Oncology Drugs - Malaysia | Statista Market Forecast

The market for Oncology Drugs market in Malaysia is expected to witness a significant surge in revenue, reaching a projected value of MYR US$264.80m by the year 2024.
Furthermore, it is anticipated that this market will experience a steady annual growth rate (CAGR 2024-2029) of 7.34%.
As a result, the market volume is expected to expand substantially, reaching MYR US$377.20m by 2029.
When comparing the global landscape, it is noteworthy that United States will dominate this market, generating a substantial revenue of US$103.90bn by 2024.
Malaysia is witnessing a surge in demand for innovative oncology drugs, driven by an increasing awareness of the importance of early detection and treatment in cancer management.

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 Malaysia has been experiencing significant growth in recent years.

Customer preferences: As in many other countries, the aging population in Malaysia has led to an increase in cancer cases, driving demand for oncology drugs. Additionally, the rising middle class in the country has led to an increase in healthcare spending, including on cancer treatments.

Trends in the market: One trend in the Malaysian Oncology Drugs market is the increasing availability of targeted therapies. These drugs are designed to attack cancer cells while minimizing damage to healthy cells, and are becoming more widely used in Malaysia. Another trend is the increasing use of immunotherapy, which harnesses the body's own immune system to fight cancer.

Local special circumstances: Malaysia has a well-developed healthcare system, with both public and private options available. However, the cost of cancer treatment can still be a significant burden for many patients. As a result, there is a growing demand for more affordable oncology drugs in the country.

Underlying macroeconomic factors: The Malaysian economy has been growing steadily in recent years, with a focus on developing its healthcare sector. Additionally, the government has implemented policies to encourage foreign investment in the country's pharmaceutical industry. These factors are contributing to the growth of the Oncology Drugs market in Malaysia.

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.