Wilmington, Delaware, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Oncology/Cancer Drugs Market by Drug Class (Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy), and Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the oncology/cancer drugs market was valued at $167.0 billion in 2023, and is estimated to reach $335.2 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
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Prime determinants of growth
Rise in incidence of cancer across the globe, surge in the global geriatric population, and increase in government expenditure on healthcare are the major factors that drive the growth of the oncology/cancer drugs market growth. However, adverse effect associated with the use cancer drugs restricts the market growth. Moreover, high growth potential in untapped emerging economies offers remunerative opportunities for the expansion of the global oncology/cancer drugs market.
Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2023 | $167.0 Billion |
| Market Size In 2033 | $335.2 Billion |
| CAGR | 7.2% |
| No. Of Pages In Report | 252 |
| Segments Covered | Drug Class Type, Indication, And Region. |
| Drivers | Rise In Incidence Of Cancer Across The Globe |
| Surge In The Global Geriatric Population | |
| Increase In Government Expenditure On Healthcare | |
| Opportunity | High Growth Potential In Untapped Emerging Economies |
| Restraint | Adverse Effect Associated With The Use Cancer Drugs |
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Segment Highlights
The targeted therapy segment to maintain its leadership status during the forecast period
By drug class type, targeted therapy segment dominated the market share in 2023, owing to identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. Recent advances in cellular technology have contributed to improving the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for cancer treatment. On the other hand, the demand for immunotherapy is projected to increase during the forecast period due to its affectivity and expected launch of pipeline immunotherapies.
The breast cancer segment to maintain its leadership status during the forecast period
By indication, the breast cancer segment dominated the market share in 2023. This is attributed to breast cancer is on the rise due to increase in number of females suffering from breast cancer. In addition, the adoption of unhealthy lifestyle, increasing female geriatric population, exposure to harmful radiation and increasing governmental initiatives also contributed toward the growth of the market. On the other side lung cancer is projected to increase during the forecast period, owing to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco that includes passive smoking, which may lead to lung cancer.
Regional Outlook
North America to maintain its dominance by 2035
North America dominated the market share in 2023 owing to strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced therapeutics. However, the Asia-Pacific oncology drugs market is witnessing rapid growth fueled by increase in healthcare expenditure, increase in number of cancer affected population and rise in awareness related to different cancers.
Key Players:
- AbbVie Inc.
- Amgen
- Astellas Pharma Inc.
- AstraZeneca PLC
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
The report provides a detailed analysis of these key players in the global oncology/cancer drugs market. These players have adopted different strategies such as agreement, product approval, clinical trails and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Developments in Oncology/Cancer Drugs Market Worldwide
- In April 2024, Bristol Myers Squibb and 2seventy bio, Inc. announced that the U.S. Food and Drug Administration (FDA) approved Abecma (idecabtagene vicleucel; ide-cel) for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy including an immunomodulatory agent.
- In May 2024, Novartis announced that it has entered into an agreement to acquire Mariana Oncology, a preclinical-stage biotechnology company based in Watertown, Massachusetts focused on developing novel radioligand therapies (RLTs) to treat cancers with high unmet patient need.
- In July 2021, AbbVie and Calico Life Sciences announced the extension of their leading-edge collaboration used to discover, develop and bring to market new therapies for patients with age-related diseases, including neurodegeneration and cancer.
- In May 2021, Bristol Myers Squibb announced that the U.S. Food and Drug Administration (FDA) has approved Opdivo (nivolumab, injection for intravenous use) for the adjuvant treatment of completely resected esophageal or gastroesophageal junction (GEJ) cancer with residual pathologic disease in patients who have received neoadjuvant chemoradiotherapy (CRT).
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