The market research report, entitled Oncology Drugs Market shows good possibilities in the Oncology Drugs Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Oncology Drugs Market Forecast:
The Oncology Drugs Market is projected to grow from USD 182.56 billion in 2020 to USD 340.27 billion by 2026 at a CAGR of over 10.9% during the forecast period.
Key Players
The following are some of the key players in the Oncology Drugs Market:
- Hoffmann-La Roche AG (Switzerland),
- Novartis AG (Switzerland),
- Bristol-Myers Squibb Company (The U.S),
- Merck & Co., Inc. (The U.S),
- Johnson & Johnson (The U.S),
- Pfizer Inc. (The U.S),
- AstraZeneca (UK),
- AbbVie Inc. (The U.S),
- Astellas Pharma Inc. (Japan), and
- CELGENE CORPORATION (The U.S).
COVID-19 Impact on Global Oncology Drugs Market
The COVID-19 pandemic is likely to favourably impact market growth. To curb the spread of the virus, countries worldwide are imposing restrictions and are promoting social distancing measures. Strict restrictions on the movement of people are further expected to negatively impact land-based casino operations.
Oncology Drugs Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Oncology Drugs Market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on therapy, the global oncology drugs market has been classified into chemotherapy, targeted therapy, and immunotherapy. Among these, the targeted therapy segment witnessed the highest market share in 2020 and is likely to register a healthy CAGR during the review period.
This is mainly ascribed to the identification of molecular targets of cancer cells. Recent developments in cellular technology and gene therapy have further contributed to improving the understanding of tumor cells and their metabolism at the molecular level.
By region, the North America market garnered the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to rising healthcare expenditure, presence of large patient population, early adoption of advance drugs, and increasing senior population, promulgate the product region in the region. Moreover, rise in awareness related to different cancers and a surge in the R&D & innovation activities and further boosts the regional growth.
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