Oncology Drugs Market Revenue from Worldwide Deployment. Rising at a CAGR of 7% from 2018 to 2025

Oncology Drugs Market

Oncology is a branch of the study and treatment of cancer. Oncology drugs are the drugs that are used to control or destroy neoplastic cells. Cancer is a disease which enables abnormal cells to grow and circulate in the body without control. The oncology drugs are used to cure several cancers like blood cancer, endocrine cancer, lung cancer, bone cancer, skin cancer, genitourinary cancer, gastrointestinal cancer, breast cancer, eye cancer, head and neck cancers, and gynecologic cancer. Blood cancer accounted for the largest market share in 2017 and lung cancer is expected to grow at the highest rate during the forecast period.

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The increase of patients diagnosed with cancer has given rise to early diagnosis; government regulations due to growing concerns over high death rates; and an increase in disposable income across various regions are the major factors driving the growth of the market. Furthermore, advancements in technology will promote the market towards a positive growth.

The global oncology drugs market valued about USD 133 billion in 2017 from that of about USD 96 billion in 2013, growing at a CAGR of approximately 7% over the forecast period. The market is dominated by some prominent international vendors such as Novartis A.G, Laboratrio Cristlia, Medley Genomics, F. Hoffmann-La Roche Ltd, Icon Plc., Sanofi S.A., Laboratoires Pierre Fabre, Eurofarma Laboratrios S.A., Ach Laboratrios Farmacuticos S.A., Laboratorios IMA etc.

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Increasing concerns about death rates to support the growth of oncology drugs in various regions:

North America dominated the global market for oncology drugs market in 2017 and is expected to continue its dominance over the forecast period. New drug development coupled with new therapies for cancer, government initiatives, and developed healthcare infrastructure are the some of the major key factors driving the growth of the market in this region. Moreover, the presence of major leading players in this region is expected to drive the growth for the oncology drugs market.

However, Asia Pacific is the fastest growing region and would emerge as the most attractive market in the coming years. This is attributed to an increase of health care concerns in Japan. Additionally, the country held the largest market share in the oncology drug market, due to an increase in the prevalence of cancer in the Japanese population. Lung cancer is the major cause of death among the Japanese population. Moreover, the total healthcare expenditure of Japan accounted for approximately USD 495 billion in 2013.

Artificial Intelligence to contribute significantly to the oncology drugs market worldwide.

Advances in drugs & medical devices and technology will act as the driving forces that will impact oncology treatment and costs over the next decade. Increasing penetration of artificial intelligence and mobile apps to drive better patient engagement. These factors would help the growth of oncology drugs market. Leading market players are focusing on strategic alliances, mergers and acquisitions, and cost-cutting measures to improve visibility and reliability in the global market.

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