Oncology Drugs Market in China On Position to Cross $12,688 Million by 2027
Pune, Maharashtra, India, March 1 2021 (Wiredrelease) Allied Analytics –:Cancer is caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. It has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of the tumor into 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.
The oncology drugs market in China expected to reach $12,688 million by 2027, registering a CAGR of 8.7% from 2020 to 2027, in terms of value.
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The key drivers of the oncology drug market in China are surge in geriatric population and rise in collaborations & partnerships to facilitate drug development. In addition, a surge in the prevalence of cancer and an increase in healthcare expenditure has significantly contributed to the growth of this market. An increase in the number of pipeline drugs along with the high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, adverse effects related to cancer drugs impede market growth.
The oncology drug market in China is segmented based on drug class type and indication. Based on drug class type, the market is divided into chemotherapy, targeted therapy, immunotherapy, and 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 other cancers.
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Key Benefits for China Oncology Drugs Market:
o Lung cancer occupied 18.32% share of the China cancer drugs market in 2018.
o The breast cancer segment is anticipated to grow with the highest CAGR throughout the forecast period.
o The targeted therapy segment accounted for 42.35% share of the China oncology drugs market in 2018.
o Immunotherapy segment is anticipated to grow at the highest rate during the analysis period.
Major players operating in the China oncology drugs market include AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Shanghai Junshi Biosciences Co., Ltd., Beigene and Jiangsu Hengrui Medicine Co., Ltd.
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