SEATTLE, Aug. 8, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global oncology drugs market is estimated to be valued at US$ 119.0 billion in 2022 and is expected to exhibit a CAGR of 12.3 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Oncology Drugs Market:
Major players operating in market are focusing on adopting strategies such as product approvals, which is expected to drive the market growth over the forecast period. For instance, on June 4 2022, The World Health Organization (WHO), collaborated with the American Society of Clinical Oncology (ASCO), association of physicians and oncology professionals, to develop and promote cancer care innovations that are specifically designed to enhance health outcomes, and take account of the contexts in which patients live.
Furthermore, in September 2021, Secura Bio, Inc.,an integrated pharmaceutical company dedicated to the worldwide development and commercialization of impactful oncology therapies, announced that it has entered into a distribution agreement for COPIKTRA (duvelisib) with Clinigen Group Plc (Clinigen), a global, specialist pharmaceutical services and products company, covering 39 countries in Europe including Austria, Belgium, Croatia, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, The Netherlands, Poland, Portugal, Spain, Sweden, and Switzerland.
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Key Market Takeaways:
Market players are focused on growth strategies such as signing distribution agreements with governments of respective countries. This in turn is expected to drive growth of the global oncology drugs market. For instance, in September 2021, Knight Therapeutics Inc., a Pan-American specialty pharmaceutical company, announced that it had entered into a definitive agreement with Incyte Biosciences International Sàrl, the Switzerland based affiliate of Incyte, for the exclusive rights to distribute tafasitamab (sold as Monjuvi in the U.S. and Minjuvi in Europe) and pemigatinib (Pemazyre) in Latin America.
Among drug type, Targeted drugs segment generated significant revenue in 2022, owing to increasing incidence of cancer worldwide. For instance, on 29 March 2022, Sanofi, a global healthcare company and IGM Biosciences, a clinical-stage biotechnology company, announced a collaboration to create, develop, manufacture, and commercialize IgM antibody agonists against three oncology targets and three immunology/inflammation targets. Engineered IgM antibodies represent a new class of potential therapeutics that combine the multi-valency of IgM antibodies possessing 10 binding sites compared to conventional IgG antibodies having only 2 target binding sites.
Among region, North America is expected to hold a dominant position in the global oncology drugs market over the forecast period, owing to increasing number of inorganic growth strategies by key market players in the region. For instance, on June 27, 2022, the oncology Institute, Inc., value-based oncology groups in the U.S., announced the signing of an expanded partnership agreement with McKesson Corporation for drug distribution and clinical technology.
Key players operating in the global oncology drugs market include Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc, Bayer AG, and Amgen Inc.
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Global Oncology Drugs Market, By Drug type:
Global Oncology Drugs Market, By Cancer type:
Global Oncology Drugs Market, By Distribution Channel:
Global Oncology Drugs Market, By Region:
Middle East & Africa
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