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2020 Oncology Drugs Market Size, Growth, Drivers, Trends And Forecast to 2030
Oncology Drugs Market
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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:-
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. According to American Cancer Society, there were 17,62,450 new cases and 6,06,880 cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. 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:-
By Type
1.Blood Cancer
2.Breast Cancer
3.Lung Cancer
4.Prostate cancer
5.Colorectal Cancer
6.Cervical cancer
7.Kidney cancer
8.Gastric Cancer
9.Brain Tumor
10.Skin Cancer
11.Ovarian Cancer
12.Bladder Cancer
13.Pancreatic Cancer
14.Thyroid cancer and Others
The blood cancer was the largest segment of the oncology drugs market by type, accounting for 19.0% of the total market in 2019. Going forward, ovarian cancer segment is expected to be the fastest growing segment in the oncology drugs market, at a CAGR of 21.0%.
By Drug Class Type
1.Targeted Therapy
2.Immunotherapy (Biologic Therapy)
3.Chemotherapy
4.Hormonal Therapy
The targeted therapy was the largest segment of the oncology drugs market by drug class type, accounting for 42.3% of the total market in 2019. Going forward, the chemotherapy segment is expected to be the fastest growing segment in the oncology drugs market, at a CAGR of 14.5%.
By Distribution Channel
1.Retail Pharmacies/Drug Stores
2.Hospital Pharmacies
3.Others
The hospital pharmacies was the largest segment of the oncology drugs market by distribution channel, accounting for 50.8% of the total market in 2019. Going forward, the others segment is expected to be the fastest growing segment in the oncology drugs market, at a CAGR of 12.6%.
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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
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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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