Anti-Neoplastic Agents Market Shows A Rapid Growth by 2028 | Industry Trends, Size, Key Players, COVID-19 Impact, Forecast
The increasing geriatric population, the alarming prevalence of diseases due to lifestyle changes and the need for cost-effective cancer cures are the key drivers of the anti-neoplastic market and are poised to contribute significantly to the growth of the market over the forecast period. The development of the demand for anti-neoplastic agents has been fueled by the new cases of neoplasms worldwide, rising spending by government agencies worldwide, and attractive reimbursement policies. The global anti-neoplastic agents market is poised to reach around USD 150 billion by 2022, at a striking CAGR of 8% during the forecast period (2016-2022).
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Growing cancer cases along with demand for cost-effective treatments was due to market growth over the projected time frame. It is expected that breakthroughs in the customised medicine domain will deliver new development avenues over the projected timeframe for the anti-neoplastic agents industry. Ses medications are used in radiotherapies, surgeries, hormone therapies, among other different targeted therapies in conjunction with other medication therapies and this would push consumer patterns. Nevertheless in developing markets as well as underdeveloped countries, low levels of understanding of cancer symptoms will pose a danger to the sector's growth over the projected era. Apparently, in the near future, high prices for the production of drugs would hinder business growth.
The Global Anti-neoplastic agents market has been segmented on the basis of type comprises antitumor antibiotics, alkylating and alkylating-like agents, antimetabolites, plant alkaloids, hormonal agents, and miscellaneous agents.
The largest demand for anti-neoplastic agents in North and South America is expected to hit a value of around USD 111 billion by the end of the projected period. Due to advanced healthcare systems and services, government investment, and the widely practised unhealthy lifestyle of customers contributing to chronic diseases, North America has a substantial contribution to the leading marketplace and is expected to help retain market share over the projected period.
Europe is the second largest and second-leading country in the global market for anti-neoplastic agents, immediately trailing North America in its share of the global market. Because of favourable government policies and financing, developments in the healthcare industry, and knowledge of antineoplastic agents, the UK and Germany are responsible for market growth in this area.
In the demand for anti-neoplastic agents, the Asia Pacific region is projected to be the fastest growing region. Developed economies such as Australia and Japan contribute significantly to the growth of the market, followed by developing countries such as China and India. It is estimated that factors such as an increase in disposable incomes, awareness of the benefits of early diagnosis, improvement in the healthcare sector, among others, will drive the Asia Pacific market for anti-neoplastic agents over the forecast period.
Owing to the lack of adequate health care facilities, lack of awareness of optimal healthcare and antineoplastic agents, lack of skills in cancer cure and medical treatment, the Middle East and Africa region is estimated to experience slow and gradual market growth.
Some of the major players in this market are: Amgen Inc., Bayer AG, Boehringer Ingelheim GmbH, F. Hoffmann-La Roche Ltd, Aspen Holdings, Genentech Inc., Pfizer Inc., Baxter Healthcare Corporation, Bristol-Myers Squibb Company, Teva pharmaceutical Industries Ltd, AbbVie Inc. and others.
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