The market size for oncology drugs in the European region was worth USD 50.64 billion in 2022 and is forecasted to value USD 75.11 billion by 2027, growing at a CAGR of 8.20% from 2022 to 2027.
The growing population suffering from cancer in the European region is majorly driving the growth of the European oncology drugs market. The Cancer Atlas says approximately 3.9 million new cancer cases were recorded in 2018. Cancer prevalence is growing significantly in the European region, which has created an increasing need to manufacture oncology drugs in greater capacity to address the growing disease burden.
The growing number of advancements in cancer therapies and treatments is anticipated to fuel the growth rate of the European oncology drugs market. Europe has experienced several developments in cancer treatments in the last few years, such as targeted therapies, immunotherapies, and personalized medicine, which have resulted in an improved survival rate of cancer patients. Considering the same, these treatment options have been adopted widely across several countries.
Rising oncology research investments are expected to drive the European oncology drugs market. Several pharmaceutical companies and governmental organizations have been investing significant amounts in R&D to develop innovative and effective oncology drugs, which is expected to support the growth rate of the European oncology drugs market. Furthermore, an increasing number of developments in the healthcare infrastructure among European countries and a growing number of cancer treatment facilities are further expected to result in the European oncology drugs market growth. Furthermore, the rising awareness among people regarding the early diagnosis of cancer, increasing support from the governments of Germany in favor of oncology drugs, and growing disposable income among the European population is anticipated to fuel the growth rate of the European oncology drugs market.
However, the high costs associated with oncology drugs are unaffordable to certain European countries and are one of the major factors limiting the growth of the European oncology drugs market. Furthermore, factors such as the lack of availability of new drugs and stringent regulatory requirements for developing and approving new drugs are expected to hamper the market’s expansion in the European region. Furthermore, increasing competition from generic drugs and unfavorable reimbursement policies for oncology drugs in some countries of Europe are anticipated to impede regional market growth.
This research report on the Europe oncology drugs market has been segmented and sub-segmented into the following categories:
By Type:
By Drug Class Type:
By Distribution Channel:
By Route of Administration:
By Drug Classification:
By Country:
The European oncology drugs market is a promising regional market worldwide. It is anticipated to hold a considerable share of the global market during the forecast period owing to the increasing intervention of numerous international companies in the European market and growing investments from governmental and non-governmental organizations. As a result, countries such as Germany, the UK, France, Spain, and Italy are expected to hold a major share of the European market in the coming years.
European countries such as Spain and France play a vital role in developing innovative oncology drugs, and the healthcare infrastructure is also growing consistently in these countries, due to which these countries are expected to grow at a notable CAGR during the forecast period. Furthermore, countries such as Germany, the UK, and Italy have experienced increased usage of oncology drugs in the treatment procedures of lung cancer.
The German oncology drugs market is predicted to hold a considerable share of the European market during the forecast period owing to the presence of sophisticated healthcare infrastructure, increasing disposable income among the European population, and favorable policies for oncology drugs from the German government. In addition, the increasing incidence of cervical and liver cancers favors the market growth in Germany.
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 European oncology drugs market.
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