Pune, Indai, June 16, 2022 (GLOBE NEWSWIRE) -- The global oncology drugs market size was valued at USD 141.33 billion in 2019 and is projected to reach USD 394.24 billion by 2027, exhibiting a CAGR of 11.6% during the forecast period. The pharmaceutical industry's expansion is significantly fueled by oncology. By 2020, it is anticipated to generate around 25% of the pharmaceutical industry's revenue and 30% of its product pipeline.
Cancer is the uncontrolled growth of abnormal cells in the body. Cancer develops when the body's normal control mechanism stops working. Old cells do not die and instead grow out of control, forming new, abnormal cells. The treatment of cancer in patients requires the use of different drugs like hormonal therapy, immunotherapy, targeted therapy, and chemotherapy.
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Report Details:
| ATTRIBUTE | DETAILS |
| Market Size Value In 2019 | USD 141.33 Billion |
| Growth Rate | CAGR of 11.6% from 2022 to 2029 |
| The Revenue Forecast In 2027 | USD 394.24 Billion |
Key Trends:
The growing prevalence of cancer around the world will spur opportunities for this market during the forecast period, states Fortune Business Insights. Surgery, radiation, and medication are all used in cancer treatment. The first course of treatment for cancer in its early stages is surgery. The majority of the time, radiotherapy is used in close proximity to surgical procedures. The final one uses chemotherapy (CTX), which makes use of a large variety of medicines with cytotoxic effects. A type of cancer treatment known as targeted therapy targets the alterations in cancer cells that promote their growth, division, and spread.
Cancer immunotherapy is a sort of therapy that supports the immune system's battle against the disease. Breast and prostate cancers that utilise hormones to grow can be treated with hormone therapy to delay or stop their growth. The anticancer medications are less selective for cancer cells and prevent cell division and proliferation. Therefore, these medications kill both cancerous and healthy cells. Chemotherapy and anticancer medications can stop the growth of cancer cells, thereby deactivating them.
The Oncology Drugs Market Highlights:
- An extensive study of regions
- Forecast value of the market
- Detailed analysis of the segments
- COVID-19 effect on the market
- Ongoing clinical trials
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Segmentation: Oncology Drugs Market
By Drug Class Analysis
Based on drug class, the market includes cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs segment held a dominant oncology drugs market share of the global market in 2019.
- Chemotherapy
- Targeted Therapy
- Immunotherapy (Biologic Therapy)
- Hormonal Therapy
By Therapy Analysis
Based on therapy, the market includes chemotherapy, targeted therapy, and immunotherapy. The targeted therapy segment held a dominant share of the global market in 2019.
By Dosage Form Analysis
Based on the dosage form, the market is segmented into solid, liquid, and injectable. The rising number and adoption of biologics for cancer treatment render the leading position to the injectable segment during the forecast period.
By Distribution Channel Analysis
In terms of distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and Others.
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Market Driver: Oncology Drugs Market Share
Surging Pharmaceutical Industry to Contribute Colossal Development
The ongoing technological advancement in the field of pharmacy is expected to create opportunities for the market during the forecast period. The clinical trials and various drugs in the pipeline can further facilitate the healthy growth of the industry. The growing cases of numerous types of cancer, such as lung cancer, skin cancer, prostate cancer, colon cancer, breast cancer, and others will spur demand for oncology drugs, thus enhancing market growth. According to the World Health Organization (WHO), cancer is a growing burden and the number of new cancer cases is going to rise from 18.1 million in 2018 to 29.4 million by 2040. Moreover, product launches and approvals are expected to have a tremendous impact on the market.
Positive Impact on Oncology Drugs Market Growth During COVID-19
The outbreak of COVID-19 has had a positive impact on the oncology drugs market globally. Certain market segments have witnessed a growth in demand for drugs with respect to the COVID-19 emergency. Panic buying of medications has been witnessed among the cancer patients amid lockdown. The pharmaceutical companies involved in this market have significantly improved their supply chain management, enhanced the capabilities of their R&D, and invested more their manufacturing management and quality control. For instance, according to the quarterly reports of 2020 of Roche, their global supply chain of medicines and tests remain intact and their pharmaceutical division sales increased by 7% as compared to the prior year.
Regional Analysis: Oncology Drugs Market
Rising Prevalence to Cancer to Influence Market in North America
The Oncology Drugs Market size in North America is expected to witness a rapid growth rate during the forecast period. The dominance in the region is attributed to the growing prevalence of cancer in the U.S. As per the National Cancer Institute, in 2020, approximately 1.8 million people will be diagnosed with cancer in the U.S. The recent product launches will aid the expansion of the market in the region. Europe is predicted to exhibit a stellar growth rate during the forecast period owing to the growing cancer burden in countries such as U.K., Germany, and France.
APAC
Asia-Pacific is expected to grow at the highest CAGR, owing to increase in number of cancer affected population and rise in awareness related to different cancers.
Key Development:
April 2019: Sun Pharmaceutical Industries announced the release of INFUGEM injection, which will ve used for the treatment of cancer in the US.
Key Benefits
- This report provides a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2027, which assists to identify the prevailing market opportunities.
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the oncology/cancer drugs market is provided.
- An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves.
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The Report Lists the Main Companies in the Market: Oncology Drugs Market
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Genentech, Inc. (California, United States)
- Novartis AG (Basel, Switzerland)
- Pfizer Inc. (New York, United States)
- Bristol-Myers Squibb Company (New York, United States)
- GlaxoSmithKline plc. (Brentford, United Kingdom)
- Eli Lilly and Company (Indiana, United States)
- AstraZeneca (Cambridge, United Kingdom)
- Sanofi (Paris, France)
- Bayer AG (Leverkusen, Germany)
- Other Players
Table Of Content: Oncology Drugs Market Size
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Prevalence of Key Indications (Lung Cancer, Breast Cancer, Prostate Cancer, etc.), By Region/Country
4.2. Overview of Different Oncology Drugs with respect to Regulatory Approvals and Clinical Trials
4.3. Pricing Analysis, By Key Players
4.4. Recent Advancements in Development of Oncology Drugs
4.5. Key Industry Developments (Mergers, Acquisitions, and Partnerships)
4.6. Impact of COVID-19 on Oncology Drugs Market
Continued. . .
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