The healthcare information technology industry deals with the storage, management, and exchange of healthcare records between hospitals, laboratories, patients, insurance agencies, and government bodies. The healthcare IT industry has seen exponential growth over the last few years, with the larger IT industry serving as the growth engine for the former. New advances in the information technology domain, coupled with the changing demands of patients and healthcare institutions, are combining to shape the future of the global healthcare information technology industry.
Anticancer Drugs Market to Attain a Value of US$155.6 bn by 2025
Global anticancer drugs market was valued at US$ 85.0 Bn in 2016 and is projected to expand at a CAGR of about 6 to 7% from 2017 to 2025 to reach US$ 155.6 Bn in 2025. This report offers a thorough understanding of anticancer drugs market across the globe its key trends, drivers, restraints, and opportunities.
Cancer is one of the leading cause of death after cardiovascular diseases. According to the World Health Organization (WHO), it was estimated that about 8.8 million people around the globe died due to cancer in the year 2015. The total estimated cost of cancer in 2010 was about US$ 1.16 trillion. It is said that around 30 -50% of cancers could be prevented. Anticancer drugs inhibit and prevent the proliferation of cells. The global anticancer drug market is expected to expand at a robust CAGR during the forecast period.
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Anticancer drugs have a strong promising pipeline, high prevalence and incidence rate of the cancer, increased in government funding, spur in cancer awareness programs, developed healthcare infrastructure etc. are some of the factors propelling the growth of the market during the forecast period. Furthermore, prevalence of unhealthy lifestyle, acceptance of advanced cancer technology, rise in awareness in developed countries etc. are the factors attributed to the growth of market. However these medicines attract high cost, have major side effects which can restrain the growth of the global anticancer drugs market through 2025.
Based on the drug type, global anticancer drugs market is segmented into cytotoxic drugs, targeted drugs, and hormonal drugs. The cytotoxic drugs segment is further classified into alkylating agents, antimetabolites and others. While the targeted segment is further categorized into monoclonal antibodies, tyrosine kinase inhibitors and others. Targeted drugs is expected to hold the highest share of the global anticancer drugs market and will continue to dominate the market during the forecast period. Targeted drugs held over 40% of the global anticancer drugs market. Minimum side effects as compare to cytotoxic drugs, high specificity of the drugs, effective results of these drugs is expected to drive the growth of the segment through 2025.
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By therapy type, the global anticancer drugs market is segmented into chemotherapy, targeted therapy, immunotherapy and others. Targeted therapy held the major share of global anticancer drugs market. Increasing preference for targeted drugs such as monoclonal antibodies, less side effect as compared to chemotherapy etc are some of the factors driving the growth of segment during the forecast period. Immunotherapy is expected to grow at rapid CAGR of over 6% during the forecast period, since it is novel technology and has effective results is driving the growth of market. On the basis of cancer types, the global anticancer drugs market is segmented into lung cancer, breast cancer, leukemia, colorectal cancer and others. Others segment which include many types of cancer is expected to held the highest share of the global market. Lung cancer segment is expected to expand at rapid rate during the forecast period since it is most common cancer in both the sexes globally.
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Geographically the global anticancer drugs market is segmented in to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America region dominated the global anticancer drugs market and is projected to expand at CAGR of over 6% over forecast period from 2017 to 2025. High healthcare expenditure from public & private sector for cancer treatment, easy availability of drugs in this region is projected to contribute for dominating share of North America in global anticancer drugs market. Europe anticancer drugs market is estimated to grow at CAGR of 6.7% from 2017 to 2025. Emerging markets such as India, China, Brazil and well established market such as Japan and Australia, the anticancer drugs market is estimated to grow at rapid CAGR during 2017 to 2025.
Some of the prominent companies competing in the anticancer drugs market, and profiled in the report include F. Hoffmann-La Roche Ltd, Eli Lilly and Company, CELGENE CORPORATION, Novartis AG, Pfizer Inc, Amgen Inc, Bayer AG, AstraZeneca, Takeda Pharmaceutical Company Limited, Merck & Co., Inc. etc.
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