Research Support Specialist, USA
The global oncology drugs market size is expected to reach USD 436.76 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 12.0% from 2021 to 2028. The market is expected to witness growth due to the rising prevalence of cancer, availability of medical resources for detecting and treating cancer patients, increasing pollution levels, and changing lifestyles. Additionally, the rising per capita income and the increasing purchasing power are other significant factors driving the growth of the market.
The prostate segment is expected to register the second-fastest CAGR of 13.5% from 2021 to 2028. Prostate cancer is the second leading cause of cancer-related deaths among men. Obesity and consumption of foods with high calcium levels are some of the major factors leading to prostate cancer. Genetic mutation is also a major factor causing prostate cancer. Growing awareness about the disease is contributing to various treatments and related drugs. Thus, the market is expected to witness increasing revenue from prostate drugs during the forecast period.
North America held the largest revenue share of more than 40% in 2020. The U.S. is positively contributing to the growth of the regional market. The presence of well-established pharmaceutical vendors is one of the key factors supporting the growth. North America is one of the promising regions to launch new technology in terms of well healthcare infrastructure and advanced research and development activities that help innovate and produce the most appropriate drugs to cure cancer. Additionally, ease of availability of drugs and reimbursement policies for the patients in the healthcare industry are contributing to revenue generation.
The report “Oncology Drugs Market Size, Share & Trends Analysis Report By Indication (Lung, Breast, Colorectal, Prostate, Stomach, Liver), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global oncology drugs market based on indication and region: