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    Oncology Drugs Market Report

    Oncology Drugs Market Report
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    Global Oncology Drugs Market, Dynamics, and Market Analysis
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    Impact of COVID-19 on Oncology Drugs Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Oncology Drugs Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Oncology Drugs Market is projected to grow from USD 182.56 billion in 2020 to USD 340.27 billion by 2026 at a CAGR of over 10.9% during the forecast period.

    Figure: Global Oncology Drugs Market Size, 2020-2026 (USD Billion)

    Oncology-Drugs-Market-Forecast

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    What are Oncology Drugs?

    The increased developments in the pharmaceutical industry in the past few years, continue to make cancer more treatable. The growing prevalence of cancer led to a rise in demand for cancer drugs across the globe. The oncology drugs that are majorly used in the diagnosis of cancer depend upon the stages of the progression. Various types of cancer such as blood cancer, skin cancer, lung cancer, breast cancer, gastrointestinal cancer, and bone cancer among others can be treated by oncology drugs.

    Key Players

    Key players operating in the global oncology drugs market are-

    • F. Hoffmann-La Roche AG (Switzerland),
    • Novartis AG (Switzerland),
    • Bristol-Myers Squibb Company (The U.S),
    • Merck & Co., Inc. (The U.S),
    • Johnson & Johnson (The U.S),
    • Pfizer Inc. (The U.S),
    • AstraZeneca (UK),
    • AbbVie Inc. (The U.S),
    • Astellas Pharma Inc. (Japan), and
    • CELGENE CORPORATION (The U.S).

    Market Dynamics

    Increasing incidence of different types of cancers, strong technological advancements, rising concern over high death rates due to cancer, and a surge in the need for better R&D activities in cancer treatment are some of the key drivers augmenting the product demand.

    Moreover, the introduction of new therapies and drugs for cancer and government support to enhance the healthcare facilities are further expected to promulgate the demand for oncology drugs. However, strict government regulations and the high cost of cancer treatments are likely to hinder the industry's growth.

    Segment Analysis

    Therapy Trends

    Based on therapy, the global oncology drugs market has been classified into chemotherapy, targeted therapy, and immunotherapy.

    • Among these, the targeted therapy segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR during the review period.
    • This is mainly ascribed to the identification of molecular targets of cancer cells.
    • Recent developments in cellular technology and gene therapy have further contributed to improving the understanding of tumor cells and their metabolism at the molecular level.

    Regional Trends

    By region, the North America market garnered the largest market share in 2020 and is projected to grow at a robust CAGR during the review period.

    • This can be attributed to rising healthcare expenditure, presence of large patient population, early adoption of advance drugs, and increasing senior population, promulgate the product region in the region.
    • Moreover, rise in awareness related to different cancers and a surge in the R&D & innovation activities and further boosts the regional growth.

    COVID-19 Impact on Global Oncology Drugs Market

    The COVID-19 outbreak adversely affected the market growth of the oncology drugs industry due to shift of medical treatment from cancer to rising coronavirus affected patients.

    • Patients suffering for cancer were asked to postpone their surgery due to rapid surge in COVID-19 cases across the globe.
    • Additionally, people having chronic cancers such as blood and lung cancer were at risk of becoming severely ill. The fear of corona virus infection affected the growth of the oncology drugs market amid pandemic.

    Critical Questions Answered in the Report

    • What are the key trends in the global oncology drugs market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global oncology drugs market?
    • What are the key strategies adopted by the major vendors to lead in the global oncology drugs market?
    • What is the market share of the top vendors?

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    Target Audience

    • Oncology Drugs companies
    • Hospitals
    • Diagnostic Centers And Laboratories
    • Academic Institutions
    • Research Centers & Organizations

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The oncology drugs market is expected to witness an impressive growth of 10.9% CAGR in the foreseeable future.

    F. Hoffmann-La Roche AG (Switzerland), Novartis AG (Switzerland), Bristol-Myers Squibb Company (The U.S), Merck & Co., Inc. (The U.S), Johnson & Johnson (The U.S), Pfizer Inc. (The U.S), AstraZeneca (UK), AbbVie Inc. (The U.S), Astellas Pharma Inc. (Japan) and CELGENE CORPORATION (The U.S) are among the key players in the oncology drugs market.

    The oncology drugs market size is expected to reach USD 340.27 billion in the coming years.

    North America garnered the largest share in the oncology drugs market in 2020.

    The targeted therapy segment is expected to register the healthy CAGR in the oncology drugs market during the forecast period.

    Oncology Drugs companies, Hospitals, Diagnostic Centers And Laboratories, Academic Institutions, Research Centers & Organizations are the target audience in the oncology drugs market.

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