The top 10 cancer drugs industry generated $63.61 billion in 2018, and is estimated to reach $129.94 billion by 2026, witnessing a CAGR of 9.8% from 2019 to 2026.
Drivers, restraints, and opportunities
Surge in incidence of cancer across the globe, increase in aging population, and rise in expenditure of government on healthcare infrastructure drive the global top 10 cancer drugs market. However, adverse effects related to usage of cancer usage hinder the market growth. Contrarily, surge in number of pipeline drugs and untapped potential in emerging geographies create new opportunities in the market.
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Cancer caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. Cancer has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into others parts of body. The management of cancer in patients requires the use of different forms of drugs such as hormonal therapy, immunotherapy, targeted therapy, and others.
COVID-19 scenario analysis:
The ongoing covid-19 pandemic is fuelling the Top 10 Cancer Drugs Market industry. This is attributed due to the immense increase of covid-19 testing activities on the global diagnostics system. The demand of vaccine development for covid-19 has resulted in research towards covid-19 vaccine which has also boosted the market growth. For instance, in March 2020, Indian scientists has reveal microscopic image of novel coronavirus.
The high demand covid-19 testing and diagnostics has increased extensive investments towards addition to applications in vaccine research in the pharmaceutical sector which has also contribute towards the growth of the Top 10 Cancer Drugs Market.
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Revlimid accounted for highest share in 2018, Keytruda to surpass by 2026
Based on brand, Revlimid contributed to nearly one-sixth of the total share of the global top 10 cancer drugs market in 2018. Opdivo accounted for more than one-tenth of the total market share in terms of revenue in the same year. However, Keytruda is projected to supersede in terms of market share by 2026. Moreover, this type is expected to grow at the fastest CAGR of 23.8% from 2019 to 2026. Opdivo is projected to register the second-highest CAGR of 15.9% during the forecast period.
Russia and Indonesia to maintain its dominance in terms of revenue during the forecast period
In the European region, the global top 10 cancer drugs market across Russia accounted for the highest revenue with nearly $822.7 million in 2018, and will maintain its highest share by 2026. In Asia-Pacific, the market across Indonesia accounted for the highest market share with revenue of nearly $995.25 million in 2018, is expected to maintain its dominance in terms of revenue during the forecast period. However, the market across Nepal is expected to maintain the largest CAGR of 11.4% from 2019 to 2026.
List of Key Players Profiled in the Report:
AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson (Janssen Global Services, LLC,), Merck & Co., Inc., Novartis AG, and Pfizer Inc.
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