LAMEA oncology/anti-cancer drugs market is anticipated to reach $17.0 billion by 2021, growing at a CAGR of 8.6% by 2021.
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Blood cancer segment is expected to maintain its dominant position throughout the forecast period. This is attributed to the higher incidence rates of blood cancer across the LAMEA region and growing awareness about the early detection and treatment of blood cancer. However, respiratory/lung cancer was the fastest growing segment registering a CAGR of 10.2% during the analysis period. Furthermore, commercialization of advanced therapeutics such as biologic therapies (immunotherapies) and targeted therapies is anticipated to increase the adoption of anti-cancer drugs in the LAMEA region.
The growth of the oncology/anti-cancer drugs market in LAMEA is driven by the surge in incidence and prevalence of various types of cancer, rise in awareness pertaining to biological and targeted drug therapies, growth in funding and aid from both public and the private sector. Additionally, growing healthcare & medical awareness along with unprecedented advancement of anti-cancer drugs research would create lucrative opportunities for new market players in the future. However, the adverse side-effects of cancer drug therapy, the high cost of drug development, and substantial threat of failure hamper market growth.
The report segments the LAMEA oncology/anti-cancer drugs market by therapeutic modalities, cancer type, and countries. Based on therapeutic modalities, the report sub-segments the market into chemotherapy, targeted therapy, immunotherapy (biologic therapy), hormonal therapy, and others. The chemotherapy segment occupied the highest share in 2014 and is expected to continue its dominance through 2021. However, the immunotherapy (biologic therapy) is expected to register the highest growth rate, a CAGR of 12.2%, from 2015 to 2021.
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Based on cancer type, the market is further segregated into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, respiratory/lung cancer, skin cancer, and other forms of cancer. The blood cancer segment is poised to lead the LAMEA oncology/cancer drugs market through 2021. By countries present in the region, Brazil dominated the market in 2015 by occupying about one-third of the total share. Meanwhile, Algeria is anticipated to be the fastest growing country in the LAMEA oncology/anti-cancer drugs market, registering a CAGR of 12.8% between 2015 and 2021. In the Middle East region, Saudi Arabia would continue to lead the market until 2020, owing to rising incidence rates of cancer, high healthcare expenditure, and rising gross national income (GNI).
The report also profiles key players involved in the global gene therapy market, such as
- Amgen Inc.,
- AstraZeneca Plc.,
- Roche Diagnostics,
- GlaxoSmithKline PLC,
- Merck & Co.,
- Novartis AG,
- AbbVie Inc. Sanofi,
- EIMC United Pharmaceuticals (EUP)
- Actavis plc.
They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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