The global anticancer drugs market features a largely fragmented and
highly competitive vendor landscape owing to the presence of some of
the world’s leading pharmaceutical players and a constant rise in
the number of small players focusing on innovative treatment methods,
observes Transparency Market Research in a recent report. Leading
players in the market compete with strong pipelines and innovative
products that boast high efficiency and efficacy.
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Some of the leading players in the market are F. Hoffmann-La Roche
Ltd, Eli Lilly and Company, Novartis AG, Pfizer Inc, Amgen Inc, Bayer
AG, AstraZeneca, Takeda Pharmaceutical Company Limited, and Merck &
Co., Inc.
According to the report, global anticancer drugs market was valued at
US$85.0 bn in 2016 and is projected to expand at a CAGR of about 6-7%
from 2017 to 2025. If the projections hold true, the market could
rise to a valuation of US$155.6 bn by 2025.
In terms of drug type, the segment of targeted drugs held over 40% of
the global anticancer drugs market in 2016. The segment is also
expected to hold the dominant share of the global anticancer drugs
market during the forecast period. Factors such as minimum side
effects as compared to cytotoxic drugs, high specificity of the
drugs, and effective results of these drugs are expected to drive the
growth of the segment through 2025.
Geographically, the market in North America dominated the global
anticancer drugs market in 2016 and is projected to retain dominance
over the forecast period as well, registering a CAGR of over 6% from
2017 to 2025. High healthcare expenditure from public and private
sector for cancer treatment and the easy availability of drugs in
this region is projected to contribute to the dominant position of
North America in global anticancer drugs market over the forecast
period.
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The mounting rate of incidence of cancer in the past few years is the
key factor aiding the overall development of the global anticancer
drugs market. The rate of incidence of several forms of cancer has
significantly swelled across the globe in the past few years. With
nearly 1 in 6 deaths across the globe caused due to cancer, the large
group of diseases that come under the purview of cancer, affecting
any part of the body, have witnessed massive attention from
healthcare bodies and pharmaceutical companies in the past years.
Owing to intensive research and development attempts made by a large
number of pharmaceutical companies operating in the field, the
pipeline of anticancer drugs has become strong and highly promising.
This could also aid the expansion of the global anticancer drugs
market over the next few years. Moreover, increase in government
funding, spur in cancer awareness programs, rising awareness
regarding the need for early diagnosis and treatment of cancer,
developed healthcare infrastructure are also expected to have a
positive impact on the growth of global anticancer drugs market
during the forecast period.
Despite promising growth prospects, certain factors such as a glaring
lack of awareness regarding cancer diagnosis and treatment across
several emerging economies, high cost of advanced drugs, serious side
effects of certain drugs, and unavailability of oncology drugs in
some developing countries could restrict the growth of the global
anticancer drugs market. Furthermore, cancer treatment stigma such as
association with death could also negatively affect the growth of the
anticancer drugs market in many regions.
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