According to Marketresearch.biz, the oncology drugs market is on the rise due to favorable factors. The increasing global incidence of cancer propels market growth, with a rising demand for effective treatments. The expansion of cancer research and development activities also positively influences the market.
New York, Feb. 20, 2024 (GLOBE NEWSWIRE) — The oncology drugs market was valued at USD 176.6 billion in 2023 with a significant growth and is projected to reach at USD 332.4 billion by 2033 with an outstanding CAGR of 6.7%.
The Oncology Drugs Market is propelled by a surge in demand driven by new drug developments and the escalating prevalence of various cancer types. Cancer, characterized by uncontrolled cell growth due to mutations in normal cells, exhibits distinct signs that differentiate it from benign conditions. Cancer cells not only proliferate uncontrollably but also orchestrate the development of new blood vessels to support their growth and evade programmed cell death.
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Statistics from the American Cancer Society and PubMed Central underscore the global impact of cancer, with millions of reported cases and hundreds of thousands of deaths annually. Lung and breast cancers dominate the landscape in males and females, respectively. The financial burden is substantial, with individuals spending $185 billion on cancer healthcare.
Oncology drugs, ranging from chemotherapy agents to immunotherapies, play a pivotal role in cancer treatment. Their benefits encompass limiting cancer spread, preventing growth, reducing tumor size, eliminating residual cancer cells post-surgery, and enhancing overall treatment outcomes. The increasing demand for these drugs, crucial in medical and therapeutic cancer treatments, is poised to drive market expansion in the foreseeable future, reflecting the ongoing battle against this formidable disease
Key Takeaways
- Chemotherapy rules the drug class market segment due to increased disposable money, healthcare infrastructure, an aging population and rising cancer rates.
- Lungs cancer drugs lead the indication type market segment due to rising disposable budgets, older populations, and improved healthcare infrastructure, emerging economies have started adopting lung cancer drugs like chemotherapy.
- Hospital pharmacies dominate the distribution channel market segment due to growing healthcare infrastructure and investments, emerging economies are adopting hospital pharmacies.
- North American oncology drug market, led by the United States, addresses the pressing global concern of cancer-related fatalities.
Driving Factors
Technological Advancements
There has been a rise in cancer awareness campaigns, leading to an increase in individuals seeking treatment earlier, thereby increasing the demand for oncology drugs. In addition, personalized medicine and targeted therapies for cancer treatment have acquired popularity, leading to an increase in demand. Government initiatives to expand access to cancer treatments and rising healthcare costs have also contributed to the expansion of the oncology drugs market.
Rising Demand for Cancer
The oncology drugs market has been on the rise due to a number of factors that have had a favorable impact on the industry. The increasing incidence of cancer worldwide is one of the factors propelling this market. As the number of cancer cases continues to rise, the demand for effective treatments to combat this disease increases. The expansion of cancer research and development activities has also had a positive effect on this market.
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Restraining Factors
Individualized treatment personalizing cancer care
Various adverse effects caused by cancer treatments can negatively impact the patient’s quality of life. Furthermore, adverse effects frequently differ from patient to patient, making it challenging to predict and manage them. For example, chemotherapy frequently results in hair loss, vertigo, and vomiting, whereas radiation therapy can result in fatigue, skin irritation, and tissue damage. Consequently, cancer patients require individualized treatment that addresses their specific requirements and side effects.
Growth Opportunities
Demand of biosimilar pushes the oncology drugs market
Opportunity drives oncology medication growth demand for cancer Biosimilars is rising. Combination therapies for treating cancer are becoming increasingly prevalent. Precision medicine is being used more frequently in cancer treatment, early cancer detection is being prioritized, and Emerging markets give oncology medication producers enormous growth potential.
Biosimilars Change Cancer Treatment
Early cancer identification improves survival and reduces disease burden. Oncology drug makers are developing early cancer detection methods including liquid biopsy, which uses blood tests.
Partnerships Drive Oncology Innovation
The increasing complexity of cancer treatment and the need for innovation is driving a rise in collaborations and partnerships between major participants in the oncology drugs market. These collaborations facilitate the pooling of resources, expertise, and technologies, resulting in accelerated drug development, decreased R&D costs, and enhanced patient outcomes.
