Oncology/Cancer Drugs Market to Reach $176.50 Bn, Globally, by 2025 at 7.6% CAGR
Surge in incidence of cancer across the globe and considerable rise in expenditure on healthcare services by governments facilitate the growth in the global oncology/cancer drugs market. However, fatal effects related to cancer drugs usage hinder the market growth. On the other hand, surge in number of pipeline drugs and untapped potential in emerging countries offer lucrative opportunities in the industry.
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Based on drug class type, the targeted therapy and chemotherapy segments together accounted for nearly three-fourths of the total market share in 2017, and is expected to maintain dominance in the cancer drugs industry throughout the forecast period. Contrarily, the immunotherapy segment is estimated to register the highest growth rate with a CAGR of 10.4% from 2018 to 2025, owing to higher rates of survival and remission related to their use.
Based on indication, the lung cancer segment is estimated to register the largest CAGR of 11.7% from 2018 to 2025, owing to considerable surge in prevalence across the world. On the other hand, the kidney, breast, and prostate cancer segments together contributed to two-fifths of the total market share in 2017 and is expected to continue its leadership status during the forecast period.
Based on region, Asia-Pacific is projected to grow at the highest rate, registering a CAGR of 9.5% from 2018 to 2025. This is owing to huge base of population and advanced healthcare infrastructure. North America and Europe together accounted for nearly three-fourths of the total market share in 2017, and will maintain their dominance by 2025, owing to rise in awareness regarding advanced therapies, growth in sedentary lifestyle, and ease in accessibility to premiere chemotherapy treatments.
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Leading market players discussed in the research are Amgen Inc., Celgene Corporation, Eli Lilly and Company, Novartis AG, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Johnson & Johnson, Pfizer Inc., Merck & Co., Inc., and Sanofi.
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