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Anticancer Drug Market Report
Anticancer Drug Market Size, Share, Trends, Forecast & Industry Analysis: 2022-2028
The Anticancer Drug Market is projected to grow from USD 152.07 billion in 2021 to USD 246.14 billion by 2028 at a CAGR of around 7.08% during the forecast period of 2022-2028.
Cancer is a type of disease associated with abnormal cell growth with the potential to spread to other parts of the body. The common type of cancers includes carcinomas, lymphomas, sarcomas, and leukemia. Anticancer drugs are designed to treat malignancies. Cancer is characterized by the rapid explosion of abnormal cells beyond their boundaries and invading adjoining organs resulting ultimately in death.
The growth of the anticancer drug market is primarily driven by the rising incidence of different types of cancers, strong technological advancements, and rising concern over high death rates due to cancer. In addition to this, the introduction of new therapies and drugs for cancer and government support to enhance the healthcare facilities are likely to drive the market growth at a significant rate during the review period. 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 anticancer 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.
Key players operating in the Anticancer Drug market are-
By application, the anticancer drug market has been bifurcated into immunotherapy, targeted therapy, chemotherapy, hormonal therapy, and others. The chemotherapy segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period.
By region, the North American market accounted for the largest market share in 2021 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, and early adoption of advanced drugs coupled with the presence of key market players such as Celgene Corporation (US) and Pfizer Inc. (US). The market growth in Asia-Pacific is expected to be driven by the rising number of cancer patients coupled with increasing investment in R&D activities to develop advanced cancer treatment solutions.
This report offers high-quality insights and is the outcome of 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. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
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 market. The following are the key features of the report:
Here is the list of the group of customers that the anticancer drugs market hopes to have the greatest opportunity to convert-
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The anticancer drug market is expected to witness an impressive growth of 7.08% CAGR during 2022-2028.
F. Hoffmann-La Roche AG (Switzerland), Celgene Corporation (US), Pfizer Inc. (US), Bristol Myers Squibb (US), Novartis International AG (Switzerland), AstraZeneca plc (UK), Teva Pharmaceutical Industries Ltd (Israel), Bayer AG (Germany) and GlaxoSmithKline plc (UK) are among the key players in the market.
The anticancer drug market size is expected to witness an impressive growth of USD 246.14 billion in 2028.
The chemotherapy segment is expected to register significant growth in the market in the coming years.
North America accounted for the largest share in the market in 2021.
Anticancer drug distributors, Anticancer drug suppliers, Anticancer drug manufacturers, Logistics organizations, Government bodies are the target audience in the market.
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