The global “Oncology Drugs Market” is expected to reach USD 394.24 billion by 2027, exhibiting a CAGR of 11.6% during the forecast period. The growing prevalence of cancer around the world will spur opportunities for this market during the forecast period, states Fortune Business Insights, in a report, titled “Oncology Drugs Market Size, Share &COVID-19 Impact Analysis, By Drugs Class (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, and Others), By Therapy (Chemotherapy, Targeted Therapy, and Immunotherapy), By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others), By Dosage Form (Solid, Liquid, and Injectable), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), and Regional Forecast, 2020-2027.” The market size stood at USD 141.33 billion in 2019.
Major Oncology Drugs Market Key players covered in the report include:
- Merck & Co.
- Takeda Oncology Drugs Ltd.
- Pfizer, Inc.
- Novartis AG
- Hoffmann-La Roche Ltd.
- Johnson & Johnson Services Inc.
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Our research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers and acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
It offers figurative estimations for upcoming years on the basis of the recent developments and historic data. For gathering information and estimating revenue for all segments, researchers have used top-down and bottom-up approaches. On the basis of data collected from primary and secondary research and trusted data sources the report will help both existing and new aspirants for market to figure out and study the market’s needs, market size, and competition.
Oncology Drugs Market Analysis 2021:
Rising Prevalence to Cancer to Influence Market in North America
The market size in North America is expected to witness a rapid growth rate during the forecast period. The dominance in the region is attributed to the growing prevalence of cancer in the U.S. As per the National Cancer Institute, in 2020, approximately 1.8 million people will be diagnosed with cancer in the U.S. The recent product launches will aid the expansion of the market in the region. Europe is predicted to exhibit a stellar growth rate during the forecast period owing to the growing cancer burden in countries such as U.K., Germany, and France. The market in Asia Pacific is predicted to rise tremendously during the forecast period due to the rising awareness among the population regarding cancer.
Positive Impact on Oncology Drugs Market Growth During COVID-19
The outbreak of COVID-19 has had a positive impact on the oncology drugs market globally. Certain market segments have witnessed a growth in demand for drugs with respect to the COVID-19 emergency. Panic buying of medications has been witnessed among the cancer patients amid lockdown. The pharmaceutical companies involved in this market have significantly improved their supply chain management, enhanced the capabilities of their R&D, and invested more their manufacturing management and quality control. For instance, according to the quarterly reports of 2020 of Roche, their global supply chain of medicines and tests remain intact and their pharmaceutical division sales increased by 7% as compared to the prior year.
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