Cancer Therapeutics Market to Accrue $178.86 Bn, Globally, by 2023 at 11.9% CAGR, Says AMR
PORTLAND, Oregon, January 31, 2019 /PRNewswire/ --
High prevalence of cancer, surge in R&D for novel treatment modalities, and increase in healthcare expenditure in emerging economies are expected to propel the growth of the global cancer therapeutics market
Allied Market Research recently published a report, titled, "Cancer Therapeutics Market by Application (Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, and Others) and Top Selling Drugs (Revlimid, Avastin, Herceptin, Rituxan, Opdivo, Gleevec, Velcade, Imbruvica, Ibrance, Zytiga, Alimta, Xtandi, Tarceva, Perjeta, and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023". The report offers comprehensive analyses of the industry dynamics, top investment pockets, key strategic developments, major market segments, and competitive landscape. According to the report, the global cancer therapeutics market accounted for $90.98 billion in 2017 and is expected to reach $178.86 billion by 2023, registering a CAGR of 11.9% through 2023.
Increase in prevalence of cancer, surge in R&D activities to develop novel drugs and treatment modalities to treat cancer, and rise in healthcare expenditure drive the growth of the global cancer therapeutics market. However, high cost of drug development and adverse side effects of cancer drug therapy hamper the market growth. On the contrary, high potential associated with personalized medicines and increase in purchasing power of emerging economies are expected to create lucrative opportunities for the market players in the near future.
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Lung cancer therapeutics segment to retain lion's share through 2023
The lung cancer therapeutics segment held the largest share in 2017, contributing nearly one-fourth of the total market revenue, owing to high prevalence of lung cancer and increase in launch of novel drugs with improved efficacy. However, prostate cancer segment is projected to register the fastest CAGR of 15.7% during the forecast period, owing to rise in prevalence among men and increase in research and development activities to detect at an early stage. The report also analyzes applications including breast cancer, blood cancer, and colorectal cancer, and others.
Imbruvica to become a lucrative drug by 2023
The Imbruvica drug segment is expected to register the fastest CAGR of 20.3% during the study period, as it is used for the treatment of rare cancers such as mantle cell lymphoma, chronic lymphocytic leukemia/small lymphocytic lymphoma, and Waldenstrom's macroglobulinemia. However, the Revlimid drug segment held the largest share in the market in 2017, contributing 8.68% of the total market revenue, as it is widely used to treat oral cancer and a rare blood disorder, myelodysplastic syndrome (MDS). The report also analyzes Avastin, Herceptin, Rituxan, Opdivo, Gleevec, Velcade, Ibrance, Zytiga, Alimta, Xtandi, Tarceva, Perjeta, and others.
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Asia-Pacific to manifest fastest growth by 2023
Asia-Pacific region is projected to portray the fastest CAGR of 13.6% through 2023, owing to increase in government initiatives to address the issue of cancer prevalence and improvement in healthcare infrastructure for treatment of cancer. However, North America dominated the market in terms of revenue, contributing more than half of the total revenue in 2017, owing to increase in awareness about cancer, surge in adoption of premiere chemotherapy treatment options, and growth in sedentary lifestyle among the population. The other regions such as Europe and Latin America, Middle East and Africa (LAMEA) are analyzed in the report.
Key market players
The major market players analyzed in the report include F. Hoffmann-La Roche AG, AbbVie, Inc., Celgene Corporation, Pfizer, Inc., Merck KGaA, Bristol-Myers Squibb Company, Johnson & Johnson, Astellas Pharma, Inc., Novartis AG, and Eli Lilly and Company.
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