Awareness Campaigns Launched by Central Authorities to Underpin Anticancer Drugs Market Growth
The sales of anticancer drugs are gaining strength, as a large number of awareness campaigns are being initiated by governments and central authorities, at a global level.
The National Breast Cancer Foundation, Inc. runs an annual campaign by observing October as breast cancer awareness month, to spread information regarding the disease and encourage women to undergo screening tests.
Such initiatives are increasing the number of diagnoses, inadvertently creating a large patient pool for anticancer drugs.
Increase in funding to support the research & development of anticancer therapeutics is leading to advancements in treatment approaches and routes of administration.
Development of therapeutics with better patient outcomes and lesser side-effects than conventional ones is projected to increase patients’ trust in these drugs, thereby strengthening the growth prospects of the anticancer drugs market.
Besides this, the U.S. Food and Drug Administration (FDA) designates the status of 'orphan drugs' to medications that hold promising potential for the treatment of rare diseases.
To further support the development of highly-effective drugs for rare diseases such as cancer, the FDA offers incentives such as market exclusivity and tax credits for clinical trials.
On the backdrop of these dynamics, the demand and supply of these drugs is projected to rise, thereby boosting the growth of the global anticancer drugs market. As such, the sales of these drugs are projected to reach ~US$ 156 Bn by 2025.
Targeted Therapies to Gain Momentum as Treatment with Lesser Side-effects
Despite a rapid rise in cancer diagnostic rates, the sales of anticancer drugs are yet to realise their true potential. Increasing awareness regarding the side-effects of anticancer therapies such as hair loss, anaemia, constipation, infection and neutropenia, sexual health issues, and bleeding and bruising are projected to increase consumer inclination towards natural therapeutics.
In regions such as Southeast Asia, the Middle East and Africa, India, and China, patients are adopting alternative therapeutics such as Ayurveda medicines, homeopathic medicines, and herbal medicines, which could negatively impact the sales of anticancer drugs market during the forecast period (2020 - 2025).
To offset this impact, market players are entering into co-development partnerships aimed at leveraging mutual strengths to introduce advanced anticancer drugs, while significantly reducing time to market.
Targeted drugs are one such advancement, which take specific action against cancer cells and have no negative impact on the other cells. In 2020, targeted drugs are projected to account for ~44% of the total sales recorded in the cancer drugs market, which is indicative of shifting patients’ preference towards targeted therapeutics.
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Market Players Experimenting with Combination of Drugs to Enhance Efficiency
In order to lower cancer mortality rates, companies are designing models of combination therapies, wherein, two or more therapeutic agents are combined to further increase the efficacy of drugs.
For instance, The U.S. Food and Drug Administration (FDA) approved a combination of Abraxane and gemcitabine to be used as the first-line of treatment of metastatic pancreatic cancer.
This combined drug therapy is specifically approved for adenocarcinoma of the pancreas, which accounts for around 95% of cancers of the pancreas. Growing information regarding the high efficiency of combined drug therapy is projected to drive profitability of the anticancer drugs market during the forecast period.
Besides this, advancements in targeted therapy - oral targeted therapy - offer convenience of treatment to patients. With the help of oral targeted therapies, small-molecule inhibitors are administered orally in an oncology setting, targeting and destroying cancer cells.
Such initiatives undertaken by players in the anticancer drugs market are projected to pave the way for the advancements of therapeutics, which will further boost the sales of these drugs.
Higher Market Share on the Horizon for Asia Pacific Anticancer Drugs Market
North America is projected to contribute a significant share, i.e. ~42% to the global anticancer drugs market by 2025. There has been an increase in the rate of early diagnosis, on the back of high awareness regarding the prevalence of cancer and its types among individuals in the U.S. and Canada.
Targeted efforts by the governments in these countries to fuel research & development activities of market players are projected to increase the availability of drugs, and, in turn, strengthen the pipeline in this region.
