The post Expanding Anticancer Drugs Market: Advancements and Increasing Global Cancer Burden appeared first on Newstrail.com authored by Fact.MR

The anticancer drugs market refers to the pharmaceutical industry sector that focuses on the development, production, and commercialization of drugs used for the treatment of cancer. These drugs, also known as antineoplastic or chemotherapy drugs, are designed to target and kill cancer cells or inhibit their growth.

The market for anticancer drugs has been growing steadily over the years due to the increasing prevalence of cancer worldwide. Factors such as aging populations, lifestyle changes, and environmental factors contribute to the rising incidence of cancer. As a result, there is a growing demand for effective treatment options, leading to significant investments in research and development within the pharmaceutical industry. The anticancer drugs market is highly competitive and consists of several major pharmaceutical companies, as well as smaller biotechnology firms specializing in oncology research. These companies develop and market a wide range of drugs, including cytotoxic chemotherapy agents, targeted therapies, immunotherapies, and hormonal therapies, among others. The market also includes supportive care drugs used to manage the side effects of cancer treatment.

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Key Takeaways from Market Study

• The global anticancer drugs market is projected to expand at an impressive CAGR of 6.8% and be valued at US$ 335 Billion by 2032.
• The market witnessed 7.8% CAGR for the period of 2017-2021.
• Under the drug class segment, targeted therapy dominates the market and is valued at US$ 101.4 Billion in 2022.
• North America dominated the market with 40% market share in 2021.
• Based on region, demand for anticancer drugs it is expected to increase at CAGRs of 6.6% & 6.9% respectively, in North America and MEA during assessment period.

Segmentation of Anticancer Drugs Industry Research

• By Drug Class :

  • Cytotoxic
  • Hormonal Therapy
  • Targeted Therapy
    • Monoclonal antibodies
    • Small molecule inhibitors

• By Cancer Type :

  • Prostate Cancer
  • Lung Cancer
  • Breast Cancer
  • Melanoma
  • Colon and Rectum Cancer
  • Others

• By Distribution Channel :

  • Hospital Pharmacies
  • Retail Pharmacies

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Oceania
  • Middle East & Africa

Market Development

To amplify product sales, manufacturers of anticancer drugs are focusing on strategic partnerships, product innovation and development in order to gain a competitive edge. For Instance, In Sep 2022, Bora pharmaceuticals has aligned with TaiRx which is a Taiwan new drug development company to manufacture an innovative anticancer drug.

Furthermore, to overcome the limitations of conventional small molecule anticancer treatments such as side effects, lower selectivity for malignant cells, and their reduced potency and effectiveness, several players are investing in biologics research and development.

Key Companies Profiled

• Hoffmann-La Roche Ltd
• Eli Lilly and Company
• Novartis AG
• Pfizer Inc
• Bayer AG
• AstraZeneca
• Takeda Pharmaceutical Company Limited
• Merck & Co., Inc.
• CELGENE CORPORATION
• Amgen Inc.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global anticancer drugs market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the drug type (cytotoxic, hormonal therapy, targeted therapy), cancer type (prostate cancer, lung cancer, breast cancer, melanoma, colon and rectum cancer, others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).