Oncology Drugs - China

China

The Oncology Drugs market in China is expected to generate revenue of US$23.19bn in 2024.
This figure is projected to increase at an annual growth rate of 14.57% between 2024 and 2028, resulting in a market volume of US$39.95bn by 2028.
When compared globally, United States is forecasted to generate the highest revenue of US$114,600.00m in 2024.
China's rapidly aging population and increasing cancer rates make it a promising market for oncology drugs.

Key regions: Germany, India, United Kingdom, China, Canada

Market

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Currency

Analyst Opinion

The Oncology Drugs market in China has been experiencing significant growth in recent years.

Customer preferences: As the population of China continues to age, there has been an increase in the prevalence of cancer. This has led to a growing demand for oncology drugs in the country. Additionally, Chinese consumers are becoming more health-conscious and are increasingly willing to spend money on healthcare products.

Trends in the market: One of the major trends in the Oncology Drugs market in China is the increasing number of partnerships and collaborations between domestic and international pharmaceutical companies. This has led to a greater availability of innovative drugs in the market. Another trend is the growing focus on precision medicine, which involves tailoring treatment to the specific genetic makeup of a patient's cancer.

Local special circumstances: China's healthcare market is heavily regulated by the government, which can make it difficult for foreign companies to enter the market. Additionally, there is a lack of transparency in the regulatory process, which can make it difficult for companies to navigate.

Underlying macroeconomic factors: China's economy has been growing rapidly in recent years, which has led to an increase in disposable income among consumers. This has made it easier for consumers to afford expensive oncology drugs. Additionally, the Chinese government has been investing heavily in healthcare infrastructure, which has led to an increase in the availability of healthcare services across the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.