However, players are increasingly focused on entering into the highly lucrative Asia Pacific market, owing to progressive improvements in healthcare infrastructure and facilities. Besides this, Asia Pacific is also gaining prominence as a medical tourism destination, owing to cost-effective, yet quality healthcare services offered by private and public healthcare facilities. On account of this, the market share of Asia Pacific is projected to grow significantly by 2025.
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Anticancer Drugs Market - Assessment of Key Segments
With an aim to offer granular level insights into the cancer/oncology drugs market, authors of the report have segmented the landscape on the basis of drug type, therapy, cancer type, and region. This global research report also analyses the incremental opportunity available in the anticancer drugs market during the forecast period. Key segments of the anticancer drugs market include:
This detailed guide, based on the latest market movement, ensures that only precise information reaches stakeholders, so as to help them gain an upper hand over their competitors in the global anticancer drugs market. This exclusive guide offers crucial information about the current trends, pipeline drugs, unmet drugs, future scope, and government regulations for the anticancer drugs market.
Anticancer Drugs Market - Scope of the Study
Fact.MR, in its exclusive research report on the anticancer drugs market, highlights actionable insights and winning imperatives for stakeholders.
This comprehensive study unfolds rare and distinguished intelligence regarding impactful dynamics, which directly or indirectly influence the growth of the anticancer drugs market during the forecast period (2020 - 2025).
With the help of crucial insights discussed in this study, stakeholders will gain a thorough idea regarding the growth trajectory of the cancer drugs market.
This comprehensive study offers incisive data regarding the drivers, threats, restraints, and opportunities present in the cancer drugs market.
The study also recalibrates the impact of each of these dynamics to estimate the size of the anticancer drugs market for the given period. Authors of the report have taken ample care to measure and include the relevance and impact of microeconomic as well as macroeconomic factors that hold potential to influence the growth of the anticancer drugs market during the forecast period.
The global study on the cancer drugs market includes Porter’s Five Forces analysis, in order to present the buyer’s and supplier’s power in the anticancer drugs landscape.
In addition, the analysis also discusses the threat of substitutes and new entrants, which provides a brief idea regarding the future growth course of the anticancer drugs market.
The global study offers crucial information about global, regional, and local players operating in the anticancer drugs market, along with their estimated market share.
The market share has been estimated in terms of value (US$ Mn). Besides providing key information regarding the concentration of leading, prominent, and local players, the study also aims at equipping stakeholders with the best of information regarding the winning strategies, recent developments, and financials.
A list of leading, prominent, and emerging players operating in the global anticancer drugs market is included in this comprehensive study, which consists of F.Hoffmann-La Roche Ltd, Novartis AG, Eli Lily and Company, Amgen Inc., Pfizer Inc., CELGENE CORPORATION, Bayer AG, Merck & Co., Inc., AstraZeneca, and Takeda Pharmaceutical Company Limited.
Anticancer Drugs Market - Research Methodology
The research undertaken by seasoned analysts at Fact.MR consists of a systematic approach, including both, the primary and secondary research methodology. For conducting primary research, interviews and discussions were carried out with industry experts, key opinion leaders, vendors, and distributors.
Besides these, respondents also include CEOs, Presidents, directors, chairmen, vice presidents, marketing managers, suppliers, distributors, and chief medical officers, among others. This helps in assessing the demand-supply gap prevailing in the anticancer drugs market.
In order to conduct secondary research, marketing collaterals, company websites, industry associations, and government statistics were studied.
In addition to this, reports as well as content pieces published by credible sources, such as the Stock analyst websites, such as Seeking Alpha, Growth Financial, Yahoo Finance, and others were studied.
Besides this, governmental and public portals, such as World Health Organizations (WHO), FDA websites, Clinicaltrials.gov (U.S.), European Medicines Agency (EMA), Centres for Disease Control and Prevention (CDC), American Cancer Society, and National Health Services (NHS), were referred to, to gain crucial information regarding key players in the anticancer drugs market. Insights obtained through primary and secondary research are then authenticated with the data triangulation method.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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