As per analysts at Zion Market Research, the global cancer drugs market was capitalized at almost USD 112.90 Billion in 2015 and is anticipated to create an income of almost USD 161.30 Billion by 2021, developing at a CAGR of almost 7.4% from 2016 to 2021.
Growing Research And Development On Targeted & Biological Drug Treatments For The Cure Of Cancer To Have Positive Effect On Cancer Drugs Market.
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“Global cancer drugs market is majorly boosted by increasing cases of target disease such as breast cancer, lung cancer, and cervical cancer all over the globe,” as per analysts at Zion Market Research. Other major boosting factors are growing research and development on targeted & biological drug treatments for the cure of cancer. On the other hand, stringent regulatory policies and the high cost of drug development paired along with the potential of failure are the primary limitations that might hinder the development of the cancer drugs market.
Nevertheless, huge spending on anti-cancer drugs research paired with rising aim of personalized medicine all over the world is likely to disclose the new growth opportunities for cancer drugs market in the years to come. Rising elderly population in developed as well as developing nation is also one of the major reasons responsible for the development of cancer drugs market. In addition, various mergers and acquisitions by market players are also set to bolster the cancer drugs market. For example, in June 2018, Bayer successfully concluded the acquirement of Monsanto. Similarly, in May 2018, Boehringer Ingelheim (the second biggest animal health firm in the world) boosted its investment in China by extending the Asian Veterinary R&D (Research & Development) hub to improve its innovation and research capacity.
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North America Likely To Stay The Dominating Area In The Global Cancer Drugs Market In The Years To Come
Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa are major regional sections in the global cancer drugs market. North America is likely to stay the dominating area in the years to come. The requirement for cancer drugs was uppermost in North America particularly in the U.S. Therefore, the Asia Pacific is likely to be the moderate developing area in cancer drugs market in the years to come. In addition to this, the Latin America and Middle East & Africa are also likely to display moderate development for cancer drugs market in the coming years.
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The global cancer drugs market is segmented as follows:
- Targeted Therapy
- Hormone Therapy
- Breast Cancer
- Blood Cancer
- Gastrointestinal Cancer
- Prostate Cancer
- Skin Cancer
- Lung Cancer
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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