Press release
Global Oncology Drugs Market Size, Share, Growth, Trends 2020-2030: Novartis AG, Bristol-Myers Squibb Company, Merck & Co, Johnson & Johnson
The global oncology drugs market reached a value of nearly $167.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 9.8% since 2015. The market is expected to decline from $167.9 billion in 2019 to $149.9 billion in 2020 at a rate of –11%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to grow slightly from $201.1 billion in 2021 to $284.5 billion in 2023 at a CAGR of 9.7%. The market is expected to stabilize and reach $284.5 billion in 2025 and $412.9 billion in 2030.
The key drivers of the oncology drugs market include:
Increase in Cancer Incidence Rate – The rise in the number of cancer cases across the globe is likely to contribute to the growth of the oncology drugs market during the forecast period. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for oncology drugs market over the forthcoming years.
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Oncology Drugs Market Segmentation:
The oncology drugs market is segmented by type of drug, by distribution channel, and by geography
By Type - The oncology drugs market can be segmented by type into drugs for
1) Blood Cancer
2) Breast Cancer
3) Lung Cancer
4) Prostate cancer
The blood cancer was the largest segment of the oncology drugs market by type, accounting for 19.0% of the total market in 2019.
By Distribution Channel – The oncology drugs market can be segmented by distribution channel into
1) Retail Pharmacies/Drug Stores
2) Hospital Pharmacies
3) Others
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By Geography - The oncology drugs market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the oncology drugs market are
1. F. Hoffmann-La Roche AG
2. Novartis AG
3. Bristol-Myers Squibb Company
4. Merck & Co., Inc.
5. Johnson & Johnson
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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