Brooklyn, New York, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global oncology drug discovery & development market is expected to grow at a CAGR of 17.9% from 2023 to 2028.
The oncology drug discovery & development market is primarily stimulated by several key factors contributing to its advancement. The persistent rise in global cancer prevalence has intensified research and development initiatives. Consequently, there has been a substantial influx of investments aimed at pioneering novel oncology drugs and therapies, targeting unmet medical needs and enhancing patient outcomes.
Key Market Trends
- Immunotherapy has emerged as a groundbreaking approach in oncology drug discovery and development, with researchers making significant strides in understanding the intricate interplay between cancer cells and the immune system. This therapeutic approach aims to enhance the body's natural defense mechanisms, enabling it to recognize and combat cancer cells more effectively. By leveraging the body's immune response, immunotherapy has shown promising results in treating various forms of cancer, offering a potential alternative to traditional chemotherapy and radiation therapy.
- Moreover, the integration of artificial intelligence (AI) and machine learning (ML) technologies has transformed the landscape of drug discovery and development in the oncology domain. These advanced computational techniques facilitate the rapid analysis of complex biological data, enabling researchers to identify potential drug targets, predict drug responses, and design optimized treatment regimens. By leveraging AI-driven algorithms, pharmaceutical companies can streamline the drug development process, reducing costs and accelerating the time-to-market for novel oncology therapies.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Oncology Drug Discovery & Development Market - Forecast to 2028’’
Key Market Insights
- As per the drug/therapy type outlook, the targeted therapy segment is expected to account for a significant revenue share in the global oncology drug discovery & development market from 2023 to 2028
- As per the cancer type outlook, lung cancer is expected to be the largest segment in the global oncology drug discovery & development market from 2023 to 2028
- Asia Pacific is analyzed to be the fastest-growing region in the market
- North America is estimated to hold the largest share of the market during the forecast period from 2023-2028
- F. Hoffmann-La Roche Ltd, Novartis, AstraZeneca, Merck & Co., Inc, Bristol-Myers Squibb, Pfizer, Eli Lilly and Company, Gilead Sciences, Regeneron Pharmaceuticals, and Takeda Pharmaceutical Company, among others, are some of the key players operating in the global oncology drug discovery & development market
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By Drug/Therapy Type Outlook (Revenue, USD Billion, 2023-2028)
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormone Therapy
- Others
By Cancer Type Outlook (Revenue, USD Billion, 2023-2028)
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Leukemia Cancer
- Lymphoma Cancer
- Ovarian Cancer
- Others
By Stage Outlook (Revenue, USD Billion, 2023-2028)
- Discovery Phase
- Preclinical Phase
- Clinical Trials & Others
By Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of Central & South America
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East and Africa
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
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