Anticancer drug sales are gaining momentum, as many awareness campaigns are being undertaken at the global level by governments and central authorities. The National Breast Cancer Foundation, Inc. is undertaking an annual initiative to promote information on the disease by observing October as a month of recognition of breast cancer and encouraging women to undergo screening tests. Such programs are rising the number of diagnostics, unwittingly creating a large patient pool for anticancer drugs. The increase in funding to promote research and development of anticancer therapy is contributing to improvements in treatment methods and routes of administration. The creation of therapies with improved patient outcomes and fewer side effects than traditional drugs is expected to increase patient confidence in these drugs and thus improve the growth potential of the market for anticancer drugs. Besides, the U.S. The Food and Drug Administration (FDA) determines the status of ‘orphan drugs’ for drugs that have a promising potential for the treatment of rare diseases. In order to further encourage the production of highly successful medicines for rare diseases such as cancer, the FDA provides benefits such as market exclusivity and tax credits for clinical trials. In the background of these dynamics, the demand for and availability of these drugs is expected to increase, thereby boosting the growth of the global market for anticancer drugs. Anti-cancer drug market sales are projected to rise by 50% over the next five years, primarily due to favorable regulatory scenarios in the U.S. According to the American Cancer Society, the number of deaths worldwide was 8.2 billion in 2012 and is projected to rise over the predicted period. Despite a dramatic increase in cancer diagnosis rates, the sales of anticancer drugs have yet to recognize their true potential. Growing understanding of the side-effects of anticancer treatment, such as hair loss, anemia, constipation, infection and neutropenia, sexual health problems, and bleeding and bruising, is expected to raise the consumer’s inclination towards natural therapy. In regions such as Southeast Asia, the Middle East and Africa, India and China, patients are taking alternative therapeutic drugs such as Ayurveda, homeopathic and herbal medicines, which could have a negative effect on the demand for anticancer drugs during the forecast period (2021-2027).
The global anticancer drug Market is valued approximately at USD 105.4 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.7% over the forecast period 2021-2027.
Considering the regional analysis of the global Anticancer Drug Market, North America is projected to grow at a rapid pace during the forecast period other than Japan and Australia, which appears to be favorable to business growth. Growing recognition of the advantages of early detection, growing disposable incomes, increasing prevalence of the number of types of cancer, and estimated pipeline drugs are driving the growth of the regional sector. Due to the easy availability of drugs in the region and high spending on the healthcare from both the private and public sectors, North America is projected to make a major contribution to the global market for anti-cancer drugs. Apart from that, existing players are joining China and India because of the high prevalence of the market making it attractive. Markets in other regions, such as Africa, the Middle East and Latin America, are expected to expand at a moderate pace during the forecast period.
The major market player in the Anticancer Drugs Market included in this report are:
F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Novartis AG, Pfizer Inc, Bayer AG, AstraZeneca, Takeda Pharmaceutical Company Limited, Merck & Co., Inc., CELGENE CORPORATION, Amgen Inc
The detailed segments and sub-segment of the market are explained below:
By Drug Type: Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs
By Therapy Type: Chemotherapy, Targeted Therapy, Immunotherapy
By Cancer Type: Lung Cancer, Breast Cancer, Leukaemia, Colorectal Cancer.
By Region: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Anticancer Drugs Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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Bizwit Research & Consulting LLP