The global antineoplastic drugs market size was valued at USD 130 billion in 2021 and is projected to reach around USD 245 billion in 2030 exhibiting a CAGR of 8.0% in the forecasted period.
The growing incidence of cancer and rising demand for treatment drugs are anticipated to drive the market. The most common cancers were lung (1.69 million deaths), colorectal (774 000 deaths), and breast (571 000 deaths). Increasing elderly population, technological advancements, and advancements in antineoplastic Drugs.
The rising number of new incidences of neoplasms across the world, as well as the growing demand for low-cost medicines to cure them, has impelled the increase of the anti-neoplastic drugs market. As per the World Health Organization, one in each five men and one in every six women will have cancer in their lifetime, with one in each eight men and one in each eleven women dying from it. Several factors for the increasing cancer burden, comprising population increase and aging, and fluctuating prevalence of definite cancers linked to social and economic development. The amount of government initiatives intended at improving caused by cancer, has boosted anti-neoplastic drugs market growth. Rising investment in cancer research by international corporations owing to increasing cancer prevalence is projected to boost the market over the forecasted period. Moreover, the market’s anticipated growth is associated to increasing cancer cases and the health situations among cancer sufferers is budding. The increasing frequency of cancer, and the number of mortalities desire for cost-effective medicines over the predicted timeframe.
Several health systems are gradually investing in research and development to challenge the COVID-19 pandemic. ZINC, CHEMBL, FDA-approved medicines, and molecules in clinical trials were all investigated for potential compounds. Medicines for the management of COVID-19 are being established by screening both new and older drugs for their probability to decrease symptoms and stop viral replication. As a result of the current epidemic, the anti-neoplastic drugs market is expected to benefit owing to the need to find a cure for COVID-19. Moreover, according to the American Cancer Society, about 1.8 million new cancer cases were expected to be detected during the prediction period, with nearly 606,520 cancer deaths happening in the United States. Resulting in the rising prevalence of a broader range of diseases in all age groups, and their global impact, are driving demand for the market.
Drug Class Insights
in 2021, the targeted therapy market category had a 58% market share of the overall market and was expected to grow at a significant CAGR. For better and improved anticancer treatments and dramatically shorten time to market, market participants are forming co-development partnerships. This is owing to the growth in demand for anticancer therapies that have fewer side effects. One such development is the use of targeted medicines, which function just against cancer cells while being totally harmless to healthy cells.
Distribution Channel Insights
Hospital pharmacies represented the highest market share, with around 45% in 2021, owing to the rising number of individuals looking for cancer disease diagnosis and treatment in hospitals. Moreover, higher expenditure on purchasing anticancer drugs for better treatment increases the segment’s growth.
Region Insights
North America lead the global anticancer drugs market with a dominant share in 2021, and is anticipated to witness fast growth over the forecasted period. The North America market is ruled by the U.S. due to its larger economy, attractive reimbursement and higher prevalence of cancers.
Europe, is anticipated to be led by Germany. The UK and France, are other major nations anticipated to witness substantial growth in the global market owing to enormous presence of major players. There has been a certain shift of the illnesses concerning the Asia Pacific regions such as China, and India. Rise in disease incidence in emerging regions has augmented the market draw of the global market for antineoplastic drugs due to higher demand. China and India are boosting a large revenue market owing to unmet requirements and the high mortality rates of cancer in the region.
Africa region have a lower incidence of cancers. The Middle East and Africa market is predicted to be dominated by the gulf nations due to their high income and rising expanse of healthcare.
Key Companies Insights
To stay competitive in the global market, players are using new strategies such as new product development, mergers and acquisitions, joint ventures, and geographic expansions.
Some of the key players operating in the global antineoplastic drugs market include:
Some of the Recent Developments:
Segments
By Drug Class
o Monoclonal antibodies
o Small molecule inhibitors
By Distribution Channel
By Geography
o U.S.
o Canada
o Mexico
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
o Brazil
o Argentina
o Colombia
o South Africa
o Saudi Arabia
o UAE
o Egypt
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
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