There has been tremendous innovation over the past decade with the emergence of new drugs with very promising efficacy, such as, immunotherapy, along with increasing adoption of precision medicine technologies including companion diagnostics and targeted therapy, as well as advanced monitoring techniques such as liquid biopsy. Moreover, advances in molecular and genomic research have revealed underlying complexities and provided insights into cancer, which is more than 200 unique diseases. Continued research has expanded knowledge of how the disease develops and how to target medicines for specific cancer types, resulting in more effective therapies for patients.
ONCOLOGY DRUGS MARKET SEGMENTAL OVERVIEW
The report analyses the global oncology drugs market based on therapeutic modules, cancer type and geography.
ONCOLOGY DRUGS MARKET BY THERAPEUTIC MODULES
Based on the therapeutic modules, the oncology drugs market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy and others. The other therapeutic modules consist of radiation therapy, stem cell transplant, precision medicine and among others. Immunotherapy is expected to dominate the global market due to its high efficacy and less side effects. Monoclonal antibodies such as trastuzumab, bevacizumab and rituximab are potential immunotherapeutic agents that have achieved magnanimous sales. Moreover, over the past few years, targeted cancer therapies have gained significant attention due to their tumour cell specific action in protecting healthy cells from the toxic effects of oncology drugs.
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ONCOLOGY DRUGS MARKET BY CANCER TYPE
By various cancer types, the global oncology drugs market is segmented into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, lung cancer, skin cancer and others. Other cancer types majorly include kidney cancer, head neck cancers, lip cancer, bladder cancer among others. With rapid population growth and aging worldwide, the rising prominence of cancer as a leading cause of death partly reflects marked declines in mortality rates of stroke and coronary heart disease, relative to cancer, in many countries.
ONCOLOGY DRUGS MARKET BY GEOGRAPHY
Based on geography, the global oncology drugs market is segmented into North America, Europe, Asia Pacific and rest of the world regions, which include Latin America and Middle East Africa. North America dominated the global oncology drug market in 2018. A combination of factors such as technology innovations, medical insurance coverage, aging population, and changing lifestyles are seen to affect market dynamics significantly. The industry has seen several recent changes including growing competition, rise in merger and acquisition activities, increased cancer health insurance coverage, and an increasing amount of foreign direct investment. Also, Asia-Pacific is anticipated to be the fastest growing region during the forecast period. This market is hugely driven by rising demand and investment level of government. In more developed region such as Japan and China, the offerings from the market players are expected to be diverse, focused mainly on customized demands. Additionally, the market is predicted to witness expansion in terms of the newer forms of drugs because of rising cancer incidence and growing awareness.
ONCOLOGY DRUGS MARKET KEY PLAYERS
Global oncology drugs market is led by companies such as, Roche Holding AG (Switzerland), Amgen Inc. (United States), Takeda Pharmaceutical Company Limited (Japan), Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Bristol-Myers Squibb Company (United States), Celgene Corporation (United States), Eli Lilly and Company (United States), Johnson Johnson (United States), Merck Co., Inc. (United States), Novartis AG (Switzerland), Pfizer Inc. (United States), Sanofi (France) and Teva Pharmaceutical Industries Limited (Israel).
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