(PharmaNewsWire.Com, July 05, 2024 ) Pune, 4 July 2024: The Global Oncology Drugs Market was valued at USD 221.36 billion in 2023 and is expected to reach USD 474.06 billion by 2032, with a CAGR of 8.83 %.
Oncology is the medical branch that focuses on cancer, which is characterized by the abnormal growth of cells forming tumors. Oncology drugs are used to treat cancer by inhibiting the uncontrolled growth and division of abnormal cells through various medications like chemotherapy, targeted therapy, immunotherapy, and hormone therapy. Oncologists, and specialized healthcare providers, diagnose and treat cancer using different treatments like chemotherapy, hormonal therapy, immunotherapy, and targeted therapies.
They are often considered the primary cancer specialists, also specializing in hematology. Pediatric oncology is a critical field treating childhood cancers such as leukemia, neuroblastoma, and brain tumors with treatments tailored to pediatric patients. Oncologists also manage drug treatments for both primary and advanced cancers affecting various parts of the body. Early-stage cancers may not always require the care of an oncologist and may be treated with surgery or radiation therapy.
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Abbott Laboratories (U.S.) and other major players.
Oncology Drugs Market Dynamics
Increased alcohol and tobacco consumption have negative impacts on health and society. Both substances are linked to a higher risk of various cancers, such as those of the aerodigestive tract, stomach, bowel, liver, and breast. Cigarettes contain carcinogens that can lead to cancer, while alcohol is known to produce toxic chemicals that can cause DNA modifications and contribute to the development of cancer.
Technological advancements in cancer diagnostics are crucial due to the increasing global cancer rates and mortality. Prevention is limited, making accurate determination of location, size, stage, and molecular features essential for effective treatment. Diagnosis involves physical inspections, laboratory tests, and non-invasive imaging techniques like X-rays, MRI, and PET scans. Biopsies, either minimally invasive or surgical, followed by histo-pathological examination, are used to identify and stage the cancer. The challenge for the biomedical scientific community is to use these advancements to improve cancer management and outcomes, given the rising complexity of the disease.
Oncology Drugs Market Regional Insights
North America is anticipated to lead the market due to its advanced healthcare system. The region's strong focus on healthcare services and research, significant investments in new technologies and treatments, and early adoption of technological advancements have positioned North America as a key player in oncology research and drug development. This has led to remarkable progress in precision medicine, genomic profiling, molecular diagnostics, imaging technologies, and targeted therapies. North America's developed healthcare infrastructure allows for effective identification, care, and control of various illnesses, particularly cancer.
The treatment segment is expected to dominate the market during the forecast period.
Cancer treatment has traditionally involved surgery, radiation therapy, and chemotherapy as the main options. However, recent advancements in cancer therapy have focused on combining various targeted treatments to enhance effectiveness. By combining different therapies, such as targeted drugs and traditional chemotherapeutics, a synergistic effect can be achieved, improving outcomes for patients. New approaches, including drugs, biological molecules, and immune-mediated therapies, are being used to treat cancer, although the overall success rate and survival time for metastatic cancer patients have not seen significant improvement. Chemotherapy remains a widely used and effective treatment for various cancers, targeting tumor cells and inhibiting their growth and division. Different forms of chemotherapy are available, with the medication circulating throughout the body cells.
Introspective Market Research, a prominent Healthcare research firm, has released the following reports:
Precision Oncology Market: Precision Oncology Market Size Was Valued at USD 68.9 Billion in 2022 and is Projected to Reach USD 166.97 Billion by 2030, Growing at a CAGR of 11.7% From 2023-2030.
Liver Cancer Diagnostic Market: Global Liver Cancer Diagnostics Market was valued at USD 35.3 Million in 2023 and is expected to reach USD 56.62 Million by the year 2032, at a CAGR of 5.39%.
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