Oncology Cancer Drugs Market Size is projected to reach USD 288 Billion by 2030, growing at a CAGR of 7.7%: Straits Research

New York, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Cancer develops when the body's common control mechanism malfunctions and cannot stop the proliferation of abnormal cells. In this case, old cells don't die but continue to divide uncontrollably, resulting in new abnormal cells. Cancer patients may be treated with chemotherapy, hormonal therapy, immunotherapy, targeted therapy, and targeted therapy. Biopharmaceuticals made from monoclonal antibodies (mAbs), also known as biological drugs, have emerged as a promising treatment for various cancer types. The rising incidence of different cancer conditions, the increasing popularity of advanced therapies (such as biological and targeted drug therapies), and the rise in the global population of older adults are driving the growth of the worldwide oncology/cancer drug market. Cancer awareness and early cancer screenings are expected to drive the market's development and the availability of cancer drugs.

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Growing Cancer Diagnoses and Global Ageing Drives the Global Market

Patients with lung, bone, and other cancers often take painkillers, including morphine, fentanyl, acetaminophen, and nonsteroidal anti-inflammatory drugs (NSAIDs). There has been a significant rise in the amount of money spent on cancer-fighting medications due to an increase in the number of people diagnosed with the disease. Because of this, an increase in cancer cases is expected to fuel the market's expansion.

The world's population is growing at a rate never before, especially compared to younger age groups. It is predicted that by 2060, "the number of Americans aged 65 and older will increase more than double over 95 million, and it will rise to approximately 23 percent from 16 percent," published by the Population Reference Bureau. However, the American Cancer Society Journal estimates that approximately 140,690 people in the United States are diagnosed with cancer each year and that 103,250 people die of cancer each year. Second, only cardiovascular disease, cancer, is the most common cause of death worldwide, according to the WHO. As a result, the elderly population is expected to increase the demand for cancer management drugs, which will, in turn, boost the market's growth.

Untapped Growth in Emerging Economies Creates Tremendous Opportunities

The United States and Europe are the largest markets for cancer medications. Asia and the Pacific are home to 60% of the world's population, so there is much room to grow the market here. A contributing factor to the rise in these diseases across Asia is the high prevalence of tobacco use, a known carcinogen associated with oral and laryngeal cancers and other conditions. Asia-Pacific, Latin America, and the Caribbean are expected to grow significantly shortly. Due to an increase in healthcare infrastructure, affordability, and awareness about the importance of early cancer diagnosis, including oral cancer. In addition, the healthcare industry is increasing in developing countries. This is due to rising demand for high-quality healthcare services, significant healthcare infrastructure investments by governments worldwide, and increased medical tourism to developing countries. In light of these factors, we can expect that the market for cancer drugs will have a lot of room for growth.

Report Scope

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Regional Analysis

North America is the most dominant and is estimated to grow at a CAGR of 6.7% during the forecast period. The availability of top-notch treatment options, a rise in product approvals, and increased public awareness of early cancer detection are just a few factors that will contribute to the market's continued expansion. This is expected to occur shortly. In addition, rapid advancements in tumor biology, genetics, and immunology have led to the creation of several new cancer drugs in this part of the world. North America is anticipated to provide market players in the future with new opportunities. For instance, different companies such as Abbie, Amgen Inc., Johnson & Johnson, and Pfizer Inc. are all examples of companies that offer pipeline products. As a result, the presence of several drugs already in the pipeline, including ideal medications currently in the late stage of development, is anticipated to provide lucrative opportunities for market expansion.

Key Highlights

• The global oncology cancer drugs market size was valued at USD 148,050.6 million in 2021. It is expected to reach USD 288,636.6 million by 2030, growing at a CAGR of 7.7% during the forecast period (2022–2030).
• Based on the drug class type, the global oncology cancer drugs market has been categorized into chemotherapy, targeted therapy, immunotherapy (biologic therapy), and hormonal therapy. The targeted therapy segment is the highest contributor to the market and is estimated to grow at a CAGR of 8.2% during the forecast period.
• Based on the indication, the global oncology cancer drug market has been categorized into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, and bladder cancer. The breast cancer segment is the highest contributor to the market and is estimated to grow at a CAGR of 8.3% during the forecast period.
• North America is the most dominant and is estimated to grow at a CAGR of 6.7% during the forecast period.

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Competitive Analysis

• AbbVie Inc.
• Amgen
• Astellas Pharma Inc.
• AstraZeneca PLC
• Bristol-Myers Squibb Company
• F. Hoffmann-La Roche Ltd.
• Johnson & Johnson (Janssen Global Services, LLC)
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc.

Global Oncology Cancer Drugs Market: Segmentation

By Drug Class Type

• Chemotherapy
• Targeted Therapy
• Immunotherapy (Biologic Therapy)
• Hormonal Therapy

By Indication

• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Liver Cancer
• Esophagus Cancer
• Cervical Cancer
• Kidney Cancer
• Bladder Cancer 

By Region

• North America
• Europe 
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Oncology Cancer Drugs Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Type Overview
   1. Introduction
      1. Market Size & Forecast
   2. Chemotherapy
      1. Market Size & Forecast
   3. Targeted Therapy
      1. Market Size & Forecast
5. Indication Overview
   1. Introduction
      1. Market Size & Forecast
   2. Lung Cancer
      1. Market Size & Forecast
   3. Stomach Cancer
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Type
         2. By Indication
      3. Canada
         1. By Type
         2. By Indication
      4. Mexico
         1. By Type
         2. By Indication
      5. Latin America
         1. By Type
         2. By Indication
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Type
         2. By Indication
      3. France
         1. By Type
         2. By Indication
      4. U.K.
         1. By Type
         2. By Indication
      5. Italy
         1. By Type
         2. By Indication
      6. Spain
         1. By Type
         2. By Indication
      7. Rest of Europe
         1. By Type
         2. By Indication
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Type
         2. By Indication
      3. China
         1. By Type
         2. By Indication
      4. Australia
         1. By Type
         2. By Indication
      5. India
         1. By Type
         2. By Indication
      6. South Korea
         1. By Type
         2. By Indication
      7. Rest of Asia-Pacific
         1. By Type
         2. By Indication
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Type
         2. By Indication
      3. South Africa
         1. By Type
         2. By Indication
      4. Kuwait
         1. By Type
         2. By Indication
      5. Rest of Middle East & Africa
         1. By Type
         2. By Indication
7. Company Profile
   1. AbbVie Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Amgen
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. Astellas Pharma Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Tables of Content and figures https://straitsresearch.com/report/oncology-cancer-drugs-market/toc

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