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| Report Attribute | Details |
| Market Value (2023) | US$ 176.6 Billion |
| Market Size (2033) | US$ 332.4 Billion |
| CAGR (from 2024 to 2033) | 6.7% from 2024 to 2033 |
| North America Region Revenue Share | 36% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
The North American oncology drug market, led by the United States, addresses the pressing global concern of cancer-related fatalities. Approximately one in six deaths worldwide is attributed to cancer, with a higher prevalence among seniors. Canada also significantly contributes to the market, grappling with a high incidence of cancer cases. Factors driving market growth include continuous innovation in drug development, advancements in medical research for more effective treatments, and the challenges posed by an aging population and escalating healthcare costs.
Segment Analysis
By drug class type, chemotherapy rules the market segment due to increased disposable money, healthcare infrastructure, an aging population and rising cancer rates. Oncologists and primary care providers have shaped consumer behaviour toward chemotherapy drugs. These doctors recommend chemotherapy drugs for cancer treatment because of their efficacy. The global cancer epidemic has also increased the demand for chemotherapy drugs. Due to increased cancer rates, chemotherapy drug use, and an aging population, the chemotherapy segment of the oncology drugs market is expected to rise quickest.
By indication type, lungs cancer drugs lead the market segment due to rising disposable budgets, older populations, and improved healthcare infrastructure, emerging economies have started adopting lung cancer drugs like chemotherapy. Healthcare experts and increased lung cancer knowledge have shaped consumer attitudes toward lung cancer drugs. The aging population has increased the prevalence of chronic diseases, including lung cancer, driving up demand for lung cancer drugs.
By distribution channel type, hospital pharmacies dominate the market segment due to growing healthcare infrastructure and investments, emerging economies are adopting hospital pharmacies. Hospital pharmacy sales have increased due to the growing market of hospital networks. The growing number of hospital chains, greater access to medicine, and cost-effectiveness have altered consumer attitudes regarding hospital pharmacies.
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Segments covered in this report
By Drug Class Analysis
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormonal Therapy
By Indication Analysis
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Blood Cancer
- Bladder Cancer
- Others
By Distribution Channel Analysis
- Hospitals Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
The global oncology drugs market, experiencing rapid growth, is led by key players including Roche, renowned for innovative treatments like Avastin and Herceptin. Novartis, a major player, offers leukemia treatments Gleevec and Tasigna. Pfizer boasts a strong presence with cancer drugs Ibrance, Sutent, and Xalkori. AstraZeneca’s portfolio includes lung and ovarian cancer treatments Tagrisso and Lynparza. Merck & Co.’s immunotherapy Keytruda shows efficacy in various cancers. These leaders focus on R&D, anticipating continued market expansion amid rising demand for effective cancer treatments.
Key Players
- Hoffmann-La Roche Ltd.
- Novartis International AG
- AstraZeneca
- Merck & Co
- Celgene Corporation
- Johnson & Johnson
- Bristol-Myers Squibb Company
- Pfizer Inc.
- Merck & Co., Inc.
- Eli Lilly and Company
- AbbVie Inc.
- Bayer AG
Recent Developments
- In 2023, Liquid biopsies have acquired popularity as a noninvasive method of detecting and monitoring cancer.
- In 2022, Human Epidermal Growth Factor Receptor 2 (HER2) is an overexpressed protein in breast and gastric cancer 2022.
- In 2021, Idecabtagene violence (Abecma) for relapsed or refractory multiple myeloma and lisocabtagene maraleucel (Breyanzi) for large B-cell lymphoma were two of the multiple CAR-T therapies approved by the FDA in 2021.
- In 2020, several targeted therapies for non-small cell lung cancer (NSCLC), the most prevalent form of lung cancer, were approved.
Browse More Related Reports
- Immuno Oncology Market is projected to surge from USD 27.9 Bn in 2022 to approximately USD 178.9 Bn by 2032, with a robust CAGR of 21%.
- Cancer Care Market is anticipated to grow from USD 185.6 Bn in 2022 to a staggering USD 437.8 Bn by 2032, reflecting a CAGR of 9.2%.
- Triple Negative Breast Cancer Market is poised to reach USD 1,077.4 Mn by 2032, rising from USD 721.4 Mn in 2022, at a CAGR of 4.2%.
- Cancer Vaccine Market, valued at US$ 6.8 Billion in 2022, is forecasted to reach US$ 20.2 Billion by 2032, exhibiting an 11.8% CAGR.
- Personalized Cancer Treatment Market is expected to grow from USD 177.9 Bn in 2022 to approximately USD 509.7 Bn by 2032, with a CAGR of 11.4%.
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