The global antineoplastic drugs market size was valued at USD 130 billion in 2021 and is projected to reach around USD 245 billion in 2030 exhibiting a CAGR of 8.0% in the forecasted period.
The growing incidence of cancer and rising demand for treatment drugs are anticipated to drive the market. The most common cancers were lung (1.69 million deaths), colorectal (774 000 deaths), and breast (571 000 deaths). Increasing elderly population, technological advancements, and advancements in antineoplastic Drugs.
The rising number of new incidences of neoplasms across the world, as well as the growing demand for low-cost medicines to cure them, has impelled the increase of the anti-neoplastic drugs market. As per the World Health Organization, one in each five men and one in every six women will have cancer in their lifetime, with one in each eight men and one in each eleven women dying from it. Several factors for the increasing cancer burden, comprising population increase and aging, and fluctuating prevalence of definite cancers linked to social and economic development. The amount of government initiatives intended at improving caused by cancer, has boosted anti-neoplastic drugs market growth. Rising investment in cancer research by international corporations owing to increasing cancer prevalence is projected to boost the market over the forecasted period. Moreover, the market's anticipated growth is associated to increasing cancer cases and the health situations among cancer sufferers is budding. The increasing frequency of cancer, and the number of mortalities desire for cost-effective medicines over the predicted timeframe.
Several health systems are gradually investing in research and development to challenge the COVID-19 pandemic. ZINC, CHEMBL, FDA-approved medicines, and molecules in clinical trials were all investigated for potential compounds. Medicines for the management of COVID-19 are being established by screening both new and older drugs for their probability to decrease symptoms and stop viral replication. As a result of the current epidemic, the anti-neoplastic drugs market is expected to benefit owing to the need to find a cure for COVID-19. Moreover, according to the American Cancer Society, about 1.8 million new cancer cases were expected to be detected during the prediction period, with nearly 606,520 cancer deaths happening in the United States. Resulting in the rising prevalence of a broader range of diseases in all age groups, and their global impact, are driving demand for the market.
Drug Class Insights
in 2021, the targeted therapy market category had a 58% market share of the overall market and was expected to grow at a significant CAGR. For better and improved anticancer treatments and dramatically shorten time to market, market participants are forming co-development partnerships. This is owing to the growth in demand for anticancer therapies that have fewer side effects. One such development is the use of targeted medicines, which function just against cancer cells while being totally harmless to healthy cells.
Distribution Channel Insights
Hospital pharmacies represented the highest market share, with around 45% in 2021, owing to the rising number of individuals looking for cancer disease diagnosis and treatment in hospitals. Moreover, higher expenditure on purchasing anticancer drugs for better treatment increases the segment’s growth.
Region Insights
North America lead the global anticancer drugs market with a dominant share in 2021, and is anticipated to witness fast growth over the forecasted period. The North America market is ruled by the U.S. due to its larger economy, attractive reimbursement and higher prevalence of cancers.
Europe, is anticipated to be led by Germany. The UK and France, are other major nations anticipated to witness substantial growth in the global market owing to enormous presence of major players. There has been a certain shift of the illnesses concerning the Asia Pacific regions such as China, and India. Rise in disease incidence in emerging regions has augmented the market draw of the global market for antineoplastic drugs due to higher demand. China and India are boosting a large revenue market owing to unmet requirements and the high mortality rates of cancer in the region.
Africa region have a lower incidence of cancers. The Middle East and Africa market is predicted to be dominated by the gulf nations due to their high income and rising expanse of healthcare.
Key Companies Insights
To stay competitive in the global market, players are using new strategies such as new product development, mergers and acquisitions, joint ventures, and geographic expansions.
Some of the key players operating in the global antineoplastic drugs market include:
· Hoffmann-La Roche
· Amgen
· Bristol-Myers Squibb
· Baxter Healthcare
· Boehringer Ingelheim
· Aspen
· Bayer AG
· Teva pharmaceutical Industries
· Johnson & Johnson
· Merc & Co.
· Other players
Some of the Recent Developments:
· In 2020, Boehringer Ingelheim and Oxford BioTherapeutics Ltd. have formed cooperation to find additional selective targets for strategic cancer indications to develop first-in-class cancer medicines. Using its T-cell engager, cancer vaccine, and oncolytic virus platforms, the company will use OBT's OGAP platform to uncover novel target opportunities for new immune therapeutics.
· In 2020, ImmunityBio, Inc. and NantKwest, Inc. joined in March 2021 to form a premier late-stage cell therapy and immunotherapy firm specifying in oncology and infectious illnesses.
Segments
By Drug Class
· Cytotoxic
· Hormonal Therapy
· Targeted Therapy
o Monoclonal antibodies
o Small molecule inhibitors
By Distribution Channel
· Hospital Pharmacies
· Retail Pharmacies
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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