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Oncology Pharmaceuticals: By Type (Chemotherapy, Targeted Therapy, Immunotherapy and Hormonal Therapy), By Indication (Lung Cancer, Stomach Cancer, Breast Cancer, Prostate Cancer), By End user (Specialized cancer treatment centers, Hospitals Pharmacies and Retail Pharmacies), And Region - Global Analysis Of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Cancer is a broad term for a group of diseases caused by abnormal cell growth in any tissue or organ of the body. Cancer develops when abnormal cells grow outside of their boundaries and spread to other parts of the body. The most common causes of cancer are genetic mutations caused by a variety of environmental factors such as radiation, chemicals, infections, and a variety of other factors such as poor diet, obesity, and so on. Oncology is the branch of medicine that studies cancer diagnosis and treatment. Men are more likely to develop lung, prostate, stomach, and liver cancers, while women are more likely to develop breast, lung, colorectal, cervical, and thyroid cancers.
Global Oncology Pharmaceuticals to surpass USD 248.6 billion by 2031 from USD 137.5 billion in 2021 at a CAGR of 7.4% in the coming years, i.e., 2021-31. During the forecast period, the market is expected to benefit from ongoing technological advancements in pharmaceuticals. Clinical trials and various drugs in the pipeline can help the industry grow in a healthy way. The rising number of cancer cases, including lung cancer, prostate cancer, colon cancer, breast cancer, and others, will increase demand for oncology drugs, boosting market growth.
Based on type, global Oncology Pharmaceuticals Market is fragmented into Chemotherapy, Targeted Therapy, Immunotherapy and Hormonal Therapy. Chemotherapy drugs are frequently used in combination with other medications during chemotherapy, which is a common cancer treatment around the world.. Furthermore, due to recent advancements in target therapies to prevent abnormal cell growth and destroy cancer cells, targeted therapy type cancer drugs are expected to grow rapidly, which is further fueling growth of drugs used in chemotherapy treatment
Global Oncology Pharmaceuticals market is classified on the basis of indication into Lung Cancer, Stomach Cancer, Breast Cancer, Prostate Cancer and Others. Breast cancer is one of the most common types of cancer in women. The segment is growing because of an increase in the number of affected people as a result of early disease screening and owing to higher incidence, an increase in the geriatric population, changes in people's lifestyles, and an increase in tobacco smoking around the world.
Based on end user, global Biological Therapies for Cancer Market is fragmented into Specialized cancer treatment centers, Hospitals Pharmacies and Retail Pharmacies. Hospital and retail pharmacies segment held the greatest share of the vaccines technology market owing to its availability to the general public as they are under government surveillance.
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The rise in the prevalence of cancer disease and the incidence of various cancer conditions, as well as the popularity of advanced therapies such as biological and targeted drug therapies are driving the growth of the oncology market. Furthermore, ongoing technological advancements in pharmaceuticals, clinical trials and greater number of potential drugs in the pipeline can help the industry grow in a healthy way and provide lucrative opportunities during the forecast period.
The increasing research surrounding cancer drug development, growing awareness for cancer treatment, and high investment from government and other enterprises are a few of the key Oncology Drugs Market drivers and trends fueling the market's growth. Cancer medications are used in conjunction with other cancer treatments. The FDA approved several cancer drugs, which are widely used by oncologists in cancer treatment; this is further going to fuel growth.
The high costs associated with cancer drug may limit the growth of the oncology pharmaceuticals market. Furthermore, the poor healthcare situation in several developing economies and the risk of failure and adverse effects associated with cancer drug therapies are also hindering growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Oncology Pharmaceuticals market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Because of increased drug development research, several government initiatives, and the growth of the pharmaceutical industry in the region, the North America region has dominated the Global Oncology Drugs Market. The APAC region is also expected to grow significantly as a result of rising population and an increase in the number of domestic manufacturers.
The COVID-19 outbreak has had a positive impact on the global oncology drug market. Certain market segments have seen an increase in drug demand as a result of the COVID-19 emergency. During the lockdown, cancer patients have been seen buying medications in a panic. Pharmaceutical companies in this market have significantly improved their supply chain management, enhanced their R&D capabilities, and invested more in manufacturing management and quality control.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 137.5 billion |
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Revenue forecast in 2031 |
USD 248.6 billion |
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Growth Rate |
CAGR of 7.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2030 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Indication, End user and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled
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Amgen, Serum Institute of India, Pfizer, Bayer, GE Healthcare, Glaxosmithkline, Johnson and Johnson and Thermo Fisher Scientific, GlaxoSmithKline plc, and Other Prominent Players . |
Oncology Pharmaceuticals market size was estimated at USD 137.5 billion in 2021 and is expected to reach USD 248.6 billion in 2031.
The integration of information technology and electronic communications with various healthcare processes is known as digital health technology.
Chemotherapy, Breast cancer and Hospital and retail pharmacies segment accounted for the largest Oncology Pharmaceuticals market share.
Key players: Amgen, Serum Institute of India, Pfizer, Bayer, GE Healthcare are the key players in the Oncology Pharmaceuticals market.
The increasing research surrounding cancer drug development, growing awareness for cancer treatment, and high investment from government and other enterprises are a few of the key Oncology Drugs Market drivers and trends fueling the market's growth.
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