Cancer Drug Market is valued around USD 112.34 Billion in 2019 and expected to reach USD 246.37 Billion by 2030 with the CAGR of 7.4% over the forecast period.
Cancer drugs are used for the treatment of abnormal growth of cells in human body. Cancer can affect any part or organ of the body and choice of drug depends on the progression of disease. Chemotherapy is one of the highly used treatment options but due to numerous side effects there is a shift observed towards targeted therapy. Rising development & use of biologics may further change the preference along with growing use of personalized medicine.
Global Cancer Drug Market report is segmented on the basis of drug class, indication and by regional. Based upon drug class, the cancer drug market is fragmented into Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy. On the basis of indication, the market is categorized into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The cancer drugs market is mainly driven by the high prevalence rate of cancer along with the modernizing healthcare facilities. There has been surge in technological advancement as well research & development activities for the development of effective treatment options. In addition, rising collaborations between market players followed by growing investments in the market for the development of cancer drugs are also likely to fuel the market growth. On the other hand, growing awareness among people together with rising disposable income as well as healthcare expenditure in the near future contribute the market growth. Moreover, unhealthy lifestyle, changing food habits followed by the high consumption rate of alcohol & smoking can led to cancer and in turn drive the market growth. However, high cost of cancer drugs followed by various side effects associated with cancer drugs may inhibit the market growth.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence technological advancement along with developed healthcare facilities. Moreover, presence of major market players in the region along with increase in research & development activities is likely to add up the market growth. Asia Pacific is expected to dominate the cancer drug market in terms of growth rate owing to the high prevalence rate of cancer along with the rising accessibility to healthcare services. In addition, growing disposable income along with rising awareness as well as growing investments in market are anticipated the market growth.
The major market players profiled in the cancer drug market includes Astellas Pharma Inc., AbbVie Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, f. Hoffmann-La Roche ltd., Celgene Corporation, Merck & Co., Inc., Johnson & Johnson (Janssen Global Services, LLC,), Pfizer Inc., and Novartis AG among others.
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