Advanced cancer technologies are making inroads into the anticancer drugs market for the diagnosis and treatment of cancer with minimal invasion. Patients are showing high interest towards advanced therapeutics such as targeted therapy and drugs, on account of their capability to fight specific cancer cells without disrupting the functions of healthy cells. However, the popularity of conventional medicines such as Ayurveda medicines, homeopathic medicines, and other herbal medicines could limit the sales potential of the anticancer drugs market space, especially in Southeast Asia, China, India, and the Middle East & Africa.
All-in-all, market players can look at healthy growth of the landscape, with a CAGR of ~7% during the forecast period (2020-2025), as estimated by an exclusive study published by Fact.MR.
Key Takeaways of Anticancer Drugs Market Study
- Governments and central authorities, especially in developed regions, are supporting research & development activities undertaken by players in the anticancer drugs market, which will strengthen the pipeline for anticancer drugs. For instance, the U.S. government allocates a separate budget for the National Cancer Institute (NCI) – an institute that conducts clinical trials on cancer patients.
- Growing awareness regarding cancer prevention and treatment, on the back of campaigns run by government organizations and NGOs across the world, is projected to encourage people to undergo screening tests.
- Some patients show reluctance towards anticancer drugs, on account of the underlying side-effects associated with their long-term consumption, which is likely to impede the sales prospects of players in the anticancer drugs market during the forecast period.
- Sales of anticancer drugs for the treatment of breast cancer, which is one of the most common cancer types across the world, will remain high during the forecast period. Awareness programs conducted to spread information about breast cancer are likely to create a large patient pool for the anticancer drugs market during the forecast period.
A senior market research analyst at Fact.MR opines that,
“A shift away from conventional therapies towards targeted therapies will remain crucial for the growth of the anticancer drugs market during the forecast period. In the future, as advanced therapeutics are introduced by market players, the preference for therapies with the least side-effects will be high.”
Prominent Players Seek Market Growth through Co-developing Agreements
The anticancer drugs market is a consolidated landscape, with F. Hoffmann-La Roche Ltd, Eli Lily and Company, Novartis AG, Pfizer, Inc., and CELGENE CORPORATION holding a significant chunk of the market share. Leading players strive to introduce promising cancer treatment approaches to strengthen their product portfolios, and, in turn, achieve orphan status for their drugs. F.Hoffmann-La Roche Ltd took a novel approach of collaboration through the launch of the Immunotherapy Centres of Research Excellence imCORE Network, which brings in experts and leading scientists from across the world to introduce therapeutics with better patient outcomes. However, this player has a relatively low presence in Eastern Europe and the Middle East & Africa as compared to other regions, which could serve as a growth opportunity for its counterparts.
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