Oncology Drugs - Taiwan | Statista Market Forecast

In Taiwan, the Oncology Drugs market is expected to witness significant growth.
By 2024, the projected revenue is estimated to reach US$690.50m.
Over the following years, the market is anticipated to demonstrate a steady annual growth rate (CAGR 2024-2029) of 6.68%.
Consequently, by 2029, the market volume is predicted to expand to US$954.00m.
When comparing the global market, United States stands out as the leading revenue generator.
In 2024, United States is projected to generate a significant revenue of US$103.90bn.
Taiwan's oncology drug market is witnessing a surge in research and development activities, fostering innovation and advanced treatment options for cancer patients.

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

Taiwan, a small island nation in East Asia, has been experiencing a steady growth in the Oncology Drugs market.

Customer preferences: As in many countries, the aging population in Taiwan has resulted in an increase in cancer cases, leading to a higher demand for oncology drugs. Additionally, with the rise of healthcare awareness and disposable income, patients are more willing to invest in expensive cancer treatments, leading to a higher demand for innovative and effective oncology drugs.

Trends in the market: One trend that has been observed in the Taiwanese market is the shift towards targeted therapies. These therapies use drugs that target specific molecules or genes involved in cancer growth and are often more effective and less toxic than traditional chemotherapy. Another trend is the increasing use of immunotherapy, which uses the patient's immune system to fight cancer cells. This treatment has shown promising results in certain types of cancer and is expected to gain more popularity in the coming years.

Local special circumstances: Taiwan has a well-established healthcare system that provides universal coverage to its citizens. This has resulted in a high demand for innovative and effective oncology drugs, as patients have access to a wide range of treatments. Additionally, Taiwan's proximity to China has made it an attractive market for pharmaceutical companies looking to expand their reach in the Asia-Pacific region.

Underlying macroeconomic factors: Taiwan has a strong economy, with a high GDP per capita and a well-educated workforce. This has led to a high level of healthcare spending, which has contributed to the growth of the oncology drugs market. Additionally, Taiwan's government has implemented policies to encourage the development of its biotech industry, which has resulted in an increase in the number of local companies producing oncology drugs. These factors, combined with the aging population and the high demand for innovative treatments, are expected to continue driving growth in the oncology drugs market in Taiwan.

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.