China Oncology Drugs Market To Show Startling Growth

By Author: EMRIndustry
Total Articles: 266
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The China oncology drugs market was valued at $6,498.2 million in 2018 and is projected to reach $12,688.7 million by 2026, registering a CAGR of 8.7% from 2019 to 2026. Cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer according to the data published by WHO.

Being the most populous country in the world, cancer rates are significantly rising in China. As per Global Cancer Observatory in 2018, the number of new cancer cases registered each year in China are 4,285,033. Amongst which, lung cancer constitutes 18.1%; colorectum cancer is about 12.2%; stomach cancer is approximately 10.6%; liver cancer constitutes 9.2%; breast cancer comprises of 8.6% and 41.1% other cancers. The population of China accounts for 19.3% of the global population, and the incidence rate of cancer accounts for 22% of global cancer incidence, ranking first in the world. Cancer deaths in China account for about 27% of global cancer deaths. Cancer mortality in China is also higher than the global average of 17%.

Rise in incidence ...
... of various cancer conditions, aging population, westernized diet, shift to sedentary lifestyle, and surge in tobacco smoke exposure due to urbanization in China are the key factors that drive the growth of the cancer. This in turn boosts the growth of the China oncology drugs market.

Furthermore, rise in cancer awareness and increase in availability of cancer drugs are expected to boost the market growth. However, the use of traditional Chinese medicine (TCM) to cure cancer and high cost involved in new drug development coupled with threat of failure & adverse effects associated with cancer drugs therapies are expected to restrain the growth of the market. Conversely, high potential of emerging economies and increase in number of pipeline products are expected to provide new opportunities for market players in future