Cancer is a disease where abnormal cells grow and divide without any control, and thus, is one of leading causes of deaths worldwide. Anticancer drugs, also called antineoplastic drugs, are effective in the treatment of cancer disease preventing the cell proliferation of cancer tissues. The global anticancer drugs market was 84.5 billion USD in 2018 and will reach 128.24 billion USD by 2025 at a CAGR of 6.14% during the period.
Growth by Region
The U.S., U.K and Germany are leading the market due to developed healthcare infrastructure and government initiatives to increase public awareness. Asia – Pacific will show significant growth rate owing to increase in cancer incidences and growing population in certain economies like India, China, Japan and South Korea.
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Drivers vs Constraints
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The growing awareness towards cancer diagnosis and treatment, and increasing research and development activities drive the growth of the market. However, high cost of treatment may hinder the growth of the market.
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Industry Trends and Updates
Eli Lilly acquired California-based ARMO BioScience and Montreal-based AurKa Pharma Inc.
Israeli scientists invented system to deliver cancer drugs to children using nanotechnology.