The global cancer drugs market has witnessed significant growth in recent years owing to rising incidences of various types of cancers such as lung cancer, breast cancer, blood cancer and prostate cancer across the globe. Cancer drugs help in treating and managing cancer by slowing or stopping the growth of cancer cells, reducing symptoms, extending life or possibly curing the disease. Some of the commonly used cancer drugs include chemotherapy drugs, targeted therapy drugs, immunotherapy drugs and hormonal therapy drugs. Targeted cancer drugs work by blocking the growth and spread of cancer by interfering with specific molecules that are involved in tumor growth and progression. The global cancer drugs market is estimated to be valued at US$ 154.4 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the cancer drugs market size is the rise in pipeline drugs. Pharmaceutical companies are continuously investing in research and development of novel cancer drugs with improved efficacy and safety. Many targeted therapy drugs are currently in pipeline which are expected to receive FDA approval in the coming years. For instance, Amgen’s sotorasib received FDA approval in 2021 for the treatment of KRAS G12C-mutated non-small cell lung cancer. Furthermore, growing development of combination therapies is another key trend witnessed in the market. Combining drugs that work through different mechanisms helps in improving treatment outcomes. Companies are conducting clinical trials to evaluate safety and efficacy of various combination regimens.
Threat of new entrants: The cancer drugs market is consolidated with high barriers to entry such as high capital investment required for R&D.
Bargaining power of buyers: Buyers have moderate bargaining power as there are multiple existing players to choose from offering substitutable products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative sources of supply including academia for supply of drug compounds.
Threat of new substitutes: The threat of substitutes is moderate as research is ongoing to identify new treatment options from novel sources.
Competitive rivalry: Competition is intense among major players with continuous innovation and product launches to gain competitive edge.
The global cancer drugs market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis: North America is projected to dominate the global cancer drugs market owing to advanced healthcare infrastructure and expenditure in the region. Key players in the cancer drugs market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. Key players operating in the cancer drugs market focus on product approvals, collaborations and regional expansions to strengthen their market presence.