Cancer Drugs Market Is Projected to Reflect at 7.4% CAGR by 2021
Sarasota, FL -- (SBWIRE) -- 09/27/2017 -- About Zion Market Research
Zion Market Research has published a new report titled "Cancer Drugs Market by Therapy (Immunotherapy, Targeted Therapy, Chemotherapy, Hormone Therapy and Others) for Breast Cancer, Blood Cancer, Gastrointestinal Cancer, Prostate Cancer, Skin Cancer, Lung Cancer and Other Cancer: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021". According to the report, global cancer drugs market was valued at approximately USD 112.90 billion in 2015 and is expected to generate revenue of around USD 161.30 billion by end of 2021, growing at a CAGR of around 7.4% between 2016 and 2021.
Cancer is defined as a disease which occurs as a result of changes in a group of normal cells within the body which leads to uncontrolled growth resulting in the formation of lump called a tumor; (except for cancer of the blood). If left untreated, tumors can grow and spread into the surrounding normal tissue, or to other parts of the body via lymphatic systems and the bloodstream, and can in turn severely impact the functioning of the digestive, nervous and circulatory systems.
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Global cancer drugs market is primarily driven by growing incidences of target disease such as lung cancer, breast cancer, cervical cancer, etc. across the globe. Other major driving factors are increasing research and development on biological and targeted drug therapies for the treatment of cancer coupled along with the expiration of patents. However, the high price of drug development and stringent regulatory policies coupled along with the possibility of failure are the major restraints that may limit the growth of the market. Nonetheless increasing focus on personalized medicine coupled along with huge investment in anti-cancer drugs research across the globe is likely to disclose the new avenues for cancer drugs market in the near future.
The cancer drugs market is segmented on the basis of the different therapeutic segment including immunotherapy, targeted therapy, chemotherapy, hormone therapy and others. Immunotherapy segment is expected to grow at fastest rate in the global market over the forecast period.
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Breast cancer, blood cancer, gastrointestinal cancer, prostate cancer, skin cancer, lung cancer and others are the key cancer types of the global cancer drugs market. The blood cancer segment dominated the market in terms of revenue.
North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional segments of global cancer drugs market. North America is anticipated to remain the leading region over the forecast period in 2015. Demand for cancer drugs was highest in North America especially in the U.S. Hence, Asia Pacific is expected to be the moderate growing region in cancer drugs market during the forecast period. Moreover, the Middle East and Africa and Latin America are also expected to show moderate growth for this market in the years to come.
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Some of the key players in cancer drugs market include Bayer, GlaxoSmithKline, Novartis, Sanofi and Pfizer, Amgen, Merck, Bristol-Myers Squibb, Celgene Corporation, Ariad Pharmaceuticals, Eli Lilly, Hoffmann-La Roche Ltd, Boehringer Ingelheim GmbH, Johnson and Johnson and Teva Pharmaceuticals among others.
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