The Global Oncology/Cancer Market is valued at USD 100.0 billion in 2020 and is anticipated to grow with a CAGR of 7.6% during the forecast period from 2020 to 2028. Increasing incidence of cancer will create lucrative opportunities in the market for key players.
Cancer is a group of diseases associated with abnormal cell growth with the potential to plague or spread to other parts of the body. Major types of cancers include carcinomas, sarcomas, lymphomas, and leukemia. Sarcomas begin in the connective tissue such as muscle or bones (Ewing sarcoma). Soft-tissue sarcomas can begin in fatty tissues.
As per the National Cancer Institute in 2018, around 1,735,350 new cases of cancer were diagnosed in the United States of America. Compared to the past 5 years, 57 newly launched oncology therapeutics have received approval for 89 indications recently. Some of these drugs can treat multiple types of tumors. Increasing cases of cancer have created lucrative opportunities for the global oncology/cancer drugs market.
Global Oncology/Cancer Drugs Market, by Drug Class Type
In terms of drug class type, the market is segmented into chemotherapy, targeted therapy, immunotherapy, and hormonal therapy. The targeted therapy held significant revenue in 2020 and is expected to grow with a moderate CAGR during the forecast period. This is due to the ability of targeted therapies to kill only malignant cells, their superior efficacy, and advanced survival rates related with their use. The immunotherapy segment is expected to indicate fastest growth during the forecast period.
Global Oncology/Cancer Drugs Market, by Indication
In terms of indications, the market is segmented into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer, and others. The prostate cancer segment is expected to grow with a considerable CAGR during the analysis period. This is due to the increasing geriatric population, which is raising the risk of this type cancer.
Global Oncology/Cancer Drugs Market, by End User
In terms of end-users, the market is segmented into hospitals, clinics, and others. Hospitals have emerged as one of the major segments in the global oncology market. The increasing number of cancer patients in hospitals is also raising the demand for this market.
Global Oncology/Cancer Drugs Market, by Distribution Channel
In terms of distribution channels, the market is segmented into retail and third party. Retail is expected to grow with a significant growth rate due to the easily availability of medicines and also because patients can get advice about the prescribed medicines.
Global Oncology/Cancer Drugs Market, by Region:
In terms of region, the North American region has captured the largest market for global oncology in 2020 and is anticipated to remain dominant till the forecast period. The major contributing factors are growing chronic diseases, growing awareness, and increasing R&D investments in the oncology sector.
Some Major Findings of the Oncology Market Report Include:
By Drug Class
By End User
By Distribution Channel
Detailed scope covering all the major segments in the market
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Market recommendations supporting decision making processes
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