Global Cancer/Oncology Drugs Market Witnessing Growth Spurts: Forecast to Grow at a CAGR of 9.5% by 2028: Zion Market Research

NEW YORK, Feb. 22, 2022 /PRNewswire/ --  As per analysts at Zion Market Research, the global cancer drugs market was capitalized at almost USD 155.12 Billion in 2020 and is anticipated to create income of almost USD 292.80 Billion by 2028, developing at a CAGR of almost 9.5% from 2021 to 2028.

Read Market Research Report "Cancer Drugs Market By Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, Hormone Therapy and Others), By Cancer Type (For Breast Cancer, Blood Cancer, Gastrointestinal Cancer, Prostate Cancer, Skin Cancer, Lung Cancer and Other): Global Industry Perspective, Comprehensive Analysis And Forecast, 2021-2028."

The cancer drugs market has undergone a fall due to the various shutdowns and government orders as a view to contain the spread of COVID 19. The entire pharmaceutical industry was on a halt during stringent lockdown as all the attention shifted drastically on COVID 19. The restrictions imposed by various nations to contain COVID had stopped the supply chains and exchange of significant medical ingredients across countries, causing a downfall in the market. The pharmaceutical industry has now shifted all the investment, research to the focus of COVID19. Cancer industry Chemotherapy depends on the spending having made on R&D, but post pandemic, the spending has shifted for COVID.

Growing Research and Development On Targeted & Biological Drug Treatments For The Cure Of Cancer To Have Positive Effect On Cancer Drugs Market:

"Global cancer drugs market is majorly boosted by increasing cases of target disease such as breast cancer, lung cancer, and cervical cancer all over the globe," as per analysts at Zion Market Research. Other major boosting factors are growing research and development on targeted & biological drug treatments for the cure of cancer. On the other hand, stringent regulatory policies and the high cost of drug development paired along with the potential of failure are the primary limitations that might hinder the development of the cancer drugs market.

Nevertheless, huge spending in anti-cancer drugs research paired with rising aim on personalized medicine all over the world is likely to disclose the new growth opportunities for cancer drugs market in the years to come. Rising elderly population in developed as well as developing nation is also one of the major reasons responsible for the development of cancer drugs market. In addition, various mergers and acquisitions by market players are also set to bolster the cancer drugs market. For example, in June 2018, Bayer successfully concluded the acquirement of Monsanto. Similarly, in May 2018, Boehringer Ingelheim (the second biggest animal health firm in the world) boosted its investment in China by extending the Asian Veterinary R&D (Research & Development) hub to improve its innovation and research capacity.

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North America Likely To Stay The Dominating Area In The Global Cancer Drugs Market In The Years To Come:

Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa are major regional sections in the global cancer drugs market. North America is likely to stay the dominating area in the years to come. Requirement for cancer drugs was uppermost in North America particularly in the U.S. Therefore, Asia Pacific is likely to be the moderate developing area in cancer drugs market in the years to come. In addition to this, the Latin America and Middle East & Africa are also likely to display moderate development for cancer drugs market in the coming years.

Report Scope:

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The Cancer Drugs Market is segmented as follows:

Cancer Drugs Market: By Cancer Therapy Outlook (2021-2028)

• Immunotherapy
• Targeted Therapy
• Chemotherapy
• Hormone therapy

Cancer Drugs Market: By Cancer Type Outlook (2021-2028)

• Breast Cancer
• Blood Cancer
• Gastrointestinal Cancer
• Prostate Cancer
• Skin Cancer
• Lung Cancer

Cancer Drugs Market: By Region Outlook (2021-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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List of Key Players of Cancer Drugs Market:

• GlaxoSmithKline
• Bayer
• Sanofi
• Novartis
• Amgen
• Pfizer
• Bristol-Myers Squibb
• Merck
• Ariad Pharmaceuticals
• Celgene Corporation
• Hoffmann-La Roche Ltd
• Eli Lilly
• Johnson and Johnson
• Boehringer Ingelheim GmbH
• Teva Pharmaceuticals
• others

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