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Increased Healthcare Spending To Drive the Oncology Drugs Market
Oncology is a branch of study and treatment of cancer. Cancer is disease in which abnormal cells grow and divide without control. Oncology drugs help in diagnosis cancer. Some of the causes of cancer are tobacco and smoking, viral infections, genetic causes, carcinogens, bacterial infections, physical activities, eating habits and age.
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Various types of cancer that can be treated by oncology drugs are blood cancer, endocrine cancer, lung cancer, bone cancer, skin cancer, genitourinary cancer, gastrointestinal cancer, breast cancer, eye cancer, head and neck cancers and gynaecologic cancer. On the basis of treatment, oncology drugs market can be segmented into chemotherapy, immunotherapy, surgery, radiation therapy, stem cell transplant, hormone therapy and others.
North America, followed by Europe, has the largest market for oncology drugs due to new drug development, government initiatives and developed healthcare infrastructure in this region. Asia is expected to show high growth rate in the oncology drugs market in next few years due to increasing incidence of cancer cases, rise in the use of tobacco products and growth in aging population in the region.
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Technological advancement, increasing incidence of various type of cancers, rise in need for R&D activities in cancer and growing concerns over high death rates due to cancer are driving the market for oncology drugs. In addition, introduction of new drugs and therapies for cancer and government support to improve healthcare condition are expected to drive the market for oncology drugs.
However, high cost of cancer treatments, strict government regulations, huge investment involvement in the development and clinical trials of the therapies and side effects of cancer treatments are some of the major factors restraining the growth for global oncology drugs market.
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Growing demographics and economies in the developing countries such as China and India are expected to offer good opportunities in oncology drugs market in Asia.
In addition, new innovations in cancer drugs and therapies and rise in awareness about the new drugs and therapies available in the market are expected to offer new opportunities for global oncology drugs market. Personalized medicines, increasing number of mergers and acquisitions, new product launches and rise in number of collaborations and partnerships are some of the trends that have been observed in global oncology drugs market.
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Some of the major companies operating in the global oncology drugs market are Amgen, Bayer Healthcare AG, CELGENE CORPORATION, GlaxoSmithKline, ARIAD Pharmaceuticals, Inc., Eli Lilly and Company, Novartis, Hoffmann-La Roche Ltd., AstraZeneca, Boehringer Ingelheim GmbH, Pfizer and Teva Pharmaceuticals Industries.
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