Rockville, Nov. 21, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, market research and competitive intelligence provider, the global Anticancer Drugs market is estimated at US$ 172.8 Billion in 2022 and is projected to grow at an impressive CAGR of 6.8% during the forecast years of 2022-2032.
The market is also sensitized with new drugs being introduced to the market having plant-based formulations. Emphasis on R&D for the creation of new drugs and therapies for the treatment of various cancers has grown throughout time. The product pipeline for cancer treatment is growing as pharmaceutical companies introduce novel medicine formulations to the worldwide market. This could open up new avenues for the market for anti-cancer medications to expand.
One of the key developments in the market for anticancer medications is the rise in collaborations between sizable biopharmaceutical firms and relatively smaller pharmaceutical firms in an effort to maintain competitive advantage and expand their product pipeline, identifies Fact.MR in their recently released report.
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Big pharmaceutical corporations are acquiring new product lines from smaller businesses through partnerships, and licence agreements while simultaneously maintaining and improving their internal drug development techniques.
The demand for anticancer medications is growing in the worldwide healthcare market, which is pressuring enterprises to expedite clinical studies and drug development as well as obtain the required regulatory licences. Revenues in the market for anticancer medications are anticipated to increase as a result of this reason.
Additionally, over the course of the forecast period, the high cost of anti-cancer medications, serious side effects and low survival rates due to cancers like lung cancer that are challenging to treat are all anticipated to restrain the market's expansion.
Key Takeaways from Market Study
- The global anticancer drugs market is projected to expand at an impressive CAGR of 6.8% and be valued at US$ 335 Billion by 2032.
- The market witnessed 7.8% CAGR for the period of 2017-2021.
- Under the drug class segment, targeted therapy dominates the market and is valued at US$ 101.4 Billion in 2022.
- North America dominated the market with 40% market share in 2021.
- Based on region, demand for anticancer drugs it is expected to increase at CAGRs of 6.6% & 6.9% respectively, in North America and MEA during assessment period.
“Strategic Partnerships among Manufacturers to Expand Product Portfolio to Drive the Market Growth,” says a Fact.MR analyst.
The Rising Number of Cancer Patients in The United States Drives the High Demand for Anticancer Drugs
The anticancer drugs market share in the United States is expected to reach at a CAGR of 7.7% from 2022 to 2032. Rising cancer cases, growing healthcare costs, high rates of cancer diagnostic testing, the availability of numerous cutting-edge cancer treatments, and the significant presence of top anticancer drug producers are all factors that are propelling expansion in the U.S. anticancer drugs market.
The number of cases of multiple cancer has increased dramatically in recent years in the United States, and this trend is anticipated to continue even throughout the anticipated time frame. The country's anticancer drug market share would also increase in the upcoming years owing to the increased R&D spending, rapid growth in the market for cancer supportive care goods, and an increase in the development and approval of new medications.
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Market Development
To amplify product sales, manufacturers of anticancer drugs are focusing on strategic partnerships, product innovation and development in order to gain a competitive edge. For Instance, In Sep 2022, Bora pharmaceuticals has aligned with TaiRx which is a Taiwan new drug development company to manufacture an innovative anticancer drug.
Furthermore, to overcome the limitations of conventional small molecule anticancer treatments such as side effects, lower selectivity for malignant cells, and their reduced potency and effectiveness, several players are investing in biologics research and development.
Key Companies Profiled
- Hoffmann-La Roche Ltd
- Eli Lilly and Company
- Novartis AG
- Pfizer Inc
- Bayer AG
- AstraZeneca
- Takeda Pharmaceutical Company Limited
- Merck & Co., Inc.
- CELGENE CORPORATION
- Amgen Inc.
Segmentation of Anticancer Drugs Industry Research
- By Drug Class :
- Cytotoxic
- Hormonal Therapy
- Targeted Therapy
- Monoclonal antibodies
- Small molecule inhibitors
- By Cancer Type :
- Prostate Cancer
- Lung Cancer
- Breast Cancer
- Melanoma
- Colon and Rectum Cancer
- Others
- By Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- Middle East & Africa
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global anticancer drugs market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the drug type (cytotoxic, hormonal therapy, targeted therapy), cancer type (prostate cancer, lung cancer, breast cancer, melanoma, colon and rectum cancer, others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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