Oncology Drugs - Hong Kong

Hong Kong

In Hong Kong, the revenue in the Oncology Drugs market is forecasted to reach US$360.30m in 2024.
It is expected that there will be an annual growth rate (CAGR 2024-2029) of 6.96%, leading to a market volume of US$504.40m by 2029.
When compared globally, United States is anticipated to generate the highest revenue of US$103,900.00m in 2024.
Hong Kong's oncology drug market is witnessing a surge in demand due to an aging population and increasing awareness about cancer prevention and treatment.

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

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Analyst Opinion

The Oncology Drugs market in Hong Kong has been showing interesting developments in recent years.

Customer preferences: Customers in Hong Kong have been showing a growing interest in personalized medicine, which has been driving the demand for targeted therapies. Additionally, there has been an increased awareness of the importance of early detection and prevention of cancer, leading to more screenings and diagnostic tests being performed.

Trends in the market: One trend that has been observed in the Oncology Drugs market in Hong Kong is the increasing use of immunotherapy drugs. These drugs work by stimulating the body's immune system to fight cancer cells and have shown promising results in treating certain types of cancer. Another trend is the rise of biosimilars, which are lower-cost versions of biologic drugs that have already been approved. With the high cost of cancer treatment, biosimilars have become an attractive option for both patients and healthcare providers.

Local special circumstances: The healthcare system in Hong Kong is heavily subsidized by the government, which has helped to make cancer treatment more affordable for patients. However, there is a shortage of oncologists in the region, which can lead to longer wait times for patients seeking treatment. Additionally, the population of Hong Kong is aging, which is expected to increase the demand for cancer treatment in the coming years.

Underlying macroeconomic factors: Hong Kong has a strong economy with a high GDP per capita, which has allowed for increased spending on healthcare. Additionally, the region's proximity to China has made it an attractive market for pharmaceutical companies looking to expand their presence in the Asia-Pacific region. However, the ongoing political tensions between Hong Kong and China could potentially impact the market in the future.

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.