Cancer Drug Market to Grow at 5.9% CAGR by 2030
High prevalence rate of cancer along with modernization of healthcare facilities followed by technological advancement linked with research & development activities are expected to drive the growth of cancer drug industry during the forecast period of 2020-2030.
The Cancer Drug Market is expected to grow at the CAGR of 5.9% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Cancer is one of the chronic life-threatening diseases which involve the abnormal growth of cells which can also lead to tumours. Benign tumours are non-cancerous in nature but can easily travel from one organ to other by the means of blood & lymphatic system. The diagnosis involves various investigations such as blood test, biopsy, CT scan, ultrasound & others and treatment is completely based on progression of disease.
According to the report, there has been constant growth in the prevalence of cancer along with modernization & development of healthcare facilities. There has been surge in technological advancement along with growing research & development activities for the development of effective treatment options. In addition, growing awareness among people along with growth in disposable income as well as healthcare expenditure is also expected to contribute the market growth. The other contributing factors include unhealthy lifestyle, changing food habits along with the high consumption rate of alcohol & smoking. Moreover, growing collaboration between market players followed by the burgeoning investments by the market players for the development of cancer drugs may tend to bring change in market trend.
However, high cost of cancer drugs followed by various side effects may create restrain for market growth. Moreover, huge product pipeline along with growing inclination towards personalized medicine as well as growing product launches & approvals is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of drug class, the cancer drug market share is segmented into Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy. Targeted Therapy dominates the global cancer drug market in terms of market share and will be the dominant during the forecasted period.
On the basis of indication, the cancer drug market is categorised into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other. Lung cancer segment is growing with significant CAGR to maintain the led in 2030.
North America is likely to account for the highest market size & share of the cancer drug market in the forecast period 2020–2030 owing to the presence of well developed healthcare infrastructure along with technological advancement. Europe accounts for the second leading position in the cancer drug market size. Asia Pacific is expected to be the fastest developing region in the cancer drug market which is majorly driven by growing awareness with high prevalence rate. Moreover, rising disposable income along with healthcare expenditure are also expected to drive the market growth.
According to the report, some the key players in the cancer drug market are 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.
Browse key industry insights from the report at https://www.nextmsc.com/report/cancer-drug-market in detail along with the table of contents:
Key Insights from the Cancer Drug Market Report:
- Asia Pacific is the fastest growing Cancer Drug market owing to the rising prevalence of cancer along with growing accessibility to healthcare services as well as rising investments from market players.
- The lung cancer and immunotherapy dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are 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.
The report Cancer Drug market – segmented by drug class, indication and geography
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