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  • Oncology Drugs Market Growth Analysis | 2023-2028

    Oncology Drugs Market Growth Analysis | 2023-2028

    Oncology Drugs Market Growth Analysis | 2023-2028
    Report code - SRHL304 Delivery - 2 Weeks
    Oncology Drugs Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis See more...

    “The Oncology Drugs Market was estimated at USD 225.54 billion in 2022 and is likely to grow at a CAGR of 10.56% during 2023-2028 to reach USD 413.55 billion in 2028”.

    Oncology-Drugs-Market-Forecast

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    Market Dynamics

    Introduction

    Oncology drugs, also known as anticancer medications, are pharmaceutical compounds specifically designed to prevent, treat, or manage various forms of cancer. These drugs target cancer cells, impeding their growth, proliferation, or metastasis. Oncology drugs encompass various treatment modalities, including chemotherapy, targeted therapy, immunotherapy, hormone therapy, and radiation therapy.

    Market Drivers

    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.

    COVID-19 Impact

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

    • Patients suffering from cancer were asked to postpone their surgery due to a 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 coronavirus infection affected the growth of the oncology drugs market amid the pandemic.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Therapy-Type Analysis

    Chemotherapy, Targeted therapy, Immunotherapy

    The targeted therapy segment is likely to register a healthy CAGR during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    North American market is projected to grow at a robust CAGR during the forecast period.

     

    By Therapy Type

    “The targeted therapy segment witnessed the highest market share in 2022 and is likely to register a healthy CAGR during the review period”

    The oncology drugs market has been classified into chemotherapy, targeted therapy, and immunotherapy. Among these, the targeted therapy segment witnessed the highest market share in 2022 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.

    Oncology-Drugs-Market-Segment

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    Regional Analysis

    “The North American market garnered the largest market share in 2022 and is projected to grow at a robust CAGR during the review period.”

    The North American market garnered the largest market share in 2022 and is projected to grow at a robust CAGR during the review period. This can be attributed to rising healthcare expenditure, the presence of a large patient population, early adoption of advanced drugs, and the increasing senior population, promulgating 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.

    Oncology-Drugs-Market-Regional-Analysis

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    Key Players

    The following are the key players in the Oncology Drugs Market (arranged alphabetically).

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

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the global oncology drugs market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Oncology Drugs Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    We leverage the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

    More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    Report Customization

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across the 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 tp sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The oncology drugs market is expected to witness an impressive growth of 10.56% 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 market.

    The oncology drugs market size is expected to reach USD 413.55 billion in 2028.

    North America garnered the largest share in the market in 2022.

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

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