Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Oncology Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
This comprehensive analysis of the global oncology drugs market indicates a robust growth trajectory with an expected compound annual growth rate (CAGR) of 7%, propelling the market's value from an estimated US$ 210 billion in 2024 to a projected US$ 340 billion by the end of 2031. This surge is primarily fueled by the rising global prevalence of cancer and significant advancements in treatment technologies.
The oncology drugs sector has demonstrated vibrant expansion, underpinned by historical growth rates and the advent of groundbreaking active substances. A confluence of factors including excessive clinical trial activities, investment influx in cancer therapeutics, and an ever-growing pipeline of cancer treatments has catalyzed this growth.
The regional segmentation of the market showcases the dominance of the United States in North America, with its considerable market share in oncology drug manufacturing bolstered by the release of novel therapies and fruitful R&D endeavours. Meanwhile, Germany anchors the European market with escalated cancer prevalence and reinforced R&D funding. In East Asia, China's steady emergence is associated with government backing and a growing necessity for effective cancer treatments.
Market Drivers
The oncology drugs marketplace is experiencing a windfall due to surging funding for cancer research and substantial innovation in cancer treatment modalities. Such developments, alongside strategic partnerships in the pharmaceutical landscape, are carving new avenues for market expansion.
Market Challenges
The market's forward march, however, faces hurdles related to the under-availability of essential anti-cancer drugs in less developed regions and the daunting high costs coupled with limited access, especially in economies with lower per capita incomes.
Category-wise Insights
In terms of drug class, targeted therapy claims a sizeable market segment, with novel precision medicine approaches evolving out of enhanced molecular understanding of cancer. The pharmaceutical focus on breast cancer responds to its ascending global incidence, directing substantial attention towards early diagnosis and treatment interventions.
Market Segmentation Forecast
An in-depth segmentation analysis of the industry elaborates on the variety of oncology drugs classified by drug class and indication, while also delineating the differences in the administrational routes and distribution channels across diverse regional markets worldwide. The extended forecast period covered in the report draws a comprehensive picture of the oncology drugs market's growth, presenting stakeholders, healthcare professionals, and policy-makers with knowledgeable insights essential for informed decision-making and strategic planning.
Competitive Analysis
A reflection on the competitive landscape reveals a roster of key players in the oncology drugs industry, including multinational corporations with a wide array of therapeutic offerings from chemotherapy to immunotherapy, actively competing to capture and serve the rising demand for effective oncology treatments.
A selection of companies mentioned in this report includes, but is not limited to:
- GlaxoSmithKline PLC
- Astrazeneca
- Merck KGaA
- Johnson & Johnson
- Pfizer, Inc.
- Bayer AG
- Sanofi SA
- Boehringer Ingelheim
- Bausch Health Companies Inc.
- Galderma SA
- Novartis AG (Alcon)
- Arbor Pharmaceuticals
- Perrigo Company PLC
- Allergan
- Lupin
- Teva pharmaceuticals
- Ultragenyx Pharmaceutical Inc.
- Zydus Cadila Healthcare Ltd.
- Glenmark Pharmaceuticals
For more information about this report visit https://www.researchandmarkets.com/r/w5pscw
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