The increasing prevalence rate of different types of cancer, such as liver, breast, skin, and much more, directly enhances the demand for effective medical treatment. According to the American Cancer Society, the number of deaths globally in 2012 was 8.2 billion, which is anticipated to increase during the forecast period. Furthermore, pharmaceutical organizations focus on manufacturing new medicines to meet consumer needs.
According to Data Bridge Market Research, the Global Anti-Cancer Drug Market, USD 144.99 billion in 2021, is expected to reach USD 256.66 billion by 2029, at a CAGR of 7.40% during the forecast period 2023 to 2030.
" Rising Cancer Prevalence Surge the Market Growth"
Increasing the incidence rate of different types of cancer is directly boosting the demand for effective medical treatment. Lung cancer has the highest occurrence rate, which indicates that an increase in this incidence rate would directly affect the demand for anti-cancer drugs. The approximate number of new cancer cases and deaths in 2021 is around 1.9 million and 608,570 cancer deaths in the U.S. The expected number of incident cases of cancer in India for the year 2022 was observed to be 14,61,427. The higher cancer rate is directly proportional to the high use of anti-cancer drugs. Thus, this factor boosts market growth.
What restraints the growth of the Global Anti-cancer Drug Market?
" High Cost of Anti-Cancer Drug"
The increasingly high costs associated with research and development activities, the cost involved in new drug development, and the threat of failure and adverse effects will evolve as one of the main limitations for the market. Anti-cancer drugs require complex drug development processes, which require much-advanced equipment and tools. All these major factors impede the growth of the market.
Segmentation: Global Anti-Cancer Drug Market
The global anti-cancer drug market is segmented on the basis of indication, drug class, route of administration, end-users and distribution channel.
- Based on indication, the global anti-cancer drug market is segmented into breast cancer, blood cancer, prostate cancer, gastrointestinal cancer, gynecologic cancer, lung cancer and others.
- Based on drug, the global anti-cancer drug market is segmented into cytotoxics, hormonal therapy, targeted therapy and others.
- Based on route of administration, global anti-cancer drug market is segmented into oral, parenteral and others.
- Based on end-users, the global anti-cancer drug market is segmented into hospitals, homecare, specialty clinics and others.
- Based on distribution channel, the global anti-cancer drug market has been bifurcated into hospital pharmacy, online pharmacy and retail pharmacy.
Regional Insights: North America is expected to dominate the Global Anti-Cancer Drug Market
North America dominates the market due to the developed healthcare industry, several government initiatives to raise consumer awareness, and several advancements in new medicine development. The increase in favorable reimbursement policies is further boosting the market growth.
Asia-Pacific is expected to grow in 2023-2030 due to the rising awareness in developing countries and increasing government support. Developing economies in Asia mostly China, India, Japan, and South Korea, are anticipated to show a steady growth rate in anti-cancer drugs due to increased cancer prevalence, tobacco consumption, and a growing population.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-anti-cancer-drug-market
Recent Developments in Global Anti- Cancer Drug Market
- In 2020, Merck Co. & Inc. received the United States Food & Drug Administration (U.S. FDA) approval for Keytruda and chemotherapy for treating patients with triple-negative breast cancer. The approval is based on Phase 3 KEYNOTE-826 trial evaluating KEYTRUDA plus chemotherapy (paclitaxel plus cisplatin or paclitaxel plus carboplatin), with or without bevacizumab.
The Prominent Key Players Operating in the Global Anti- Cancer Drug Market Include:
- Pfizer, Inc. (U.S.)
- AstraZeneca (U.K.)
- ANI Pharmaceuticals, Inc. (U.S.),
- Bristol-Myers Squibb Company (U.S.)
- Teva Pharmaceutical Industries Ltd (Israel)
- Amneal Pharmaceuticals LLC. (U.S.)
- Hikma Pharmaceuticals PLC (U.K.)
- Cipla Inc. (India)
- Lupin (India)
- Glenmark Pharmaceuticals Limited, (India)
- Mayne Pharma Group Limited,
- Mylan N.V. (U.S.).
- Novartis AG (Switzerland)
- Fresenius Kabi USA (U.S.)
- Vintage Labs (India)
- Dr. Reddy's Laboratories Ltd (India)
- Novo Nordisk A/S (Denmark)
- Otsuka America Pharmaceutical, Inc (Japan)
- WOCKHARDT (India)
Above are the key players covered in the report, to know about more and exhaustive list of global anti-cancer drug market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Anti- Cancer Drug Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
