Cancer is a large group of diseases that can occur in almost any tissue or organ due to abnormal cell division. The main risk factors associated with cancer are alcohol, tobacco, unhealthy diet, air pollution and a sedentary lifestyle. Cancer cases can be prevented by avoiding tobacco, leading a healthy lifestyle and introducing public health measures such as vaccination against cancer-causing infections. Correct diagnosis is necessary for effective treatment because each tumor has a specific treatment regimen. Treatment generally includes the chemotherapy, radiation therapy, and surgery.
As per analysis, “oncology therapeutics market: current analysis and forecast (2021-2027)” the key companies operating in the global oncology therapeutics market include f. Hoffmann-la roche ltd., johnson & johnson services, novartis ag, merck & co. Inc., eli lilly and company, astrazeneca, pfizer inc., bayer ag, bristol-myers squibb company and among others. Increased competition & continuous technological advancements have further led to improvements in the product portfolio.
In terms of therapy type, oncology therapeutics market can be bifurcated as targeted therapy, hormonal therapy, immunotherapy and chemotherapy. Targeted therapy segment dominates the global market owing to enhanced stability of the drug, reduced toxicity, and potential to deliver the multiple drugs at targeted site. In terms of cancer type, market can be bifurcated as prostate cancer, colorectal cancer, blood cancer, breast cancer, cervical cancer, lung cancer and others. Lung cancer segment is projected to exhibit substantial growth rate due to high prevalence in both the developed as well as developing countries during the forecast period. In terms of route of administration, market can be bifurcated as parenteral, oral and others. The parenteral segment is also projected to exhibit higher growth rate because of bypassing of first-pass metabolism, high efficacy and quick action during the forecast period. In addition, in terms of end-user, market can be bifurcated as cancer & radiation therapy centers, specialty clinics and hospitals. Cancer & radiation therapy centers segment holds major share in global market on account of large number of cancer treatments taking place in these centers.
Rise in use of oncology therapeutics for anesthesia during surgery, followed by increase in initiatives taken by the government, advancements in the microprocessor technology, increase in mobile-based platforms, advancements in artificial intelligence, increase in the use of wearable devices, advancement in the photoelectric sensors and rise in the number of product launches are some major factors, which are responsible for growth of the oncology therapeutics market. Apart from this, an adverse effect related to cancer therapeutics is a major hindering factor for global market. Moreover, growth in application of oncology therapeutics in various diseases such as sickle cell anemia, cardiovascular disease, and other chronic respiratory diseases are leading opportunities for market.
Based on geographic analysis, the north-america is the prevalent region in global oncology therapeutics market because of increase in government support for advanced research & development (r&d) in oncology across the region. The asia-pacific and europe regions are likely to exhibit considerable growth rate owing to rise in awareness regarding cancer over the forecast period.
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Ankur Gupta, Head Marketing & Communications