Cancer Drug Market Is Set To Experience A Significant Growth Of 7.99% CAGR From 2022 To 2031

(MENAFN- America News Hour)

Key Companies Covered in the Market Research are Roche Holdings Inc., Johnson & Johnson, Novartis AG, Celgene, Eli Lilly and Company, Pfizer, Celgene Corporation, Sanofi, Merck & Co., Amgen Inc. etc. and other key market players.

Global Cancer Drug Market is further estimated to grow at a CAGR of 7.99% from 2022 to 2031 to reach USD 135.71 Billion by the year 2031 . Kenneth Research recently added a report on Cancer Drug Market which provides a detailed insight into the market scenario on the basis of the market size, market volume annual growth rate of the market over the forecast period, i.e., 2022-2031.

The growth of the oncology/cancer drugs market is driven by increase in prevalence of cancer disease and rise in incidence of various cancer conditions, increase in popularity of advance therapies (biological and targeted drug therapies), and surge in geriatric population worldwide. 

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation: As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

Global Cancer Drug Market was valued at USD 73.40 Billion in the year 2021. Global Cancer Drug Market is further estimated to grow at a CAGR of 7.99% from 2022 to 2031 to reach USD 135.71 Billion by the year 2031. North America region holds the highest Market share in 2017 with APAC region is considered as the fastest growing Market in the forecasted period. At a country level, the U.S is the biggest Market in 2017 and it is projected to grow at a gradual pace in the coming years.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The major market players in Cancer Drug Market are Roche Holdings Inc., Johnson & Johnson, Novartis AG, Celgene, Eli Lilly and Company, Pfizer, Celgene Corporation, Sanofi, Merck & Co., Amgen Inc. (Other 13 companies detailed information is provided in research report). Roche Diagnostics holds the substantial Market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

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SWOT Analysis of Cancer Drugs Market

Growing incidence and pervasiveness of various types of cancer
Academic alliances and partnerships

Side-effects of anti-cancer drug therapy
The high cost of drug development and a threat of failure

Scientific advancements in treatment methods
Increasing focus on personalized Anti-cancer medicine
Patent Cliff

The Immunotherapy segment in the global Cancer Drug Market is expected to hold the highest Market share during the forecast period. The growth can be attributed to growing areas within oncology R&D, high efficacy and fewer side effects and unique molecular level targeting. On the other hand, Blood Cancer by the application is expected to grow at the highest CAGR during the year 2018-2025. Majorly due to growing number of blood cancer patient and the high cost of drugs used for the treatment of blood cancer.

By Application
Gastrointestinal cancer
Blood cancer
Prostate cancer
Skin cancer
Respiratory/lung cancer
Breast cancer
Other types of cancers

By Products & Services
Immunotherapy (biologics therapy)
Hormonal therapy
Targeted therapy

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By Region
North America

*Rest of Europe
*Rest of Asia-Pacific
*Latin America
*Middle East & Africa

About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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