Investing in Artificial Intelligence for Oncology Drugs: A Game-Changing Trend in the Oncology Drugs Market || Merck & Co. Inc., Novartis AG, Johnson & Johnson

As per The Business Research Company's Oncology Drugs Opportunities And Strategies Market Report 2023, the global oncology drugs market grew from $223.34 billion in 2022, having increased at a compound annual growth rate (CAGR) of 6.5 % since 2017. The market is expected to grow from $223.34 billion in 2022 to $318.31 billion in 2027 at a rate of 7.3 %. The market is then expected to grow at a CAGR of 6.9% from 2027 and reach $445.23 billion in 2032.

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. The cancer cases are rising mainly due to western diet, lifestyle changes, excess consumption of alcohol, and smoking tobacco. According to estimates from the International Agency for Research on Cancer (IARC), a France-based intergovernmental agency forming part of WHO, the worldwide burden of new cancer cases is projected grow to 27.5 million and 16.3 million cancer deaths by 2040

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Companies in the oncology drugs market are increasingly investing in technologies such as artificial intelligence (AI) to save time and reduce research and development costs. AI is the simulation of human intelligence processes by machines, especially computer systems, which has the potential to surpass human intelligence levels. This technology helps to analyze large sets of chemical and biological data to identify potential drug candidates with higher success rates and at a quicker pace when compared to human analysis. The technology also helps in speeding up the patient recruitment process by matching cancer patients with the most relevant clinical trials, thus lowering clinical trial costs. Major oncology drug manufacturers such as Roche, Pfizer, and Johnson and Johnson have already invested in AI technologies to reduce time taken and costs incurred for drug development.

The top opportunities in the oncology drugs market by type will arise in the blood cancer market, which will gain $18.0 billion of global annual sales by 2027. The top opportunities in the oncology drugs market by distribution channel will arise in the hospital pharmacies market, which will gain $49.8 billion of global annual sales by 2027. The top opportunities in the oncology drugs market by mode of purchase will arise in the prescription-based drugs market, which will gain $88.6 billion of global annual sales by 2027. The top opportunities in the oncology drugs market by route of administration will arise in the oral market, which will gain $54.5 billion of global annual sales by 2027. The top opportunities in the oncology drugs market by drug classification will arise in the branded drugs market, which will gain $78.5 billion of global annual sales by 2027. The oncology drugs market size will gain the most in the USA at $31.8 billion.

Oncology Drugs Market Segmentation:
The oncology drugs market is segmented by type, by distribution channel, by route of administration, by drug classification and by mode of purchase.

By Type -
a) Lung Cancer
b) Pancreatic Cancer
c) Breast Cancer
d) Prostate Cancer
e) Ovarian Cancer
f) Colorectal Cancer
g) Gastric Cancer
h) Kidney Cancer
i) Brain Tumor
j) Thyroid Cancer
k) Skin Cancer
l) Bladder Cancer
m) Cervical Cancer
n) Blood Cancer
o) Other Oncology Drugs

By Distribution Channel -
a) Hospital Pharmacies
b) Retail Pharmacies/Drug Stores.
By Route Of Administration
a) Oral
b) Parental
c) Other Route Of Administration

By Drug Classification
a) Branded Drugs
b) Generic Drugs

By Mode Of Purchase -
a) Prescription-Based Drugs
b) Over-The-Counter Drugs

Major players in the oncology drugs market include Bristol-Myers Squibb C, mpany Limited, F. Hoffmann-La Roche AG, Merck & Co. Inc., Novartis AG, Johnson & Johnson.

The regions covered in the global oncology drugs market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Oncology Drugs Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Oncology Drugs Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…………
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Oncology Drugs Market, Conclusions And Recommendations
23. Appendix

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