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COVID-19 Impact on Global Oncology Drugs Market By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer and Other Cancers); By Type (Chemotherapy, Targeted Therapy, Immunotherapy and Hormonal Therapy) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Oncology is a field of cancer science and care. Cancer is an illness in which abnormal cells expand and divide uncontrolled. Drugs oncology is helpful in the aid of cancer diagnosis. Tobacco and smoking, infectious diseases, genetic factors, carcinogens, bacterial infections, physical activity, dietary habits, and age are some of the causes of cancer. Blood cancer, endocrine cancer, prostate cancer, bone cancer, skin cancer, genitourinary cancer, gastrointestinal cancer, breast cancer, eye cancer, head and neck cancer, and gynecological cancer are all distinct forms of cancer that can be treated with oncology medicines.
Global Oncology Drugs Market size was registered at USD 86.67 billion in 2019 and is estimated to reach USD 321.69 billion by 2030, registering a CAGR of 13.12% from 2020 to 2030. Technological innovation, increased occurrence of different types of cancers, increased need for cancer research and development activities, and increasing concerns about high cancer death rates are driving the oncology drug market. Furthermore, the launch of new cancer medicines and treatments and government funding for improving healthcare conditions are expected to drive the oncology drug market.Global Oncology Drugs Market Opportunity Analysis
Source: Fatpos Global
Oncology Drugs Market is segmented based on type, indication, and region.
By Type (in %), Oncology Drugs Market, 2019
The targeted therapy segment is anticipated to register XX% of the market share during the forecasted period.
By type, the market can be segmented into Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy. Due to the ability of targeted therapies to kill only malignant cells, better effectiveness, and higher survival rates associated with their use, the targeted therapy category has the highest oncology drug market share. During the forecast period, the immunotherapy segment is expected to show the fastest development. This is due to an increase in the prevalence of cancer in several countries worldwide and high unmet medical needs.
By Indication (in %), Oncology Drugs Market, 2019
The prostate cancer segment accounted for XX% of the nation’s volume in 2019
The indication segment can be classified into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers. The prostate cancer category controlled the largest market share for oncology drugs due to the presence of a huge geriatric population, according to the indication. During the forecast period, the lung cancer segment is expected to show the fastest rise. This is attributed to technological advances in cancer care and increased understanding of early cancer diagnosis.
Source: Fatpos Global
Increasing research and development and government funding to increase the market growth
Technological innovation, increased occurrence of different types of cancers, increased need for cancer research and development activities, and increasing concerns about high cancer death rates are driving the oncology drug market. Furthermore, the launch of new cancer medicines and treatments and government funding for improving healthcare conditions are expected to drive the oncology drug market.
High cancer care costs and side effects of treatment to hinder the market growth
High cancer care costs, stringent government regulations, huge investment participation in therapy production and clinical trials, and side effects of cancer therapies are some of the major factors that limit growth for the global market for oncology drugs.
In terms of value and volume, APAC accounted for XX% of total market volume share in 2019
Due to growing cancer awareness across the area and rising R&D spending, the APAC oncology drug market has high growth potential. Moreover, this area provides tremendous opportunities for venture capitalists and investors, as the established markets are relatively saturated. Also, some other factors contributing to the growth of the cancer drug market in this area are the increase in disposable income; the increase in research, development, and innovation activities; and the increase in awareness related to various cancers. Also, the widespread prevalence in countries such as Japan of certain cancers, such as stomach cancer, and the presence of a large geriatric population are driving market growth in this area.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global Oncology Drugs Market is further segmented by region into:
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. The epidemic of COVID-19 has had a positive impact internationally on the demand for oncology drugs. Concerning emergency COVID-19, some consumer segments have experienced an increase in demand for medicines. Among cancer patients in the midst of a lockout, panic buying of drugs has been seen. In this segment, the pharmaceutical companies have dramatically strengthened their supply chain management, enhanced their R&D capabilities, and invested more in their production management and quality control.
Oncology Drugs Market: Competitive landscape
New technological advancements in the Oncology Drugs Market as well as large production output of the product by key players are likely to increase the market growth. In this segment, the pharmaceutical companies have dramatically strengthened their supply chain management, enhanced their R&D capabilities, and invested more in their production management and quality control.
Oncology Drugs Market: Key players
Global Oncology Drugs Market report also contains analysis on:
Oncology Drugs Market segments: -
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