Anticancer Drug Market Size
Global Anticancer Drug Market Size is expected to reach USD 145.2 Billion in 2023, at a CAGR of 6.7% from 2017 to 2023. The growth of the anticancer drug market is attributed to the growing awareness towards cancer diagnosis and treatment, and increasing incidence of targeted disease (cancer, skin cancer, and oral cancer among others), coupled with increasing research and development activities. However, high prices of treatment may hamper the growth of the global anticancer drug market.
The report segments the global anticancer drug market by Drugs Types (targeted drugs, cytotoxic drugs, and hormonal drugs), by Therapy (immunotherapy, targeted therapy, chemotherapy, hormonal therapy, and others), by Cancer Types (breast cancer, bone marrow cancer, blood cancer, gastrointestinal cancer, prostate cancer, skin cancer, lungs cancer, oral cancer, and others), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa). The report studies the global anticancer drug market over the forecast period (2017-2023).
Cancer is a major health problem worldwide and the second leading cause of death globally. It is an unwanted growth of abnormal cells that grow beyond their boundary. These abnormal cells are called cancer cells, or tumor cells.
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Key Findings of the Global Anticancer Drug Market Report
- Based on the drugs types, the targeted drugs held the major share of the global anticancer drug market in 2016 and is expected to retain its dominance during the forecast period owing to the new drug development, and using different nano-systems to treat particular types of cancer
- On the basis of therapy, the targeted therapy hold the major share of the global anticancer drug market, owing to the approval of U.S. Food and Drug Administration (FDA) for targeted therapies of many types of cancers, coupled with increasing incidence of targeted disease such as gastrointestinal cancer, breast cancer, lungs cancer, prostate cancer and among others. The targeted therapy work by targeting specific genes and protein which is found in cancer cells, and inhibit the unwanted growth of cells
- North America held the major share of the global anticancer drug market in 2016 due to growing awareness among people, coupled with increasing advancement in research and development activity
- The key players dealing in the anticancer drug market are Roche Holding Ltd, Celgene, Johnson & Johnson, Pfizer, Bristol-Myers Squibb, Novartis, AstraZeneca, Teva Pharmaceutical, Eli Lilly, Bayer, and GlaxoSmithKline among others
- Roche Holding Ltd dominating the anticancer drug market garnering the largest market share, owing to many approvals of an anticancer drug and invest in the research and development activity to invent new drugs
Advancement in Cancer Treatment
Cancer is the second cause of the death globally, approximately 1 in 6 deaths occur due to cancer. Nearly 70% of the global deaths from cancer occur in developing countries. One-third deaths from cancer occur due to lack of physical activity, high body mass index, and high intake of alcohol, and tobacco use. Moreover, tobacco use is one of the most common risk factors for cancer and is responsible for approximately 22% of the cancer deaths. The advancement in cancer treatment has succeeded to reduce the cancer deaths rates globally. The launch of novel agent and advanced treatment technology coupled with the emphasis on early diagnosis, are expected to reduce death rates from cancer.
Global Anticancer Drug Market – Regional Insight
Geographically, North America holds the major share of the global anticancer drug market and is projected to continue its dominance over the forecast period. The factors driving the growth are increasing number of research and development activities, coupled with growing awareness towards cancer treatment. Europe is the second largest regional market share of the global anticancer drug market. The factor driving the growth is increasing incidence of targeted disease such as lungs cancer, skin cancer, and oral cancer and among others. Growth of the anticancer drug market in Asia-Pacific is owing to the increasing number of the cancer patient, coupled with much consumption of tobacco and alcohol.
Global Anticancer Drug Market- Providing Targeted Treatment Solutions to Cancer Patients Using Nano-Technology Enhancing the Way to Cure the Disease, Reach USD 145.2 Billion By 2023