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Oncology Drugs Market Growth Analysis | 2023-2028
Oncology Drugs Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis – 2023-2028
“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”.
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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.
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.
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.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Therapy-Type Analysis |
Chemotherapy, Targeted therapy, Immunotherapy |
The targeted therapy segment is likely to register a healthy CAGR during the forecast period. |
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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. |
“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.
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“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.
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The following are the key players in the Oncology Drugs Market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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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?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth Analysis of the Oncology Drugs Market |
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How lucrative is the future? |
Market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional, and country-level historical data and forecasts |
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Which are the most attractive market segments? |
Market Segment Analysis and Forecast |
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Which are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirement? |
10% free customization |
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.
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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.
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