Cancer Drug Market Expected to Witness Maximum Growth in the Near Future

The report defines the cancer drug market as drugs that are intended to be used in the various cancer treatments such as surgery, chemotherapy and radiation therapy. It is also called as anticancer drugs or anticancer agents. Cancer is a group of diseases characterized by the uncontrolled growth and spread of abnormal cells. Cancer drugs are used to kill cancer cells or helps to prevent them from growing and spreading to other parts of the patient’s body. Cancer drugs are also used to reduce the side effects of cancer or its treatment.

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The growing prevalence of cancer across the world is the key factor that drives the growth of the cancer drug market. According to WHO, Globally, 9.6 million cancer patient deaths were recorded in 2018 and it is a second leading cause of death. The several factors such as the growing ageing population, rapidly changing lifestyles, bacterial infections, eating and drinking habits and others are responsible for the increasing cancer burden worldwide. In addition, the availability of numerous types of FDA approved cancer treatment drugs are contributing to the growth of this market. Ongoing technological advancements in the cancer treatments and the introduction of new advanced drugs are projected to create various growth opportunities in this market in upcoming years.

Segmented by Type

The types segment of the global cancer drug market includes Breast Cancer, Gastrointestinal Cancer, Blood Cancer, Bladder Cancer, Lung and Bronchus, Cancer Liver, Cancer Skin Cancer and other. Among these types of Lung cancer holds maximum shares of 23.2% of the total market share. Female breast, and colorectum along with lung cancer are the major types of cancer that are responsible for one-third of the cancer incidence and mortality burden worldwide. Rapidly rising tobacco consumption habits among teenagers is accountable for the rising prevalence of lung cancer. The growing demand for cancer drugs coupled with the high occurrence of lung cancer is driving the growth of the global cancer drug market.

Segmented by Application

Global Cancer Drugs Market by application segmented as immunotherapy, targeted therapy, hormone therapy, and chemotherapy. Immunotherapy (Biologic Therapy) is the major application of global cancer drug market that held 44.1% shares of the total market, in 2017. This Immunotherapy is the treatment that involves with broad classes of drugs used to help the immune system to fight against the cancer cells. Immunotherapy may work by stopping the cancer cells to grow to the other parts of the body and helping the immune system by destroying the cancer cells. The use of immunotherapy cancer treatment has many advantages for instance in skin cancer treatment, radiation or chemotherapy is not as effective as immunotherapy treatment. Reliable and effective treatment offered by the immunotherapy with the minimum side effects as compared to the other traditional therapies is contributing in the growth of Immunotherapy segment in the global cancer drug market.

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Regional Analysis

The global cancer drug market covers North America, Europe, Asia-Pacific, and Rest of the World geographies in the scope of the report. North America has dominated the cancer drug market followed by Europe in 2017. In addition, Asia Pacific is estimated to the fastest growing region in the global cancer market. According to the National Cancer Institute (NCI), 1,735,350 new cases of cancer will be diagnosed in the United States in 2018. The growing prevalence of cancer, favorable health insurance policies and developed healthcare infrastructure are driving the growth of this market in the North America Region.

In the global cancer treatment market, Asia Pacific is set to grow with the highest CAGR of 7.47% over the forecast period. Growing awareness about cancer treatment drugs and a Growing ageing population are the key factors that boost the growth of the cancer drug market in this region.

Competitive Landscape

The report provides profiles of the companies in the global cancer drugs market such as Bayer AG, Eli Lilly and Company, Novartis AG, Amgen Inc., and GlaxoSmithKline Plc. Bristol-Myers Squibb Company, Pfizer Inc, Merck & Co., Inc., CELGENE CORPORATION, Boehringer Ingelheim International GmbH, and Sanofi.

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