Oncology Drugs - G7

The Oncology Drugs market in G7 countries is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach a staggering US$150.00bn by the year 2024.
This indicates a promising future for the pharmaceutical industry in G7 countries.
Furthermore, the market is anticipated to showcase a robust compound annual growth rate (CAGR) of 13.64% between 2024 and 2028.
If this growth rate is sustained, it is predicted that the market volume will expand to reach a remarkable US$250.20bn by the year 2028.
This showcases the immense potential and opportunities available in the Oncology Drugs market of the pharmaceutical industry.
In terms of global comparison, United States is expected to generate the highest revenue in the Oncology Drugs market.
It is projected that United States alone will contribute a substantial US$114,600.00m to the market in the year 2024.
This highlights the significance and dominance of the United States in the global pharmaceutical landscape, particularly in the field of Oncology Drugs market.
The United States leads the G7 in the development and adoption of innovative oncology drugs.

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

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Analyst Opinion

The Oncology Drugs market in G7 has been experiencing significant growth over the past few years.

Customer preferences: The increasing prevalence of cancer and rising awareness about the benefits of early diagnosis and treatment have led to a surge in demand for oncology drugs in G7 countries. Patients are increasingly opting for targeted therapies over traditional chemotherapy, which has driven the growth of the oncology drugs market. Additionally, the aging population in G7 countries has also contributed to the growth of the market, as cancer is more prevalent among older adults.

Trends in the market: The United States is the largest market for oncology drugs in G7, accounting for the majority of sales. The market is dominated by a few large players, and the trend towards consolidation is expected to continue. The use of immunotherapy drugs has been growing rapidly, and this trend is expected to continue as more drugs are approved for use in different types of cancer. Biosimilars are also gaining traction in the market, as they offer a more affordable alternative to expensive biologic drugs.In Japan, the oncology drugs market is driven by the government's focus on improving cancer care and increasing access to treatment. The market is dominated by domestic players, and there is a growing trend towards the development of targeted therapies. In the United Kingdom, the market is characterized by a strong focus on cost-effectiveness, and the use of biosimilars is expected to increase in the coming years.

Local special circumstances: In France and Germany, the oncology drugs market is heavily regulated, and there is a strong focus on cost-effectiveness. In Italy, the market is characterized by a high level of fragmentation, with a large number of small players. In Canada, the market is dominated by a few large players, and there is a growing trend towards the use of biosimilars.

Underlying macroeconomic factors: The oncology drugs market in G7 is expected to continue growing in the coming years, driven by the increasing prevalence of cancer and the aging population. However, the high cost of oncology drugs remains a major challenge, and there is a growing focus on improving access to affordable treatment. Additionally, the COVID-19 pandemic has had a significant impact on the market, with delays in cancer screenings and diagnoses leading to a decrease in demand for oncology drugs. However, as healthcare systems recover from the pandemic, the demand for oncology drugs is expected to rebound.

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.