Oncology Drugs Market Five Years Forecast Skeleton With Key Companies Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer

The global oncology drugs market size is estimated to be valued at US$ 77.3 billion in 2018 and is expected to witness a CAGR of 12.3% over the forecast period (2018 – 2026).

Cancer is one of the deadliest disease with less chance of survival as the disease progresses. International Agency for Research on Cancer published GLOBOCAN 2018 report, which estimates cancer incidence and mortality rate. This report focus on geographic variability of cancer incidence rate and mortality rate across 20 world regions. This report projected 18.1 million new cancer cases (17.0 million excluding nonmelanoma skin cancer) and 9.6 million cancer deaths (9.5 million excluding nonmelanoma skin cancer) in 2018. Therefore, high prevalence of cancer is expected to be major factor for growth of the global oncology drugs market.

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According to a report by Pharmaceutical Research and Manufacturers Association in 2015, over 800 drugs are in development stage targeting various types of cancer. Moreover, same source suggested that around 73% of personalized medicine under development are targeted towards cancer. Melanoma, colorectal cancer, blood cancer, breast cancer, lung cancer, and prostate cancer are the most targeted cancer for drug development. According to International Federation of the Pharmaceutical Manufacturers Association’s report published in 2017, in 2014, the number of drugs in development for cancer was 1,919.

The global oncology drugs market is expected to witness a CAGR of 12.5% during the forecast period (2018 – 2026), owing to increasing approvals for immunotherapy-based drugs

Among drug type, targeted drugs segment is expected to hold position in the market over the forecast period. This is owing to increasing adoption of targeted therapy due to lower side effects as compared to chemotherapy drugs

Among caner type, lung cancer segment is expected to hold dominant position in the market over the forecast period. This is attributed to high number of approved drugs for lung cancer and increasing incidence of the disease.

Among distribution channel, hospital pharmacies segment is expected to hold dominant position over the forecast period as reimbursement and pricing of drugs are more favorable in hospital pharmacies, owing to 340B pricing program

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This release was published on openPR.