"The Global Oncology Pharmaceuticals Market is the worldwide industry that creates and sells cancer treatments. It includes various drugs like chemotherapy and immunotherapy designed to fight cancer. With rising cancer rates, this market is focused on developing new and better therapies to improve patient care and outcomes."
BOSTON, Nov. 4, 2024 /PRNewswire/ -- "According to the latest BCC research study, the demand for Global Oncology Pharmaceuticals Market [https://www.bccresearch.com/market-research/pharmaceuticals/oncology-pharmaceuticals-market.html?utm_source=PRPHM256B&utm_medium=referral&utm_campaign=prnewswire] increased from $196.4 billion in 2023 to reach $401.4 billion by 2029, at a compound annual growth rate (CAGR) of 12.7% from 2024 through 2029."
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This report offers a detailed look at the global market for oncology pharmaceuticals, which are medications used to treat cancer. It covers different types of cancer drugs, including targeted therapies, immunotherapies, chemotherapies, and hormone therapies. The report also examines the market's current and past revenue, breaking it down by specific cancers like lung cancer, breast cancer, and others.
Additionally, it provides revenue data for different regions, including North America, Europe, Asia-Pacific, and the rest of the world. To help readers understand the market better, the report includes profiles of key companies, an overview of the competitive landscape, and information about their market shares.
It also discusses the pipeline of upcoming oncology drugs, patent details, and important existing products, along with factors that drive or hinder market growth. The report uses 2023 as the base year for data, with forecasts extending from 2024 to 2029.
Some Interesting & surprising facts:
-- In 2024, the US FDA approved Bristol Myers Squibb's Opdivo to be used
with Cisplatin and Gemcitabine for treating adults with advanced
urothelial carcinoma that cannot be surgically removed.
-- In 2024, Takeda announced that the European Commission approved
FRUZAQLA, also known as fruquintinib, as a standalone treatment for
adults with metastatic colorectal cancer.
Factors contributing to this growth include:
1. Increasing Incidence of Cancer Disease.: refers to the rising number of
people being diagnosed with cancer each year. Factors contributing to
this trend include aging populations, lifestyle choices (like smoking and
diet), environmental factors, and better detection methods. As more cases
are identified, it highlights the growing need for effective cancer
treatments and prevention strategies.
2. Robust Approval of Oncology Drugs.: means that many new cancer
medications are receiving strong support and approval from regulatory
agencies, like the FDA. This is due to advancements in research and
clinical trials that show these drugs are effective and safe for treating
various types of cancer. As a result, patients have more treatment
options available, which can improve outcomes in cancer care.
3. Technological Advances in Cancer Treatments.: refers to new and improved
methods and tools being used to treat cancer. This includes innovations
like targeted therapies that attack cancer cells more precisely,
immunotherapies that boost the body's immune system to fight cancer, and
advanced imaging techniques that help doctors diagnose cancer earlier.
These advancements are making treatments more effective and personalized,
leading to better outcomes for patients.
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Report Synopsis
Report Metrics Details Base year considered 2023 Forecast Period considered 2024-2029 Base year market size $196.4 billion Market Size Forecast $401.4 billion Growth rate CAGR of 12.7% for the forecast period of 2024-2029 Segments covered Drug Type, Cancer Type, Region Regions covered North America, Europe, Asia-Pacific, Rest of the World Market drivers -- Increasing Incidence of Cancers -- Approval of Oncology Drugs -- Technological Advances in Cancer Treatments
This report on oncology pharmaceuticals addresses the following questions:
1. What is the projected market size and growth rate of the market?The
global market for oncology pharmaceuticals was valued at $196.4 billion
in 2023 and is expected to reach $401.4 billion by the end of 2029, at a
CAGR of 12.7% from 2024 to 2029.
2. What are the factors driving the growth of the market?These include the
increasing incidence of cancer disease, approval of oncology drugs, and
technological advances in cancer treatments.
3. What segments are covered in the market?The global oncology
pharmaceuticals market is segmented based on drug types, cancer types,
and regions.
4. By drug type, which segment will dominate the market by the end of
2029?The targeted therapy segment will dominate the market in 2029.
5. Which region has the highest market share in the market? North America
holds the highest share of the market.
Leading companies in the market include:
-- ABBVIE INC.
-- AMGEN INC.
-- ASTRAZENECA
-- BRISTOL-MYERS SQUIBB CO.
-- F. HOFFMANN-LA ROCHE LTD.
-- JOHNSON & JOHNSON SERVICES INC.
-- LILLY
-- MERCK & CO. INC.
-- NOVARTIS AG
-- PFIZER INC.
-- SANOFI
-- TAKEDA PHARMACEUTICAL CO. LTD.
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