Global Oncology Drugs Market: Key Highlights
Global Oncology Drugs Market: Key Market Dynamics
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Global Oncology Drugs Market: Regional Overview
North America has emerged as the leading region owing to rapidly growing cancer patients. American Cancer Society statistics reveal that 1.8 million new cancer cases diagnosed in 2020 when compared to 1.7 million fresh cancer cases in 2019. Rise in the new cancer cases coupled with higher mortality ratio is shifting the target population towards undergoing treatment and therapies. Growing healthcare infrastructure with increasing funding dedicated to cancer research for improving cure rate is driving the cancer drug market across North America. According to the American Association for the Advancement of Science (AAAS), National Cancer Institute-funded 20 billion for the new cancer drugs research, accounting for 31% of the total for basic research.
The Asia-Pacific market is growing at a high CAGR due to highly populated countries such as China and India along with growing geriatric population and rapidly rising life-style related disorders in the region. The World Health Organization stated that the Asia-Pacific region accounts for approximately more than 50% of the cancer deaths worldwide in 2018 as it holds nearly 60% share of the global population. The Cancer Atlas projects that Sothern, Eastern and South-eastern Asia register 8.2 million new cancer cases, contributing to 5.2 million cancer deaths in 2018. Also, China alone accounts for 52% of new cancer cases with 55% of cancer deaths within the region. Owing to rapidly surging demand for effective cancer therapies, the market for cancer drugs is projected to grow.
Global Oncology Drugs Market: Key Players Overview
Hoffmann-La Roche Ltd is the Switzerland-based healthcare company offering next-generation medicine for benefitting the patients. The company operates through pharmaceuticals and diagnostics business lines. The company offers highly personalized cancer drugs for treating even the rare form of cancer to cancer patients worldwide. The company is actively involved in research and development of newer medicine. For instance, in 2019, the company received US FDA granted additional approval for Tecentriq combination therapy for initial treatment of metastatic non-squamous non-small cell lung cancer (NSCLC) and extensive-stage small cell lung cancer (ES-SCLC)
Abbott Laboratories is the manufacturer and provider of the diverse of the medical products and related services. It operates through its business verticals: Nutritionals, Diagnostics, and Medical Devices. Nutritional includes pediatric nutritionals and adult nutritionals. Diagnostic vertical includes Core Laboratory, molecular, Point of Care, and Rapid Diagnostics, whereas medical devices encompasses of devices for Rhythm Management, Electrophysiology, heart failure, Vascular problems, Structural Heart, Neuromodulation and Diabetic Care. The company offers DNA probe kits for different solid tumors.
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