Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global oncology drugs market size was USD 184.95 billion in 2022. The market is anticipated to expand from USD 205.52 billion in 2023 to USD 484.32 billion by 2030, exhibiting a CAGR of 13.0% over the study period. The surge is driven by an increase in research activities by pharmaceutical companies. The drugs are substantially deployed for the reduction of symptoms, shrinking the tumor size, and increasing the number of cancer cells in the body.
Fortune Business Insights™ provides this information in its research report, titled “Oncology Drugs Market, 2023-2030”.
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Key Takeaways:
- The growing occurrence of cancer is expected to foster the global oncology cancer drugs market growth over the forecast period.
- The segment is expected to have a moderate growth rate during the forecast period.
- The market size in North America for oncology drugs stood at USD 85.86 billion in 2022.
Key Industry Development:
January 2023: Pfizer Inc. announced the approval of its drug Talzenna, with enzalutamide, for treatment of HRR-mutated metastatic castration-resistant prostate cancer (mCRPC).
Discover the Leading Players Featured in the Report:
F. Hoffmann-La Roche Ltd (Switzerland), Genentech, Inc. (U.S.), Novartis AG (Switzerland), Pfizer Inc. (U.S.), Bristol Myers Squibb Company (U.S.), GlaxoSmithKline plc. (U.K.), Eli Lilly and Company (U.S.), AstraZeneca (U.K.), Sanofi (France), Bayer AG (Germany), Merck & Co., Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2022 to 2029 CAGR | 13.0% |
| 2030 Value Projection | USD 484.32 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 205.52 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 190 |
| Segments covered | By Drug Class, Therapy, Indication, Dosage Form, Distribution Channel, and Region |
Drivers and Restraints:
Market Value to Surge Impelled by Growing Cancer Prevalence
The soaring prevalence of cancer is poised to propel the global oncology drugs market growth over the coming years. Additional factors driving industry expansion comprise rising urbanization, changing diet patterns, and tobacco smoking.
However, the industry expansion may be hampered by the high cost of drugs, strict government regulations, and patent expiration.
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Segments:
Targeted Drugs Segment to Lead Driven by Increasing Number of Pipeline Candidates
On the basis of drug class, the market is fragmented into targeted drugs, cytotoxic drugs, hormonal drugs, and others. The targeted drugs segment accounted for a dominating market share in 2022. The growth is driven by an increase in the number of pipeline candidates and the surging number of product approvals.
Targeted Therapy Segment to Dominate Impelled by Rising Adoption in Emerging Regions
By therapy, the market for oncology drugs is segmented into targeted therapy, chemotherapy, and immunotherapy. The targeted therapy segment is poised held a dominant share over the projected period. The rise is impelled by the growing preference for targeted drugs in emerging regions.
Breast Cancer Segment to Exhibit Significant CAGR Impelled by Growing Prevalence
By indication, the market is subdivided into stomach cancer, lung cancer, breast cancer, colorectal cancer, prostate cancer, and others. The breast cancer segment is poised to expand at a substantial CAGR over the study period. The expansion is impelled by the extensive investments in R&D and the escalated launch of breast cancer therapeutics.
Injectable Segment to Register Notable Surge Impelled by Growing Adoption of Biologics-enabled Products
On the basis of dosage form, the market is fragmented into injectable, liquid, and solid. The injectable segment is estimated to dominate over the forecast period. The surge is driven by the growing adoption of biologics-enabled injectables for cancer treatment.
Hospital Pharmacies Segment to Lead Owing to Growing Prescription
Based on distribution channel, the market is classified into online pharmacies, retail pharmacies, and hospital pharmacies. The hospital pharmacies segment is poised to hold a dominating share in the market and is set to register remarkable growth throughout the estimated period.
Based on geography, the market for oncology drugs has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Drug Class
- Cytotoxic Drugs
- Alkylating Agents
- Antimetabolites
- Others
- Targeted Drugs
- Monoclonal Antibodies
- Others
- Hormonal Drugs
- Others
By Therapy
- Chemotherapy
- Targeted Therapy
- Immunotherapy
By Indication
- Lung Cancer
- Stomach Cancer
- Colorectal Cancer
- Breast Cancer
- Prostate Cancer
- Others
By Dosage Form
- Solid
- Tablets
- Capsules
- Liquid
- Injectable
- Prefilled Syringes
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Regional Insights:
North America to Hold Major Market Share Driven by Increasing Cancer Prevalence in the U.S.
The North America oncology drugs market share is set to hold a dominating value in the market and is poised to exhibit notable expansion over the projected period. The surge is driven by new product launches and the escalating prevalence of cancer in the U.S.
The Europe market is slated to expand at a considerable rate throughout the forecast period. The expansion is due to the increasing expenditure on healthcare in the region.
Competitive Landscape:
Leading Companies Devise Strategic Initiatives to Strengthen Industry Foothold
Major oncology drugs industry players focus on adopting a series of strategic deals for strengthening their market positions. These comprise merger agreements, partnerships, and collaborations. Additional steps include growing participation in trade conferences and the launch of new products.
FAQs
How big is the oncology drug market?
Oncology Drugs Market size is USD 205.52 billion in 2023. It is expected to reach USD 484.32 billion by 2030.
How fast is the Oncology Drugs Market growing?
The Oncology Drugs Market will exhibit a CAGR of 13.0% during the forecast period, 2023-2030.
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