The Australian Top 20 oncology drugs market size stood at USD 1.1 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Oncology is a key driver for the growth of the pharmaceutical industry. One in two Australian men and women will be diagnosed with cancer by the age of 85. Cancer is a leading cause of death in Australia – almost 50,000 deaths from cancer were estimated for 2019. The market is undergoing a significant growth rate due to the factors such as the rising prevalence of different cancers, increasing new drug launches and product approvals, and growing research activities by the pharma companies in this field.
Market Growth Drivers
Cancer is a major cause of illness in Australia and has a substantial social and economic impact on individuals, families, and the community. Some of the important factors accountable for the growth of the oncology/cancer drugs market include the industry’s increased focus on cancer research, an upsurge in the aging population, and an increase in healthcare spending across the globe. Moreover, the rise in collaborations among pharmaceutical firms and Patient Assistance Programs (PAPs) offered by pharma companies (providing free or low-cost prescription drugs) is expected to fuel the oncology/cancer drugs market in the future. According to the GLOBOCAN, in 2020 nearly 200,021 new cases of cancer were diagnosed with cancer in Australia.
Cancer research and therapeutic development programs that involve various approaches to address cancer, different sets of IPs (intellectual property), and encouraging effects seen so far justify this sector as one of the most fascinating ones in the Australian life science industry.
The below pie chart describes the proposition of a divided total number of cases under major cancer types in the Australian market.
The below bar graph represents the Age-standardized incidence and mortality rates for the top 10 cancer in Australia.