Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The global Oncology Drugs Market size is expected to reach USD 286.67 billion in 2028, exhibiting a CAGR of 9.1% during the forecast period. The growing prevalence of cancer around the world will spur opportunities for the oncology drugs market during the forecast period, states Fortune Business Insights, in a report, titled “Oncology Drugs Market Size, 2021-2028.” The market size stood at USD 145.33 billion in 2020.
Key Development:
January 2020: WPD Pharmaceuticals Inc. announced that it had acquired exclusive sublicenses for two drug candidates from Moleculin Biotech, Inc. for the treatment of highly resistant cancers.
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COVID-19 Impact:
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 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 in 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 remains intact. Their pharmaceutical division sales increased by 7% compared to the prior year.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 to 2028 CAGR | 11.6% |
| 2027 Value Projection | USD 394.24 Billion |
| Base Year | 2019 |
| Market Size in 2021 | USD 141.33 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | By Drug Class, By Therapy, By Indication, By Dosage Form, By Distribution Channel, By Geography |
| Growth Drivers | 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. |
| 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. |
Market Segments:
Targeted Drugs to Hold the Largest Share
Based on drug class, the market is classified into cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs are expected to dominate the global market. The chemotherapy or targeted therapy is aimed at the disease while minimizing the off-target side-effects caused to the normal cells.
Based on drug class, the market is divided into chemotherapy, targeted therapy, and immunotherapy. The targeted therapy segment is expected to hold the largest dominant oncology drugs market during the forecast period. The growth is attributed to the growing adoption and preference for targeted drugs in emerging nations.
The oncology drugs market highlights:
- An extensive study of regions
- Essential insights into the market
- Detailed analysis of the segments
- COVID-19 effect on the market
- Ongoing clinical trials
- Driving factors
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Driving Factor:
Surging Pharmaceutical Industry to Contribute Colossal Development
The ongoing technological advancement in pharmaceuticals 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 oncology drugs market growth.
Regional Insights:
Rising Prevalence to Cancer to Influence Market in North America
The 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.
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The Report Lists the Main Companies in the 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
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