New York, March 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oncology Drugs Global Market Report 2022" - https://www.reportlinker.com/p06241978/?utm_source=GNW
95 billion in 2021 to $223.21 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $328.22 billion in 2026 at a CAGR of 10.1%.
The oncology drugs market consists of sales of oncology drugs and related services by entities (organizations, sole traders and partnerships) that produce oncology drugs to diagnose and treat all types of cancers.This industry includes establishments that produce drugs used in chemotherapy, surgery and radio therapies for treating pancreatic cancer, breast cancer, ovarian cancer, brain tumor, and other different cancer types.
The oncology drugs market is segmented into lung cancer, pancreatic cancer, breast cancer, prostate cancer, ovarian cancer, colorectal cancer, gastric cancer, kidney cancer, brain tumor, thyroid cancer, skin cancer, bladder cancer, cervical cancer, blood cancer, and others (kaposi sarcoma, aids-related lymphoma, anal cancer, bone cancer, retinoblastoma, testicular cancer, hepatocellular (liver) cancer, mouth cancer, neuroblastoma).
The main types of chemotherapy, harmone therapy, targeted therapy, lung cancer, pancreatic cancer, breast cancer, prostate cancer, ovarian cancer, colorectal cancer, gastric cancer, kidney cancer, brain tumor, thyroid cancer, skin cancer, bladder cancer, cervical cancer, blood cancer, others (kaposi sarcoma, aids-related lymphoma, anal cancer, bone cancer, retinoblastoma, testicular cancer, hepatocellular (liver) cancer, mouth cancer, neuroblastoma).Breast cancer drugs are used to target and destroy breast cancer cells.
The different types include pharmaceutical drugs, and biologics.The drugs are administered through oral, parenteral, and others that are classified into branded and generic drugs.
The drugs are distributed by hospital pharmacies, retail pharmacies/ drug stores and others.
North America was the largest region in the oncology drugs market in 2021. Middle East is expected to be the fastest growing region in the forecast period The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the oncology drugs market in 2020 as supply chains were disrupted due to restrictions on trade of pharmaceutical ingredients and products across countries.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
Pharmaceutical markets such as this one has been relatively unaffected however due to continued availability of drugs during government lock downs and inelasticity of demand. It is expected that the oncology market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Companies in the oncology drugs market are increasingly investing in technologies such as artificial intelligence (AI) to save time and reduce research and development costs.AI is the simulation of human intelligence processes by machines, especially computer systems, which has the potential to surpass human intelligence levels.
This technology helps to analyze large sets of chemical and biological data to identify potential drug candidates with higher success rates and at a quicker pace when compared to human analysis.The technology also helps in speeding up the patient recruitment process by matching cancer patients with the most relevant clinical trials, thus lowering clinical trial costs.
Major oncology drug manufacturers such as Roche, Pfizer and Johnson and Johnson have already invested in AI technologies to reduce time taken and costs incurred for drug development. For example, Johnson and Johnson has recently entered into an agreement with BenevolentAI, a UK-based start-up, to mine data for designing new oncology drugs.
Companies in the oncology drug market are investing in targeted therapy, which has proven to be less toxic compared to traditional treatment options.Targeted cancer therapies are drugs or substances which block the growth of cancer by interfering with molecules that are more specifically involved in cancer cell progression than in normal cell activity.
The goal of these therapies is to eliminate cancerous cells in the body while leaving normal cells unharmed.By focusing on changes in the cell that are specific to cancer, this therapy may prove to be more effective than traditional chemotherapy and radiotherapy.
Companies in oncology market such as Pfizer, Novartis and Abbvie have understood the importance of this treatment method and are increasingly investing in it. According to a report by QuintilesIMS, 87% of the drugs currently in pipeline constitute of targeted therapy drugs.
The countries covered in the oncology drugs market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06241978/?utm_source=GNW
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