After the successful completion of the Oncology conference we are pleased to welcome you to the “Global Summit on Oncology and Cancer Therapy." The congress is scheduled to take place on November 23-24, 2020 in the beautiful city of New York, USA. This 2020 Oncology Conference will give you exemplary experience and great insights in the field of research.
The global oncology/cancer drugs market was valued at $97,401 million in 2017, and is estimated to reach at $176,509 million by 2025, registering a CAGR of 7.6% from 2018 to 2025.
Cancer is a disease, which involves the abnormal growth of cells that result in the formation of a tumor. However benign tumors are not cancers. The abnormal tumor cells have the tendency to spread to other local tissues and may also spread to different parts of body through blood and lymphatic system. Different types of cancers such as lung cancer, colorectal, breast cancer and others are predominant among the populace. Treatment of cancer depends upon the stages of the disease progression. Chemotherapy is majorly used in the earlier stages whereas other therapy options such as targeted therapy drugs, immunological therapy drugs are used in late stage.
Cancer has a widespread prevalence worldwide, which has led to rise in demand for cancer drugs. The key factors that are responsible for the growth of the oncology/cancer drugs market are surge in cancer research, rise in geriatric population worldwide, and increase in number of collaborations between pharmaceutical companies. In addition, rise in healthcare expenditure worldwide is expected to boost the market expansion.
Moreover, high market growth potential in developing nations, rise in number of pipeline products, and upsurge in demand for personalized medicines are expected to create new opportunities for the market players during the forecast period. However, adverse effects associated with the use of cancer drugs and high costs related with cancer drug development are the major factors that impede the growth of the market.
According to drug class type, the targeted therapy segment occupied the largest oncology/cancer drugs market share in 2017. This is due to the ability of targeted therapies to kill only malignant cells, higher efficacy and higher survival rates associated with their use. The immunotherapy segment is expected to show fastest growth during the forecast period, registering a CAGR of 10.4%. This is attributed to surge in incidence of cancer worldwide and high unmet medical needs in some countries. Immunotherapy drugs are widely accepted as an ideal treatment option 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 the growth of the oncology/cancer drugs market.
According to indication, the prostate cancer segment occupied the largest oncology/cancer drugs market share in 2017. This is due to presence of huge geriatric population. The lung cancer segment is expected to show fastest growth during the forecast period. This is due to technological developments in the field of cancer diagnostics and rise in the awareness related to the early diagnosis of cancer.
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