October 06, 2020 06:00 ET | Source: The Business Research Company

LONDON, Oct. 06, 2020 (GLOBE NEWSWIRE) -- (Oncology Drugs Companies Included: F. Hoffmann-La Roche AG, Novartis AG, Bristol-Myers Squibb Company, Merck & Co., Inc., Johnson & Johnson)

The global oncology/cancer drugs market size reached a value of nearly $167.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 9.8% since 2015. The oncology market size 2020 is expected to decline from $167.9 billion in 2019 to $149.9 billion in 2020 at a rate of -11%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow slightly from $201.1 billion in 2021 to $284.5 billion in 2023 at a CAGR of 9.7%. North America has the largest cancer drug market share, accounting for 41.2% of the total market.

The Business Research Companys report titled Oncology Drugs Market - Opportunities And Strategies - Global Forecast To 2030 covers major oncology drugs companies, oncology drugs market share by company, oncology drugs manufacturers, oncology drugs infrastructure market size, and oncology drugs market forecasts. The report also covers the global oncology drugs market and its segments. The cancer market by type is segmented into drugs for lung cancer, pancreatic cancer, breast cancer, prostate cancer, ovarian cancer, colorectal cancer, gastric cancer, kidney cancer, brain tumor, thyroid cancer, skin cancer, bladder cancer, cervical cancer, blood cancer and others, by drug class type into targeted therapy, immunotherapy (biologic therapy), chemotherapy and hormonal therapy, by distribution channel into hospital pharmacies, retail pharmacies/drug stores and others, by route of administration into oral, parental and others, by drug classification into branded drugs and generic drugs.

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Companies in the oncology drugs market are increasing their product innovation through strategic collaborations. To sustain in the increasingly competitive market, organizations are developing innovative products as well as sharing skills and expertise with other such enterprises. While oncology drug companies have long collaborated with each other as well as with academic and research institutions in this market by way of partnerships, in or out licensing deals, this trend has been increasing over the recent years.

New technologies are being implemented in the cancer drug market, such as artificial intelligence in the research and development process, as well as 3D printing devices to mimic the human body for trials and testing of the drugs developed. Companies are also investing in technologies to develop next generation biologics such as antibody drug conjugates, bispecifics, fusion proteins, cell and gene therapy that will be more effective as they are expected to have better potency against the target disease as well as have the ability to treat more than one aspect of the disease. Over the last few years, there has been a significant rise in accelerated approval of cell and gene therapies for cancer treatment by regulatory bodies across the globe. CRISPR technology can be used to discover the non-coding cancer genome. CRISPR-Cas9 genome editing reduces the processing associated with the generation of cell line and animal models of cancer and complex generations. Thus, it generates a better cancer model for target validation and drug evaluation. CRISPRCas9 is accelerating the different stages of oncology drug discovery including target identification, validation and deconvolution, drug synthesis, assessment of drug sensitivity and resistance.

With innovation through technology and rising focus on development of new drugs, the oncology drugs market trends ought to bring advances in cancer therapies in the forecasted period.

Oncology Drugs Market - Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide oncology drugs market overviews, oncology drugs market analyze and forecast oncology drugs market size and growth for the whole market, oncology drugs market segments and oncology drugs market geographies, oncology drugs market trends, oncology drugs market drivers, oncology drugs market restraints, oncology drugs market leading competitors revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors approaches.

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Oncology Market Size 2020 Particularly Prone To Disruption During Pandemic In The Global Oncology Market - GlobeNewswire