Oncology Drug Market to Witness Upward Trend Until 2025

Global oncology drugs market is witnessing tremendous growth due to increasing incidence of cancer worldwide and rising government focus on healthcare services

According to TechSci Research report, “Global Oncology Drugs Market By Drug Type, By Therapy, By Drug Therapy, By Route of Administration, By Gender, By Cancer Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2025”, the global oncology drug market is anticipated to continue following its growth trajectory through 2025 due to rising prevalence of cancer worldwide, increasing geriatric population and growing healthcare expenditure. Other key drivers behind the growth of this market are increasing number drug approvals, emergence of biosimilar products for cancer treatment, growing research & development activities for developing new cancer drugs and increasing governments’ expenditure on healthcare infrastructure.

The fatal nature of cancer and low rate of success for treatments, has compelled medical practitioners to conduct new research methodologies for better and advanced treatments. Population in various developed countries like the US are projected to become increasingly aged and show rising obesity incidence, which will drive both cancer prevalence and consequently revenue growth for its treatments in the coming years. But apart from the factors leading to growth of oncology drugs market, there are some restrains as well. The side effects and long-term sequelae of anti-cancer chemotherapy tend to impede the market growth. Also, adverse effects of oncology drugs and expensive treatments pose hindrance to the growth of the market, globally.

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The global oncology drugs market is segmented based on drug type, therapy, drug therapy, route of administration, gender, cancer type, distribution channel and region. Based on drug type, the market is segmented into cytotoxic drugs, targeted drugs and hormonal drugs. The targeted therapy and chemotherapy segments cumulatively hold majority share in the global oncology drugs market. The targeted therapy kills only malignant cells and has good survival rates. However, the immunotherapy segment is expected to register the highest growth rate during the forecast period owing to higher rates of survival and remission related to their use.

Based on cancer type, the market is segmented into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer and others. The lung cancer segment holds the largest share in the global oncology drugs market due to high prevalence of the disease, globally. AbbVie Inc, Roche Holding AG, Novartis International AG, Johnson & Johnson, Bristol-Myers Squibb Company, Celgene Corporation, Merck & Co., Inc, Pfizer Inc., Eli Lilly, AstraZeneca PLC, Takeda Pharmaceutical, Amgen, Astellas Pharma, Sanofi SA , Eisai Inc., Abbott Laboratories, Thermo Fisher Scientific, Astex Pharmaceutical, Daiichi Sankyo and Teva Pharmaceutical are some of the leading players operating in global oncology drugs market. Key manufacturers are trying to focus on introducing more personalized medicines to target cancer treatment and thereby enhance their market share. They are also focusing on strategies such as mergers with research institutes and acquisition of small market players in order to grab higher market share.

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“North American players hold a strong dominance in the global oncology drugs market as they have better medical treatment options available and companies out there have a significantly higher focus on R&D activities. US and Canada register highest survival rate during the course of cancer treatment. Increasing product approvals by regulatory bodies for the treatment of various cancers is also positively impacting the market. Altogether, the future of global oncology drugs market is bright with development of pipeline oncology products and expiry of key patents providing opportunities for drug manufacturers.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Oncology Drugs Market By Drug Type, By Therapy, By Drug Therapy, By Route of Administration, By Gender, By Cancer Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global oncology drugs market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global oncology drugs market.

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