology drugs market players are AstraZeneca, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline, Johnson & Johnson, and Medtronic plc. These companies are engaged in the development and marketing of cancer drugs. They compete with each other to develop new cancer therapies and to market their existing products.
Key Industry Development
April 2019: Sun Pharmaceutical Industries announced the release of INFUGEM injection, which will ve used for the treatment of cancer in the US.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 11.6% |
| 2027 Value Projection | USD 394.24 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 141.33 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
Regional Analysis:
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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Market Driver:
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.
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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
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.
Segmentation
| Market Segmentation | By Therapy
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By Indication
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By Distribution Channel
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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
Table Of Content: Oncology Drugs Market Size
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Indications (Lung Cancer, Breast Cancer, Prostate Cancer, etc.), By Region/Country
- Overview of Different Oncology Drugs with respect to Regulatory Approvals and Clinical Trials
- Pricing Analysis, By Key Players
- Recent Advancements in Development of Oncology Drugs
- Key Industry Developments (Mergers, Acquisitions, and Partnerships)
- Impact of COVID-19 on Oncology Drugs Market
Continued. . .
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