Oncology Drugs - Malaysia

Malaysia

The market for Oncology Drugs market in Malaysia is expected to witness a significant surge in revenue, reaching a projected value of MYR US$292.10m by the year 2024.
Furthermore, it is anticipated that this market will experience a steady annual growth rate (CAGR 2024-2028) of 14.55%.
As a result, the market volume is expected to expand substantially, reaching MYR US$503.00m by 2028.
When comparing the global landscape, it is noteworthy that United States will dominate this market, generating a substantial revenue of US$114,600.00m by 2024.
Malaysia is witnessing a surge in demand for innovative oncology drugs, driven by an increasing awareness of the importance of early detection and treatment in cancer management.

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

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Analyst Opinion

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

Customer preferences: As in many other countries, the aging population in Malaysia has led to an increase in cancer cases, driving demand for oncology drugs. Additionally, the rising middle class in the country has led to an increase in healthcare spending, including on cancer treatments.

Trends in the market: One trend in the Malaysian Oncology Drugs market is the increasing availability of targeted therapies. These drugs are designed to attack cancer cells while minimizing damage to healthy cells, and are becoming more widely used in Malaysia. Another trend is the increasing use of immunotherapy, which harnesses the body's own immune system to fight cancer.

Local special circumstances: Malaysia has a well-developed healthcare system, with both public and private options available. However, the cost of cancer treatment can still be a significant burden for many patients. As a result, there is a growing demand for more affordable oncology drugs in the country.

Underlying macroeconomic factors: The Malaysian economy has been growing steadily in recent years, with a focus on developing its healthcare sector. Additionally, the government has implemented policies to encourage foreign investment in the country's pharmaceutical industry. These factors are contributing to the growth of the Oncology Drugs market in Malaysia.

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.