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The oncology drugs market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 24%, as per The Business Research Company’s market report!

Read More On The Oncology Drugs Market Report 2022 – https://www.thebusinessresearchcompany.com/report/oncology-drugs-global-market-report

The Oncology Drugs Market Size In 2022 And Forecast

The global oncology drugs market is expected to grow from $199.95 billion in 2021 to $223.21 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oncology drugs market is expected to reach $540.60 billion in 2026 at a CAGR of 24.8%.

The oncology drugs market consists of sales of oncology drugs and related services by entities (organizations, sole traders and partnerships) that produce oncology drugs to diagnose and treat all types of cancers.

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Outbreak Of The Coronavirus Disease Is Driving The Growth Of The Oncology Drugs Market

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak had a negative impact on businesses throughout 2020 and into 2021. Pharmaceutical markets such as this one have been relatively unaffected however due to continued availability of drugs during government lock downs and inelasticity of demand. It is expected that the oncology market will recover from the shock across the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Competitive Landscape And The Regional Analysis Of The Oncology Drugs Market

Major players in the oncology drugs market are F. Hoffmann-La Roche Ltd, Novartis AG, Gilead Sciences Inc, Bayer AG, and Takeda Pharmaceticals.

Additionally, as per TBRC’s research North America was the largest region in the oncology drugs market in 2021 holding the largest market share and Middle East is expected to be the fastest-growing region in the forecast period.

The Oncology Drugs Global Market Report 2022  covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the oncology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the oncology drugs market.

Investing In Targeted Therapy – A Key Trend In The Oncology Drugs Market

Companies in the oncology drug market are investing in targeted therapy, which has proven to be less toxic compared to traditional treatment options. Targeted cancer therapies are drugs or substances which block the growth of cancer by interfering with molecules that are more specifically involved in cancer cell progression than in normal cell activity. The goal of these therapies is to eliminate cancerous cells in the body while leaving normal cells unharmed. By focusing on changes in the cell that are specific to cancer, this therapy may prove to be more effective than traditional chemotherapy and radiotherapy.

Oncology Drugs Market Segmentation By The Business Research Company

1). By Type: Lung Cancer Drugs, Pancreatic Cancer Drugs, Breast Cancer Drugs, Prostate Cancer Drugs, Ovarian Cancer Drugs, Colorectal Cancer Drugs, Gastric Cancer Drugs, Kidney Cancer Drugs, Brain Tumor Drugs, Thyroid Cancer Drugs, Skin Cancer Drugs, Bladder Cancer Drugs, Cervical Cancer Drugs, Blood Cancer Drugs, Others (Kaposi Sarcoma, AIDS-Related Lymphoma, Anal Cancer, Bone Cancer, Retinoblastoma, Testicular Cancer, Hepatocellular (Liver) Cancer, Mouth Cancer, Neuroblastoma)

2). By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others

3). By Route of Administration: Oral, Parenteral, Others

4). By Drug Classification: Branded Drugs, Generic Drugs

By Mode of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs

Here Are Some Reports Related To The Oncology Drugs Market –

Prostate Cancer Drugs Global Market Report 2022

Oncology Biosimilars Global Market Report 2022

Breast Cancer Drugs Global Market Report 2022

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