Wilmington, Delaware, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global anticancer drugs market was projected to attain US$ 140.2 billion in 2022. It is anticipated to register a 9.1% CAGR from 2023 to 2031 and by 2031 the market is likely to attain US$ 303.1 billion by 2031.
Several governments are developing various regulatory frameworks to assist anticancer drugs research and development, which is providing profitable prospects to vendors in the worldwide anticancer pharmaceuticals business. Vendors to assess different medications for the treatment of cancer are conducting clinical trials. To increase their clientele, they are also investing in state-of-the-art anticancer treatments and purchasing more businesses.
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Market Trends for Anticancer Drugs
- Research in integrative oncology aids in establishing the safety and efficacy of combining alternative therapies, such as herbal anticancer medications, with conventional cancer treatments. Natural chemicals with a wide range of chemical compositions have been extensively studied for their potential anticancer effects for over 50 years. These compounds are mostly obtained from terrestrial and marine microbes and plants. One important source of natural chemicals with anticancer properties is microorganisms. A few of these medications were recognized as antibiotics that fight cancer.
- Plant-derived chemicals such as taxoids, podophyllotoxins, and alkaloids have demonstrated considerable medicinal potential, especially in the treatment of cancer. For example, the chemotherapeutic drug taxol (paclitaxel) for mesothelioma is made from yew tree bark.
- The need for novel drugs for cancer therapy arose from the fast emergence of resistance to chemotherapy therapies. The high toxicity and undesirable side effects associated with conventional pharmaceuticals are driving the development of organic medicinal compounds.
- Research released in March 2020 by the American Chemical Society and the American Society of Pharmacognosy states that between 1981 and 2019, natural products accounted for about 25% of all newly certified anticancer drugs. The market for anticancer drugs is driven by research and development of organic therapies.
Global Anticancer Drugs Market: Key Players
To grow their product line and capture a larger market share for anticancer treatments, major companies are investing in the research and development of new products. The following companies are well-known participants in the global anticancer drugs market:
- Amgen Inc.
- Takeda Pharmaceutical Company Limited
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- Pfizer Inc.
- Bayer AG
- Merck & Co. Inc.
- Celgene Corporation
Key Findings of the Market Report
- Monoclonal antibodies are used in newly developed lung cancer immunotherapy medications.
- To help the immune system identify and eradicate cancer cells more effectively, some monoclonal antibodies mark the cells.
- For instance, rituximab causes the immune system to attack B cells and some types of cancer by binding to a protein on these cells called CD20.
- With this method, physicians may target tumors without endangering healthy cells.
- It is highly successful in the fight against cancer and typically has fewer side effects than other cancer medicines.
- The development of the anticancer drug market is anticipated to be constrained in the near future by high expenses related to the research and development of novel medications as well as adverse effects from anticancer treatments.
- It is anticipated that vendors would have profitable prospects in the anticancer medication market.
- This is due to the rise in healthcare spending in emerging nations and the increased investment in the research and development of new medicines.
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Global Market for Anticancer Drugs: Regional Outlook
Various reasons are propelling the growth of the anticancer drugs market throughout the region. These are:
- From 2023 to 2031, North America is expected to hold the dominant share. The advanced healthcare infrastructure and rising cancer prevalence are driving the dynamics of the market in the area. Increased healthcare spending and simple access to medications are also contributing to the growth of the anticancer medicine market in North America.
Global Anticancer Drugs Market Segmentation
Drug Type
- Cytotoxic Drugs
- Alkylating Agents
- Antimetabolites
- Others
- Targeted Drugs
- Monoclonal Antibodies
- Tyrosine Kinase Inhibitors
- Others
- Hormonal Drugs
Therapy Type
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Others
Cancer Type
- Lung Cancer
- Breast Cancer
- Leukemia
- Colorectal Cancer
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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