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(Medical-NewsWire.com, July 05, 2024 ) Pune, 4 July 2024: The Global Oncology Drugs Market was valued at USD 221.36 billion in 2023 and is expected to reach USD 474.06 billion by 2032, with a CAGR of 8.83 %.
Oncology is the medical branch that focuses on cancer, which is characterized by the abnormal growth of cells forming tumors. Oncology drugs are used to treat cancer by inhibiting the uncontrolled growth and division of abnormal cells through various medications like chemotherapy, targeted therapy, immunotherapy, and hormone therapy. Oncologists, and specialized healthcare providers, diagnose and treat cancer using different treatments like chemotherapy, hormonal therapy, immunotherapy, and targeted therapies.
They are often considered the primary cancer specialists, also specializing in hematology. Pediatric oncology is a critical field treating childhood cancers such as leukemia, neuroblastoma, and brain tumors with treatments tailored to pediatric patients. Oncologists also manage drug treatments for both primary and advanced cancers affecting various parts of the body. Early-stage cancers may not always require the care of an oncologist and may be treated with surgery or radiation therapy.
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Oncology Drugs's Key Competitors include:
Roche Holding AG (Switzerland)
Bristol Myers Squibb (U.S.)
Kura Oncology, Inc. (U.S.)
Johnson & Johnson (U.S.)
Pfizer Inc. (U.S.)
AstraZeneca (U.K.)
Merck & Co., Inc. (U.S.)
Novartis AG (Switzerland)
AbbVie Inc. (U.S.)
Abbott Laboratories (U.S.) and other major players.
Oncology Drugs Market Dynamics
Increased alcohol and tobacco consumption have negative impacts on health and society. Both substances are linked to a higher risk of various cancers, such as those of the aerodigestive tract, stomach, bowel, liver, and breast. Cigarettes contain carcinogens that can lead to cancer, while alcohol is known to produce toxic chemicals that can cause DNA modifications and contribute to the development of cancer.
Technological advancements in cancer diagnostics are crucial due to the increasing global cancer rates and mortality. Prevention is limited, making accurate determination of location, size, stage, and molecular features essential for effective treatment. Diagnosis involves physical inspections, laboratory tests, and non-invasive imaging techniques like X-rays, MRI, and PET scans. Biopsies, either minimally invasive or surgical, followed by histo-pathological examination, are used to identify and stage the cancer. The challenge for the biomedical scientific community is to use these advancements to improve cancer management and outcomes, given the rising complexity of the disease.
Oncology Drugs Market Regional Insights
North America is anticipated to lead the market due to its advanced healthcare system. The region's strong focus on healthcare services and research, significant investments in new technologies and treatments, and early adoption of technological advancements have positioned North America as a key player in oncology research and drug development. This has led to remarkable progress in precision medicine, genomic profiling, molecular diagnostics, imaging technologies, and targeted therapies. North America's developed healthcare infrastructure allows for effective identification, care, and control of various illnesses, particularly cancer.
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Oncology Drugs Market Segment Analysis
By Diagnostics & Treatment:
Diagnostics
Biopsy
Imaging
Immunohistochemistry
Tumour Biomarkers Test
In Situ Hybridization
Liquid Biopsy
Treatment
Targeted Therapy
Chemotherapy
Hormonal Therapy
Immunotherapy
The treatment segment is expected to dominate the market during the forecast period.
Cancer treatment has traditionally involved surgery, radiation therapy, and chemotherapy as the main options. However, recent advancements in cancer therapy have focused on combining various targeted treatments to enhance effectiveness. By combining different therapies, such as targeted drugs and traditional chemotherapeutics, a synergistic effect can be achieved, improving outcomes for patients. New approaches, including drugs, biological molecules, and immune-mediated therapies, are being used to treat cancer, although the overall success rate and survival time for metastatic cancer patients have not seen significant improvement. Chemotherapy remains a widely used and effective treatment for various cancers, targeting tumor cells and inhibiting their growth and division. Different forms of chemotherapy are available, with the medication circulating throughout the body cells.
By Drugs Class:
Cytotoxic Drugs
Targeted Drugs
Hormonal Drugs
Immunomodulatory Drugs
By Dosage Form:
Solid
Liquid
Injectable
By Indication:
Lungs Cancer
Colorectal Cancer
Breast Cancer
Liver Cancer
Bladder Cancer
Others (Head & Neck Cancer, Prostate Cancer, Thyroid Cancer)
By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
By End-user:
Hospitals
Diagnostic Laboratories
Diagnostic Imaging Centres
Academia
Specialty Clinic
GLOBAL ONCOLOGY DRUGS MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Key questions answered in the Oncology Drugs Market report are:
Which market segment dominated the global Oncology Drugs market in 2023?
What are the current global trends in the Oncology Drugs market?
What future industry applications and trends are emerging in the Oncology Drugs market?
What growth strategies are companies adopting to expand their presence in the Oncology Drugs market?
Who are the leading companies in the Oncology Drugs market, and what are their product portfolios?
What are the primary challenges that the Oncology Drugs market may face in the future?
Which region had the largest share of the Oncology Drugs market in 2023?
How is the regulatory environment influencing the Oncology Drugs market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Oncology Drugs Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Oncology Drugs Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Oncology Drugs Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
Introspective Market Research, a prominent Healthcare research firm, has released the following reports:
Precision Oncology Market: Precision Oncology Market Size Was Valued at USD 68.9 Billion in 2022 and is Projected to Reach USD 166.97 Billion by 2030, Growing at a CAGR of 11.7% From 2023-2030.
Liver Cancer Diagnostic Market: Global Liver Cancer Diagnostics Market was valued at USD 35.3 Million in 2023 and is expected to reach USD 56.62 Million by the year 2032, at a CAGR of 5.39%.
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