APAC Oncology Drugs Market

APAC Oncology Drugs Market Size (2023 to 2028)

The APAC Oncology Drugs Market was worth USD 42.52 billion in 2023 and is estimated to be growing at a CAGR of 11.01%, reaching USD 71.67 billion by 2028.

The growing cancer patient population across the APAC region is majorly driving the APAC oncology drugs market growth. Cancer is the main reason for the increased mortality rate in the Asia Pacific. Increasing mortality due to various lung, breast, cervical, liver, and oral cancers support t. As per the survey in the region, one person dies out of ten cancer patients every year. Changes in lifestyle, such as increasing consumption of tobacco, drinking excess alcohol, and addiction to a few drugs, are the cause of cancer in the body. As a result, due to awareness of treatment for different types of cancer, people are showing interest in taking oncology drugs to reduce cancer severity in the body to increase their life span.

The growing number of treatment options to kill abnormal cancer cells including oncology drugs is contributing to the market growth in the Asia-Pacific region. There are several kinds of oncology drugs available to use such as chemotherapy agents, targeted therapies, home therapies, and immunotherapies. In addition, researchers and manufacturers have combined to develop various types of devices used in oncology treatment and increasing research on different combinations of drugs to reduce the growth of abnormal cells in the body.

Furthermore, increasing support from the governments of APAC countries to develop drugs and vaccines for the prevention and treatment of cancer, growing number of investments by public and private organizations, and increasing early cancer screening are propelling the oncology drugs market growth in APAC.

On the other hand, high costs associated with the development of oncology drugs and lengthy-time intervals required for the development of new drugs are majorly restraining the market growth in this region. In addition, side effects of cancer drugs including weight loss, hair loss, itching, rashes, sour mouth, nausea, pain, and others and killing healthy cells around the abnormal cells is another notable factor hampering the regional market growth.

This research report on the APAC oncology drugs market has been segmented and sub-segmented into the following categories:

By Type:

• Lung Cancer
• Pancreatic Cancer
• Breast Cancer
• Prostate Cancer
• Ovarian Cancer
• Colorectal Cancer
• Gastric Cancer
• Kidney Cancer
• Brain Cancer
• Thyroid Cancer
• Skin Cancer
• Bladder Cancer
• Cervical Cancer
• Blood Cancer
• Others

The breast cancer segment is predicted to occupy the leading share among all in the European oncology drugs market during the forecast period based on the cancer type.

By Drug Class Type:

• Chemotherapy
• Targeted Therapy
• Immunotherapy (Biologic Therapy)
• Hormonal Therapy

The targeted therapy segment is expected to capture a major share of the European oncology drugs market during the forecast period.

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies/Drug Stores
• Others

The hospital pharmacy segment is estimated to lead the market during the forecast period based on the distribution channel.

By Route of Administration:

• Oral
• Parenteral
• Others

By Drug Classification:

• Branded Drugs
• Generic Drugs

By Country:

• India
• China
• Japan
• South Korea
• Australia
• New Zealand
• Thailand, Malaysia
• Vietnam
• Philippines
• Indonesia
• Singapore
• Rest of APAC

Geographically, the APAC oncology drugs market had considerable share of the worldwide market in 2021 and is expected to grow at a promising CAGR during the forecast period owing to the growing emphasis of international market participants on APAC region and the availability of different treatment options for cancer.

The Chinese oncology drugs market is predicted to account for the major share of the APAC market during the forecast period. The rising number of people diagnosing with cancer each year and increasing efforts from the Chinese government are propelling the Chinese market growth. The cost of a few drugs is high and cannot be afforded by ordinary people. Therefore, it has become a significant challenge to cancer patients in China. To overcome this, the Chinese government introduced a pilot National Centralized Drug Procurement (NCDP) program, which helps reduce prices and improve the affordability of effective and safe medicines. Under this program, cancer drugs are available at a reasonable price, which helps increase the cancer patient's life span. Additionally, China approves 17 cancer drugs to help patients to reduce the severity of cancer in their bodies and give them a quality life.

The Japan oncology drugs market is predicted to occupy a notable share of the APAC market during the forecast period. The National Cancer Center of Japan partnered with China for new drug development for oncology treatment. The development of new cancer therapies and the invention of new cancer drugs in the country are the primary reasons for the market's growth. Several clinical trials have been conducted for the approval of the drugs. Clinical trials help in the perfection of the drug with slight modifications to the drug.

The Indian oncology drugs market is estimated to witness a healthy CAGR during the forecast period. As per India's National Cancer Registry Programme survey, nearly 2.25 million people were living with cancer in 2020, and 1.16 million new cancer cases have been registered yearly. As a result, pharmaceutical companies focused on producing oncology drugs, which helps provide sufficient production of cancer drugs at affordable prices.

KEY MARKET PLAYERS:

F. Hoffmann-La Roche Ltd, Genentech, Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, GlaxoSmithKline plc, Eli Lilly and Company, AstraZeneca, Sanofi, and Bayer AG are some of the notable companies in the APAC oncology drugs market.