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Global oncology market is expected to grow in near future as aging and growing population, rising income levels, and emerging medical conditions and emergence of new diseases help increase the demand for oncology treatment.
As per NAVADHI Market Research, global oncology pharmaceutical market will we worth USD 202.54 billion by 2023. The growth in this market is predicted on the basis of various factors like market drivers, current and upcoming trends, current growth pattern, and market challenges.
Oncology had the largest revenue share in Global pharmaceuticals market in FY 2018, and it is expected to retain in it’s leadership position even in 2023.
This growth in oncology market is fueled by the growing and ageing population in key markets. As per World Population Prospects by United Nations, the worldwide population is likely to cross 9.3 billion by 2050 and around 21% of this population is expected to be aged 60 and above. Apart from ageing and rising population the improvements in purchasing power and access to quality healthcare and pharmaceuticals to poor and middle-class families worldwide also is driving the growth of global oncology industry. Another aspect which is leading this growth is rising focus of pharmaceuticals companies to tap the rare and specialty diseases market. Innovations in advanced biologics, nucleic acid therapeutics, cell therapies and bioelectronics & implantables has attracted investments in the industry which is fueling this growth.
On the other hand, adoption of cost control policies along with tightening of rules by governments in key markets are expected to impact the growth prospect of the global oncology industry. Oncology companies are forced to reduce their research and development (R&D) spending due to slowdown of growth in last few years which is also expected to hamper growth of the global oncology market as new drugs revenue form large part of pharma firm’s revenue due to exclusivity of the drug. Apart from this, generics pharma market is facing decreasing return on investment due to price erosion in key markets which is forcing many firms to look for other avenues and markets to sustain growth.
On 3rd January 2019, Bristol-Myers Squibb Company which was ranked 4th based on their FY 2018 oncology revenue announced their plan to acquire Celgene Corporation which was ranked 2nd in the world. The acquisition is expected to cost around USD 90 billion to Bristol-Myers Squibb Company. Post-acquisition Bristol-Myers Squibb Company is expected to give tough competition to Roche Holding AG which is currently world’s top oncology company by FY 2018 revenue.
Spanning over 283 pages and 201 exhibits, “Global Oncology Market Forecast 2023” report provides in-depth analysis for the global oncology pharmaceuticals market for the year FY2018 to FY2023, including market structure, market trends, market constraints and industry drivers.
This report includes detailed company profiles including their position in Global pharmaceuticals market value chain, financial performance analysis, product wise business strategy, competitive landscape and SWOT analysis for 10 key players in Global oncology market namely: Roche Holding AG, Novartis AG, Bristol-Myers Squibb Company, Johnson & Johnson, Merck & Co. Inc., Pfizer Inc, AstraZeneca PLC, Eli Lilly, AbbVie Inc and Astellas Pharma Inc.
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