Oncology deals with diagnosis, prevention and treatment of cancer diseases. Anti-cancer or anti-neoplastic agents are the drugs that prevent or inhibit or halt the proliferation and maturation of neoplasms, an abnormal growth of tissues commonly referred as tumors.
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The oncology drug market is expected to grow from $126 billion in 2017 to $165 billion by 2021 due to the increasing number of expensive but advanced and effective medications that will help in increasing the life expectancy of cancer patients.
The global oncology drugs market in The Business Research Company’s report is segmented into blood cancer, breast cancer, cervical cancer, lung cancer, colorectal cancer, non-small cell lung cancer, prostate cancer, kidney cancer, gastric cancer, brain tumor, pancreatic cancer, skin cancer, ovarian cancer, bladder cancer, thyroid cancer and others. While the first three segments account for more than two-fifth of the market share, the remaining is attributed to the remaining oncology drugs market segments.
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The USA was the largest country in the oncology drugs market in 2017, accounting for almost one-fourth of the market share. This was the result of the medical facilities and health insurance schemes which allowed better accessibility to such drugs. The USA was followed by Germany and Japan.
Hoffmann-La Roche Ltd was the largest competitor in the oncology drugs market in 2017, followed by Novartis AG and Gilead Sciences, Inc. Roche is a multinational healthcare company that focuses on developing medicines and diagnostics. Roche’s growth strategy aims at increasing revenues from its laboratory business by introducing new medicines into the market.
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