Latest News- Oncology Drugs Market: Targeted therapy is expected to lead the Therapy segment during 2025-2029

The Oncology Drugs Market is being driven by Increasing prevalence of cancer globally

The Oncology Drugs Market is expected to grow at a CAGR of 13.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 215.9 billion. Immunotherapy, a burgeoning cancer treatment, stimulates patients' immune systems to combat cancer cells. Its effectiveness is particularly notable for those in advanced stages of disease, such as third or fourth stage. However, suitability for immunotherapy varies based on clinical conditions and cancer type. Applicable cancer forms include lung, kidney, bladder, melanoma, neck tumors, and lymphoma. A study at Tata Memorial Hospital in India revealed that an extremely low dose of nivolumab (Opdivo) significantly extended lives of advanced head and neck cancer patients. This low-dose immunotherapy breakthrough underscores the potential of this treatment modality in oncology. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Therapy
  • Targeted therapy
  • Immunotherapy and hormonal therapy
  • Chemotherapy
• Distribution Channel
  • Offline
  • Online
• Form Factor
  • Solid
  • Liquid
  • Injectable
• Indication
  • Lung cancer
  • Colorectal cancer
  • Stomach cancer
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Asia
    • China
    • India
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of cancer globally
• Need for cost-cutting in drug discovery and development
• Rising initiatives by government and various non-profit organizations to spread awareness regarding cancer prevention

However, the market also witnesses some limitations, which are as follows:

• High cost of cancer treatment drugs
• Side effects associated with chemotherapy
• Stringent regulations on oncology drugs

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Market Scope in Oncology Drugs Market Research Report

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Research Analysis Overview

The Oncology Drugs Market encompasses a range of prescription drugs, including Anticancer drugs, Hormone therapy, and Targeted therapy. These cancer therapies are available at hospital pharmacies, retail pharmacies, and online pharmacies. Fulvestrant Injection is an example of a hormone therapy Oncology Drug. AI technology is increasingly being utilized in clinical trials for new Oncology Drugs, such as those for Lung cancer, Stomach cancer, Colorectal cancer, Breast cancer, Prostate cancer, Liver cancer, Esophagus cancer, Cervical cancer, Kidney cancer, and Bladder cancer. Reimbursement policies play a significant role in the market, affecting access to these essential treatments.

Market Research Overview

The global oncology drugs market is a significant segment of the larger pharmaceuticals industry, encompassing companies involved in the research and development (R&D) or production of prescription drugs, including both generic and non-generic offerings, as well as veterinary drugs. According to Technavio, the healthcare market, which includes the revenues of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services manufacturers and providers, is projected to grow due to several factors. One key driver is the increasing global population aging, with the number of individuals over 60 years old in the US projected to reach nearly one-quarter by 2050, and Europe reaching a similar ratio by 2030. In this context, the demand for oncology drugs, such as Fulvestrant Injection, is expected to rise in hospital pharmacies, retail pharmacies, and online pharmacies, as artificial intelligence (AI) and advanced technologies continue to revolutionize the diagnosis and treatment of various types of cancer.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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