How Japan Oncology Drugs Market Became a Highly Profitable Industry: Revenue Analysis and Industry Forecast, 2021
“Japan Oncology Drugs Market by Drug Class Type, and Indication: Opportunity Analysis and Industry Forecast, 2019-2026,” the Japan oncology drugs market accounted for $9,405 million in 2018, and is expected to reach $14,109 million by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Cancerous cells are formed when the normal cells present in the body grow at an uncontrolled rate. This abnormal growth leads to the formation of a tumor which can spread to other localized tissues. Moreover, cancer has different stages based on the growth of tumor. Metastasis is the final stage of the disease, which is marked by the invasion of tumor in other parts of the body. The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and others.
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Factors such as rise in incidence of cancer in Japan, increase in healthcare expenditure and surge in research related to new drug discovery for cancer treatment in the region are the major factors that boost the growth of Japan oncology drugs market. Furthermore, surge in geriatric population also contributes to the growth of the market as the elderly are more prone to certain cancer such as prostate cancer. Moreover, surge in awareness related to early diagnosis of cancer leading to rise in demand of oncology drugs for treatment is another factor that fuels the growth of the market in Japan. In addition, rise in number of pipeline products is expected to provide lucrative opportunities during the forecast period. However, stringent approval process of oncology drugs in Japan hinders the growth of market
The Japan oncology drugs market is segmented on the basis of drug class type and indication. Based on drug class type, the market is divided into chemotherapy, targeted therapy, immunotherapy, hormonal therapy. By indication, it is categorized into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, lung cancer, skin cancer, ovarian cancer, cervical cancer, kidney cancer and others.
Depending on drug class type, the targeted therapy segment occupied the largest share of Japan oncology drugs market in 2018. This is attributed to lesser side effects of the targeted therapy drugs as compared to other treatment options. Targeted therapies have the ability to kill only malignant cells thereby exhibiting better treatment outcomes which fuel the growth of market. In addition, higher efficacy and higher survival rates associated with the use of targeted therapy drugs are other reasons that fuel the growth of the market. Furthermore, immunotherapy segment is expected to show fastest growth during the forecast period. This is due to wide acceptance of immunotherapy drugs as an ideal treatment option for cancer. Immunotherapy drugs are ideal treatment options as these drugs are potentially harmless to the other living cells of the body which makes them less toxic as compared to other modes of cancer therapies. Moreover, continuous efforts in R&D to design and develop new immunotherapeutic for the treatment of various cancer types serves as a key factor for market growth.
Based on indication, the prostate cancer segment occupied the largest share of market in 2018 owing to the presence of huge geriatric population. However, lung cancer segment is expected to show fastest growth during the forecast period attributed to technological developments in the field of cancer diagnostics and rise in the awareness related to the early diagnosis of cancer.
According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “Surge in prevalence of cancer is anticipated to significantly drive the growth of the Japan oncology drugs market. Furthermore, rise in geriatric population, increase in healthcare expenditure, and upsurge in awareness related to early screening of cancer are the key factors that augment the market growth.”
Key Findings of the Japan Oncology Drugs Market:
Targeted therapy occupied approximately half share of the Japan oncology drugs market in 2018. The immunotherapy segment is anticipated to grow with the highest CAGR throughout the forecast period. The gastrointestinal cancer segment accounted for two-fifth share of the market in 2018. Lung cancer is anticipated to grow at the highest rate during the analysis period.