According to a new report published by Allied Market Research, titled, "China Oncology Drugs Market by Drug Class and Indication: Opportunity Analysis and Industry Forecast, 2018-2026," the China oncology drugs market size is expected to reach $12,688 million by 2026, registering a CAGR of 8.7% from 2019 to 2026, in terms of value.
Cancer is caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. It has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into other parts of body. The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and others.
The key drivers of the China oncology drug market are surge in geriatric population and rise in collaborations & partnerships to facilitate drug development. In addition, surge in prevalence of cancer and increase in healthcare expenditure have significantly contributed toward the growth of this market. Increase in number of pipeline drugs along with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, adverse effects related to cancer drugs impede the market growth.
The China oncology drugs market is segmented based on drug class type and indication. Based on drug class type, the market is divided into chemotherapy, targeted therapy, immunotherapy, and hormonal therapy. By indication, it is categorized into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, lung cancer, skin cancer, ovarian cancer, cervical cancer, kidney cancer, and other cancers.
Key Benefits for China Oncology Drugs Market:
- Lung cancer occupied 18.32% share of the China cancer drugs market in 2018.
- The breast cancer segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The targeted therapy segment accounted for 42.35% share of the China oncology drugs market in 2018.
- Immunotherapy segment is anticipated to grow at the highest rate during the analysis period.
Major players operating in the China oncology drugs market include AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Shanghai Junshi Biosciences Co., Ltd., Beigene and Jiangsu Hengrui Medicine Co., Ltd.