New Delhi: Advanced cancer technologies are making inroads into the anticancer drugs market for the diagnosis and treatment of cancer with minimal invasion. Patients are showing high interest in advanced therapeutics such as targeted therapy and drugs, on account of their capability to fight specific cancer cells without disrupting the functions of healthy cells.
However, the popularity of conventional medicines such as Ayurveda medicines, homeopathic medicines, and other herbal medicines could limit the sales potential of the anticancer drugs market space, especially in Southeast Asia, China, India, and the Middle East & Africa.
All-in-all, market players can look at healthy growth of the landscape, with a CAGR of ~7% during the forecast period (2020-2025), as estimated by an exclusive study of Fact.MR.
Key Takeaways of Anticancer Drugs Market Study
Governments and central authorities, especially in developed regions, are supporting research & development activities undertaken by players in the anticancer drugs market, which will strengthen the pipeline for anticancer drugs. For instance, the U.S. government allocates a separate budget for the National Cancer Institute (NCI) – an institute that conducts clinical trials on cancer patients.
Growing awareness regarding cancer prevention and treatment, on the back of campaigns run by government organizations and NGOs across the world, is projected to encourage people to undergo screening tests.
Some patients show reluctance towards anticancer drugs, on account of the underlying side-effects associated with their long-term consumption, which is likely to impede the sales prospects of players in the anticancer drugs market during the forecast period.
Sales of anticancer drugs for the treatment of breast cancer, which is one of the most common cancer types across the world, will remain high during the forecast period. Awareness programs conducted to spread information about breast cancer are likely to create a large patient pool for the anticancer drugs market during the forecast period.