The global oncology drugs market is undergoing a major change in therapeutic modalities, drifting from customary cytotoxic agents to recently enhanced immunotherapeutic and targeted modalities. A type of aforementioned modality, known as tumor cell specificity is increasing the survival rate of the patients and reducing the emission rate of the drugs. Chemotherapeutic modality is expected to be a dominant segment in the overall market due to competitive pricing and higher efficiency. However, lasting side effects of chemotherapy could hinder its segmented growth in global scenario.
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According to a recent report published by Allied Market Research (AMR) entitled “Global Oncology/Cancer Drugs Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020,” the global oncology drugs market projects potential to attain a net value of $111.9 billion by 2020, with a steady CAGR of 7.1% during 2014 to 2020. Increasing use of combination therapeutic modalities in healthcare acts as the key driving factor, which propels the growth of the market. Immunotherapy and targeted therapy, together would witness a growth of 10% during the study period.
Growing pool of cancer patients is, of course, the primary source of rising demand for oncology drugs market offerings and the sink for the product volumes too. The industry harps on the technological innovations to fulfil the inflated demand from the population in context. Motivated against the ill side-effects of traditional drugs previously used in treating the diseased conditions led drug developers to innovate clusters of novice drugs and drug delivery techniques. At this point, it is important to note that modifying drug delivery is a requisite that goes hand-in-hand with the newer oncology drugs in market. Better patient outcomes have been exhibited by increased adoption of targeted and biological procedures by key players in this segment.
Key Findings of Oncology Drugs Market:
- Immunotherapy/biological drugs segment expected to grow at a double digit CAGR during the forecast period and would grow at the fastest rate
- Blood cancer is the major revenue generating segment in the global oncology drug application market however, lung cancer segment is expected to grow fastest among all
- Currently, North America garners a major share in the oncology drugs market, in terms of market size
- Asia Pacific oncology drug market is dominated by China and Japan, together contributing to ~60% of the regional market revenue in 2014
A majority of the oncology drug manufacturers have adopted collaboration and acquisition as key developmental strategies to achieve a competitive edge. Moreover, companies are also forming strategic alliances to accelerate the process of clinical trials. These strategies have proved to be effective in helping key market players retain their leading positions in the global oncology drugs market. Key companies profiled in the report are Roche diagnostics, Novartis AG, Celgene Corporation, AstraZeneca, Johnson & Johnson, Merck & Co., Eli Lilly & Co., Amgen Inc., Pfizer and GlaxoSmithKline.
Detailed Qualitative & Quantitative Analysis on Oncology/Cancer Drugs Market: