Oncology Drugs - Belgium | Statista Market Forecast

In Belgium, the Oncology Drugs market is forecasted to achieve a revenue of US$1.01bn in 2024.
The market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 6.30%, leading to a market volume of US$1.37bn by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$103.90bn in 2024.
Belgium's oncology drug market is experiencing a surge in innovative targeted therapies, driving improved patient outcomes.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

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

Customer preferences: Belgian customers have been increasingly interested in personalized medicine and targeted therapies for cancer treatment. They are also showing a preference for oral chemotherapy drugs over traditional intravenous treatments.

Trends in the market: The Belgian government has been implementing policies to improve access to innovative cancer treatments, resulting in an increase in the number of clinical trials and new drug approvals. The market is also being driven by the rise in cancer prevalence and an aging population in Belgium.

Local special circumstances: Belgium has a strong healthcare system and is home to several leading cancer research institutions. The country's central location in Europe also makes it an attractive location for clinical trials and research collaborations.

Underlying macroeconomic factors: The Belgian economy has been growing steadily, with a focus on innovation and technology. This has led to increased investment in the healthcare sector and the development of new cancer treatments. The country's strong intellectual property laws and favorable tax policies for research and development have also contributed to the growth of the Oncology Drugs market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.