July 13, 2024
Oncology Drugs Market

The burgeoning Oncology Drugs Market is anticipated to open up the new avenue for Oncology Drugs

The Oncology Drugs Market is estimated to be valued at US$ 133.64 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oncology drugs are used for the treatment of cancer and include chemotherapy drugs, targeted drugs, immunotherapy drugs and other supportive care drugs. Chemotherapy drugs such as carboplatin, gemcitabine and docetaxel are commonly used cytostatic alkylating agents and antimetabolites for treating solid tumors. Targeted drugs inhibit specific molecules involved in tumor growth and progression. Key targeted drugs include trastuzumab, imatinib and vemurafenib. Immunotherapy drugs work by stimulating the body’s immune system to fight cancer such as checkpoint inhibitors and cancer vaccines. Supportive care drugs help manage side effects and improve quality of life.

Market Dynamics:
The increasing prevalence of cancer globally acts as a key driver for the oncology drugs market. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. The rising geriatric population also contributes to the growing cancer burden as elderly people are more prone to develop cancer. Furthermore, rapid approval of new drugs and robust drug pipelines of major players will augment the market growth over the forecast period. For instance, the FDA approved 24 new oncology drugs between 2017 to 2020 for indications such as lung cancer, prostate cancer and multiple myeloma. However, high costs associated with cancer drugs limit their access and pose a challenge to market growth.
Segment Analysis
The oncology drugs market is segmented by drug class into chemotherapy drugs, targeted therapy drugs, immunotherapy drugs, hormonal therapy drugs, and others. The targeted therapy drugs segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is because targeted therapy drugs provide effective results against various cancer types with fewer side effects compared to chemotherapy.

PEST Analysis
Political: Governments across the world are increasingly funding cancer research and making cancer treatments available to more people through public healthcare systems which is promoting the growth of the oncology drugs market.
Economic: Rising healthcare expenditure coupled with growing per capita income is allowing more people to afford expensive cancer medications, thus driving market revenue.
Social: Increasing public awareness about various types of cancers and availability of treatment options is encouraging more people to seek medical help rather than neglect symptoms, benefiting market growth.
Technological: Continuous R&D is aiding the development of novel targeted therapies and immunotherapies with better efficacy and safety profiles compared to conventional drugs. Advanced research is also helping expand treatment options for rare and uncommon cancer types.

Key Takeaways
The global Oncology Drugs Market Share is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing incidence of cancer globally. The market size was valued at US$ 133.64 Bn in 2023.

Regional analysis: North America is expected dominate the global oncology drugs market during the forecast period. This is attributed to the high prevalence of cancer, availability of advanced treatments, and growing healthcare expenditure in the region. Asia Pacific is poised to witness the fastest growth during the forecast period.

Key players operating in the oncology drugs market are Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc. The key players are focusing on expanding their product portfolios by investing extensively in R&D activities to develop advanced targeted therapies and immunotherapies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it