Anticancer Drugs Market is Estimated to Expand to Us$155.6 Bn by 2025
The geographical segmentation of the global anticancer drugs market has five key segments viz. North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, the anticancer drugs market is currently dominated by North America. The regional market is expected to continue to lead the global market over the course of the given forecast period of 2017 to 2025. During this period, the North America anticancer drugs market will exhibit a healthy CAGR of 6%.
Such impressive growth of the regional market is due to the increased investments by both private and public sector for the development of anticancer drugs and therapeutics. Moreover, these investments are also for discovering and inventing new methods that will help the medical science in their fight against cancer. These factors are thus contributing significantly in driving the growth of the anticancer drugs market in North America.
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The overall development of the global anticancer drugs market is driven by several important growth factors. The biggest and most prominent factor for the market growth is the increasing prevalence of cancer in recent years. The rate of occurrence of different forms of cancer has considerably grown across the globe over the last decade. According to a WHO study, 1 in every 6 deaths across the globe is because of some form of cancer. Naturally, fighting and curtailing the effects of cancer has become one of the most pressing issues for both healthcare and pharmaceutical sector. This has given a considerable push the growth of the anticancer drugs market.
Research and Development is Key for Inventing Better Therapeutics
Several leading players operating in the global anticancer drugs market are heavily investing in the research and development activities. This has thus made the production pipeline for anticancer drugs highly strong and promising. Naturally, such activities are expected to boost the development of the market even more over the course of the given forecast period. In addition to the private investments, governments across the globe are also declaring funding and subsidies that will help the companies to push up their research activities. All these initiatives are thus expected to fuel the growth of the global anticancer drugs market.
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With the above mentioned growth factors, the global anticancer drugs market is expected to achieve a valuation of US$155.6 bn by the end of 2025. This valuation is projected to be achieved with an impressive CAGR in the range of 6-7% over the course of the forecast period of 2017 to 2025.
Leading Players Focus on Creating Strong Distribution Networks
From the above numbers, it is evident that anticancer drugs will provide market players with huge business opportunities. Naturally, this is expected to intensify the existing competition in the global market. The vendor landscape of the market is highly fragmented due to presence of several leading and well-established pharmaceutical companies.
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To stay ahead of the competition, the leading players in the anticancer drugs market are focusing on developing new products and strengthen their distribution networks. An objective behind strengthening the distribution channels is to promote the brand value and generate loyalty among the customers. In addition to this, the companies are also working on making these anticancer drugs more affordable to the masses.
Some of the leading companies in the global anticancer drugs market include names such as F-Hoffmann La Roche Ltd., Takeda Pharmaceuticals, Pfizer Inc., and Bayer AG among others.
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