Oncology Drugs - Australia

Australia

The Oncology Drugs market in Australia is expected to witness a significant increase in revenue, with projections indicating a reach of €1.69bn in 2024.
This growth is anticipated to continue at a compound annual growth rate (CAGR 2024-2029) of 7.27%, resulting in a market volume of €2.40bn by 2029.
In comparison to other countries, United States is predicted to generate the highest revenue in the global Oncology Drugs market, with an estimated value of €96,360.00m in 2024.
Australia's oncology drug market is experiencing a surge in research and development, with several innovative therapies in the pipeline.

Key regions: France, Europe, United Kingdom, Brazil, India

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Analyst Opinion

The Oncology Drugs market in Australia has been showing steady growth in recent years.

Customer preferences: Australian customers have shown a growing preference for targeted therapies and immunotherapies over traditional chemotherapy. This shift in preference is largely due to the lower toxicity of these treatments and their ability to target specific cancer cells, resulting in higher efficacy rates and fewer side effects.

Trends in the market: The Oncology Drugs market in Australia has been driven by the increasing prevalence of cancer, particularly in the aging population. Additionally, the approval of new drugs and therapies, as well as the ongoing development of personalized medicine, have contributed to the growth of the market. The rising demand for oncology drugs has also led to an increase in research and development activities in the country.

Local special circumstances: Australia has a well-established healthcare system that provides universal access to medical services, including cancer treatments. This has contributed to the high demand for oncology drugs in the country. Additionally, the Australian government has implemented policies to encourage innovation and investment in the healthcare sector, further supporting the growth of the Oncology Drugs market.

Underlying macroeconomic factors: The Australian economy has been growing steadily in recent years, with a strong focus on innovation and technology. This has led to increased investment in the healthcare sector, particularly in the development of new drugs and therapies. Additionally, the aging population and increasing prevalence of cancer have created a growing demand for oncology drugs, driving the growth of the market.In conclusion, the Oncology Drugs market in Australia has been driven by the increasing demand for targeted therapies and immunotherapies, as well as the rising prevalence of cancer in the aging population. The country's strong healthcare system and supportive government policies have also contributed to the growth of the market, which is expected to continue in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.