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Oncology Pharmaceuticals Market to Grow at 11.9% CAGR during 2021-2029, Owing to the Increasing Investments towards Holistic Development of Healthcare Infrastructure, Reports Absolute Markets Insights

Published On 06 Jul 2021 06:36 AM


Oncology is defined as study of different types of tumors and cancers such as brain tumor, blood cancer, along with its types such as anemia, hemophilia, leukemia, lymphomas, thalassemias, and cancer of other organs, with the intention of finding an effective cure and means of treatment of a particular cancer type. According to the statistical estimates published by the National Cancer Institute, about 1.9 million individuals are expected to be diagnosed with Cancer in the United States in 2021.  A notable increase in death rate among patients with lung and bronchus cancer is projected to be the highest in the country in 2021.

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The major factor driving the global oncology pharmaceuticals market is the growing incidences of hematological cancer. Hematological cancer is another name for blood cancer. Hematological cancer starts in the bone marrow of patient. According to World Health Organizations (WHO), blood cancer is responsible for about 720,000 deaths annually on a global scale, which is 7% of the total cancer deaths.  In a human body, bone marrow is located at the place where blood is produced. Oncology pharmaceuticals are required for the treatment of leukemia and myeloma which are two most common forms of blood cancer. Rapid production of abnormal white blood cells causes leukemia where abnormal white blood cells cannot fight infections properly. Four types of leukemia are acute lymphocytic leukemia (ALL), acute myelogenous leukemia (AML), chronic lymphocytic leukemia (CLL), and chronic myelogenous leukemia (CML).

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Increasing investments towards holistic development of healthcare infrastructure, which caters to multitude aspects of cancer treatment, including drug therapies and other treatments options such as radiation therapy, surgery, and chemotherapy amongst others is anticipated to supplement the growth of the global oncology pharmaceuticals market over the forecast period. The rapid spread of the Covid-19 pandemic has aggravated concerns among cancer patients. It has been observed that cancer increases the risk of acute illness from Covid-19 among patients. Cancer treatments are likely to weaken the immune system and further lead to lung problems.

Key Findings of the Report:

  • The global oncology pharmaceuticals market and is anticipated to reach US$ 439.87 Bn by 2029 growing at a CAGR of 11.9% during the forecast period (2021-2029)
  • Blood cancers accounts for one tenth of the total number of all known types of cancers in this world. With early diagnosis of blood cancer being possible in technologically advanced regions, the number of people seeking treatment and receiving treatment has increased rapidly.
  • In 2020, the targeted therapy segment in the global oncology pharmaceuticals market held the largest market share because of several beneficial factors associated with the treatment. The advantages of targeted therapy include helping the immune system destroy cancer cells, halting cancer cells growth, delivering cell-killing substances to cancer cells, killing cancer cells, and ensuring starvation of cancer regarding hormones, which it (cancer) needs to grow.
  • In 2020, North America was the biggest regional market in the global oncology pharmaceuticals market due to the availability of mediums and facilities required for various advanced medical researches that could be carried out in the medical institutions. Developed medical sector, presence of key market players, technological advancement supporting the medical research, increasing number of people seeking treatment for blood cancer, and incentives offered by governments to encourage higher investment in medical research are some other factors that are contributing to the region’s growth in the global market.
  • Some of the major players operating in the global oncology pharmaceuticals market are Abbott Laboratories, Amgen Inc., Astellas Pharma Inc., Cipla Inc., Dr. Reddy’s Laboratories Ltd., F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Johnson & Johnson Services Inc., Merck Sharp & Dohme Corp., Novartis Pharmaceuticals Corporation, Pfizer Inc., Sanofi, Sun Pharmaceutical Industries Ltd., and Takeda Pharmaceutical Company Limited, amongst others.

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Global Oncology Pharmaceuticals Market:

  • By Indication
    • Blood Cancer 
    • Breast Cancer
    • Prostate Cancer
    • Basal Cell Cancer
    • Skin Cancer
    • Colorectal Cancer
    • Lung Cancer
    • Renal Cancer
    • Bladder Cancer
    • Lymphoma
    • Others
  • By Application
    • Drug Therapies
      • Antimetabolites
      • Antitumor Antibiotics
      • Asparagine-Specific Enzymes
      • Bisphosphonates and Biosimilars
      • DNA Damaging Agents and Alkylating Agents
      • Inhibitors
      • Monoclonal Antibodies
      • Others
    • Radiation Therapy
    • Chemotherapy
    • Immunotherapy
    • Targeted Therapy
    • Hormone Therapy
    • Stem Cell Transplant
    • Others
  • By Route of Administration
    • Oral
    • Intravenous
    • Subcutaneous
    • Intrathecal
    • Intraventricular
    • Others
  • By Dosage (mg)
    • 50 to 100
    • 200
    • 500
    • Others
  • By Region:
    • North America
      • U.S.
      • Canada
      • Mexico
      • Rest of North America
    • Europe
      • France
      • The UK
      • Spain
      • Germany
      • Italy
      • Nordic Countries
        • Denmark
        • Finland
        • Iceland
        • Sweden
        • Norway
      • Benelux Union
        • Belgium
        • The Netherlands
        • Luxembourg
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • New Zealand
      • Australia
      • South Korea
      • Southeast Asia
        • Indonesia
        • Thailand
        • Malaysia
        • Singapore
        • Rest of Southeast Asia
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Egypt
      • Kuwait
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Argentina
      • Rest of Latin America


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Press Release Provided By: Absolute Markets Insights