New York, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The Global Oncology Drugs Market to Surpass USD 368 Billion by 2027, Assesses DelveInsight
The oncology drugs market is expected to grow due to the rising prevalence of cancers such as lung cancer, as well as the impact of other factors such as the aging population. Furthermore, the growing interest in developing targeted therapies to capitalize on advances in precision medicine is a significant factor driving the remarkable growth of the oncology drugs market.
DelveInsight’s Oncology Drugs Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies’ market shares, challenges, oncology drugs market drivers, barriers, and trends, and key oncology drugs companies in the market.
Key Takeaways from the Oncology Drugs Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global oncology drugs market during the forecast period.
- Notable oncology drugs companies with various oncology pipeline drugs include GlaxoSmithKline, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Sanofi, Merck & Co., Inc, Novartis AG, Pfizer Inc, AstraZeneca, Bristol Myers Squibb., Gilead Sciences, Inc., Janssen Global Services, LLC, BAYER AG., Celldex Therapeutics Inc., Alaunos Therapeutics, Inc., Astellas Pharma Inc., Genentech, Inc., Sandoz International GmbH, BeiGene, and others.
- In October 15, 2021, the FDA approved atezolizumab (Tecentriq) by Genentech, Inc. for adjuvant treatment following resection and platinum-based chemotherapy in patients with stage II to IIIA non-small cell lung cancer (NSCLC).
- In August 2021, Bristol Myers Squibbs received conditional marketing authorization for Abecma (idecabtagene vicleucel) from the European Commission to treat adult patients with relapsed and refractory multiple myeloma. It is a first-in-class B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T-cell immunotherapy.
- In April 2021, Sanofi announced the acquisition of Tidal Therapeutics, which is involved in the development of an mRNA-based research platform. This acquisition will help Sanofi utilize this technology platform to expand its capabilities in the field of immunology and oncology.
- Thus, owing to such developments in the market, there will be rapid growth observed in the oncology drugs market during the forecast period.
To read more about the latest highlights related to the oncology drugs market, get a snapshot of the key highlights entailed in the Oncology Drugs Market Report
Oncology Drugs
Oncology drugs include all cancer treatments, including chemotherapy, radiation therapy, hormonal therapy, and targeted therapy, among others, that aim to kill cancer cells in order to provide a therapeutic effect.
Cancer, as a chronic and debilitating disease, necessitates extensive treatment to eradicate cancerous cells. Although not all cancers require treatment, the vast majority of them do. Various therapies, such as chemotherapy, gene therapy, and immunotherapy, are used in cancer treatment due to their benefits in terms of both curative and palliative effects. These therapies, each with its own advantages, are extremely popular options for cancer treatment.
Thus, the increasing need for various types of oncology drugs can be attributed to the increasing cancer incidence, which may respond to different types of therapy.
Interested in knowing about oncology drug development? Click to get a snapshot of New Oncology Drug Approvals
Oncology Drugs Market Insights
The global oncology drugs market is studied geographically for North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to amass a significant revenue share in the global Oncology drugs market during the forecast period, in terms of the largest oncology drugs market share. This can be attributed to the interaction of several factors, including the high cancer prevalence and the presence of a favorable regulatory environment for product approval.
Furthermore, sophisticated healthcare infrastructure, high disposable income in the country, significant awareness of new treatments, and extensive insurance coverage for these drugs are all expected to contribute to the North American oncology drugs market growth.
However, the European oncology drugs market will significantly challenge North America’s dominance.
Want to gain a better understanding of why North America is dominating the global oncology drugs market? Click to get a snapshot of the Oncology Drugs Market Outlook
Oncology Drugs Market Dynamics
The rise in cancer incidence is one of the factors driving the oncology drugs market. Given the rising incidence of cancer, most pharmaceutical companies are focusing extensive research and development efforts in the oncology domain. As a result, more products have been introduced into the oncology drug market. Furthermore, the increasing emphasis on developing targeted therapies, such as CAR-T cell therapies, on providing a more pronounced therapeutic effect drives the oncology drugs market as new products gain regulatory approval for cancer treatment.
However, potential side effects associated with various cancer therapies, such as bone mass loss and the cost of oncology drugs, particularly in low- and middle-income countries, may prove to be challenging factors for the growth of the Oncology drugs market.
Furthermore, the implementation of COVID-19 infection control measures had a negative impact on the oncology drugs market to some extent. To meet the demand created by the COVID-19 pandemic, all other medical specialties saw a decrease in patient load.
Nonetheless, the Oncology drugs market is recovering due to developing strategies to transform cancer care, presenting a future outlook for the Oncology drugs market from 2022–2027.
Get a sneak peek at the oncology drugs market dynamics @Oncology Drugs Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Market CAGR | 12.74% |
| Oncology Drugs Market Size in 2021 | USD 179.96 Billion |
| Projected Oncology Drugs Market Size by 2027 | USD 368.22 Billion |
| Key Oncology Drugs Companies | GlaxoSmithKline, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Sanofi, Merck & Co., Inc, Novartis AG, Pfizer Inc, AstraZeneca, Bristol Myers Squibb., Gilead Sciences, Inc., Janssen Global Services, LLC, BAYER AG., Celldex Therapeutics Inc., Alaunos Therapeutics, Inc., Astellas Pharma Inc., Genentech, Inc., Sandoz International GmbH, BeiGene, and others |
Oncology Drugs Market Segmentation
- Market Segmentation By Therapy Type: Chemotherapy, Hormonal Therapy, Targeted Therapy (Gene Therapy and Immunotherapy), and Others
- Market Segmentation By Types of Cancer: Breast Cancer, Lung Cancer, Prostate Cancer, Blood Cancers, and Others
- Market Segmentation By End-User: Hospitals, Specialty Clinics, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Find out which are the top oncology drugs in the market @Top Selling Oncology Drugs
Table of Contents
| 1 | Oncology Drugs Market Report Introduction |
| 2 | Oncology Drugs Market Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Oncology Drugs Market Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Oncology Drugs Market |
| 7 | Oncology Drugs Market Layout |
| 8 | Oncology Drugs Global Company Share Analysis – Key 3-5 Companies |
| 9 | Oncology Drugs Market Company and Product Profiles |
| 10 | Project Approach |
Learn more about the most expensive oncology drugs @Drug Information Handbook for Oncology
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