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Global Oncology Drugs Market is Estimated to Witness a CAGR of 7.0% During the Forecast Period 2018 - 2024 by Valuates Reports

05-28-2019 09:25 AM CET | Health & Medicine

Press release from: Valuates Reports

Global Oncology Drugs Market is Estimated to Witness a CAGR

The global oncology drugs market is estimated to witness a CAGR of 7.0% during the forecast period 2018–2024. The market is analyzed based on three segments: therapeutic modality, applications, and regions.

Oncology drugs or anti-cancer drugs or anti-neoplastic drugs are agents that can be used alone or in combination to control or destroy neoplastic cells. These agents can be either systemic or targeted. In systemic, the drug spreads throughout the body, whereas in targeted, the drug or substance identifies the specific location causing less harm to the growth of neighboring healthy cells.

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Key Trends:
The oncology drugs market, by applications, is segmented into breast cancer, blood cancer, prostate cancer, gastrointestinal cancer, lung cancer, and others. The incidence of cancer is one of the leading causes of death globally due to unhealthy food habits, changing lifestyle, and increasing consumption of tobacco-related products. According to the estimation of the National Cancer Institute, in the US, around 1.6 million new cases of cancer were diagnosed and 595,690 people died due to cancer in 2016. Nearly 60% of new cancer cases are from Africa, Asia, Central and South American countries and almost 70% of cancer deaths are from these regions. The Indian Council for Medical Research estimated around 1.4 million new cancer cases in 2016, which is expected to rise to 1.7 million cases by 2020.

Increased prevalence of cancer, unhealthy lifestyle, and increasing geriatric population are the primary factors driving the market growth. However, the high cost of the drug & development process and side effects of the drug are the factors hampering the market growth. The development of pipeline oncology products and expiry of key patents are providing an opportunity for the manufacturers of cancer drugs.

Key Players: F. Hoffmann-La Roche Ltd., Bristol–Myers Squibb, Novartis AG, Johnson & Johnson, Pfizer, Inc., Celgene Corporation, AstraZeneca PLC, GlaxoSmithKline plc, Eli Lilly and Company, Amgen Inc., Merck & Co., AbbVie, Inc., Sanofi, and other predominate & niche players.

Competitive Analysis: The high adoption of personalized medicine and immuno-oncology have fueled a shift in cancer treatment from chemotherapy in the past decade. During 2011–2017, around 84 new chemotherapy drugs have been approved across 22 indications globally, of which immuno-oncology PD-1 and PD-L1 inhibitors have seen a speedy uptake based on their notable clinical profile and approval for various cancers. Additionally, there is a robust late-stage oncology pipeline with around 630 unique molecules in the development, i.e., more than 7% when compared to the previous year, including 278 biological therapies and 82 vaccines. The market is dominated by key vendors such as F. Hoffmann-La Roche Ltd., Bristol–Myers Squibb, Novartis AG, Celgene Corporation, Pfizer Inc., and Johnson & Johnson; and products of these firms are available globally through their distributors and subsidiaries.

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Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is set to be the leading region for the oncology drugs market growth followed by Europe, Asia Pacific, and Rest of the World.

Therapeutic Modality Analysis: The global oncology drugs market by therapeutic modality is segmented into chemotherapy, immunotherapy, targeted therapy, and others. Chemotherapy occupied the largest share in 2017, and immunotherapy is expected to grow at a high CAGR in the coming years due to high efficiency, increased preference of targeted immunotherapy from chemotherapy, and fewer side effects.

Applications Analysis: The global oncology drugs market by applications is segmented into breast cancer, blood cancer, prostate cancer, gastrointestinal cancer, lung cancer, and others. Blood cancer occupied the largest share in 2017, and lung cancer application is expected to be the fastest growing segment during the forecast period due to the high incidence of lung cancer and promising pipeline for NSCLC drugs.

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Our aim is to collate unparalleled Market insights and notify our customers as and when it happens. Valuates is curating premium Market Research Reports from the leading publishers around the globe. We will help you map your information needs to our report repository of Market research reports and guide you through your purchasing decision. We are based out of silicon valley of India (Bengaluru) and provide 24/7 online and offline support to all our customers and just a phone call away.

View Similar Reports:

Oncology Blockbuster Drugs Market - https://reports.valuates.com/sreport/DPIR-Phar-41/Global_Oncology_or_Cancer_Blockbuster_Drugs_Market

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