Global Oncology Drugs Market Opportunities And Strategies For Major Players In The Oncology Drugs Market 2021-2030
23 Aug, 2021
The oncology drugs market consists of sales of oncology drugs and related services by entities (organizations, sole traders and partnerships) that produce oncology drugs to diagnose and treat all types of cancers. This industry includes establishments that produce drugs used in chemotherapy, surgery and radio therapies for treating pancreatic cancer, breast cancer, ovarian cancer, gastric cancer, kidney cancer, brain tumor, and other cancer types.
Global Oncology Drugs Market Size And Drivers:
The global oncology drugs market reached a value of nearly $160.45 billion in 2020, having increased at a compound annual growth rate (CAGR) of 6.8% since 2015. The market is expected to grow from $160.45 billion in 2020 to $243.81 billion in 2025 at a rate of 8.7%. The growth is mainly due to rise in incidence of various cancer conditions, increase in popularity of advance therapies (biological and targeted drug therapies), and surge in geriatric population worldwide. The market is expected to grow slightly from $160.45 billion in 2020 to $167.52 billion in 2021 at a CAGR of 4%. The market is expected to stabilize and reach $243.81 billion in 2025 and $358.45 billion in 2030. Increasing aging population is expected to increase the prevalence of cancer cases contributing to the growth of the oncology drugs market.
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Trends In The Global Oncology Drugs Market
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.
Global Oncology Drugs Market Segments:
The global oncology drugs market is further segmented based on type, distribution channel, route of administration, drug classification, mode of purchase and geography.
By Type: Lung Cancer Drugs, Pancreatic Cancer Drugs, Breast Cancer Drugs, Prostate Cancer Drugs, Ovarian Cancer Drugs, Colorectal Cancer Drugs, Gastric Cancer Drugs, Kidney Cancer Drugs, Brain Tumor Drugs, Thyroid Cancer Drugs, Skin Cancer Drugs, Bladder Cancer Drugs, Cervical Cancer Drugs, Blood Cancer Drugs, Others (Kaposi Sarcoma, AIDS-Related Lymphoma, Anal Cancer, Bone Cancer, Retinoblastoma, Testicular Cancer, Hepatocellular (Liver) Cancer, Mouth Cancer, Neuroblastoma)
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others
By Route Of Administration: Oral, Parenteral, Others
By Drug Classification: Branded Drugs, Generic Drugs
By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs
By Geography: The global oncology drugs market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global oncology drugs market, accounting for 41.2% of the total in 2020.
Read More On The Report For The Global Oncology Drugs Market At:https://www.thebusinessresearchcompany.com/report/oncology-drugs-market
Oncology Drugs Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides oncology drugs market overviews, analyzes and forecasts market size and growth for the global oncology drugs market, oncology drugs market share, oncology drugs market players, oncology drugs market segments and geographies, oncology drugs market’s leading competitors’ revenues, profiles and market shares. The oncology drugs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.