Jersey City, NJ, Nov. 22, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Oncology Drug Discovery & Development Market- (By Drug/Therapy (Chemotherapy, Targeted Therapy, Immunotherapy, Hormone Therapy, Others), By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Leukemia Cancer, Lymphoma Cancer, Ovarian Cancer, Others), By Stage (Discovery Phase, Preclinical Phase, Clinical Trials & Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Oncology Drug Discovery & Development Market is expected to represent a CAGR of 18.2% during the forecast period of 2023-2031.
Oncology medication research and development is a time-consuming and resource-intensive process that frequently takes years and requires collaboration among academics, industry, and regulatory authorities. Understanding cancer biology, as well as technical advancements, continues to change and accelerate this discipline. The oncology drug discovery and development field is experiencing tremendous growth due to several key factors driving its progress. The continuous increase in global cancer incidence has spurred extensive research and development efforts.
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Furthermore, integrating (AI) and (ML) technologies has revolutionized the landscape of oncology drug discovery and development. These advanced computational methods enable the swift analysis of intricate biological data, empowering researchers to identify potential drug targets, forecast drug responses, and design optimized treatment plans. By harnessing AI-driven algorithms, pharmaceutical companies can streamline the drug development process, reducing expenses and expediting the introduction of novel oncology therapies. The global prevalence of cancer continues to increase, leading to a significant demand for new and improved cancer treatments. Moreover, ongoing research into cancer biology, genomics, and immunology has shown a deeper understanding of the disease, enabling the development of more targeted and personalized therapies.
Recent Developments:
- In Sept 2023, Merck KGaA (Merck) and the Institute of Cancer Research (ICR) of the United Kingdom (ICR) recommitted to their strategic partnership to explore and create novel therapeutic interventions for cancer. Collaboration will be established between Merck and researchers from the institute's Centre for Cancer Drug Discovery in order to create small-molecule inhibitors of a novel class of cancer targets. Both parties will contribute personnel and financial resources to the multi-year, multi-goal partnership.
- In Nov 2022, Roche and Jnana Therapeutics established a second collaboration and license agreement. This agreement pertains to the identification of small molecule medications to treat cancer, immune-mediated, and neurological illnesses. The collaboration encompassed many targets from a wide array of target classes to tackle diseases that significantly lack effective treatments.
List of Prominent Players in the Oncology Drug Discovery & Development Market:
- Novartis
- AstraZeneca
- Merck & Co., Inc
- Bristol-Myers Squibb
- Pfizer,
- Eli Lilly and Company
- Gilead Sciences
- Regeneron Pharmaceuticals
- Takeda Pharmaceutical Company
- Sanofi
- Bayer AG
- GlaxoSmithKline plc.
- Genentech, Inc.
- AbbVie Inc.
- Others
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Oncology Drug Discovery & Development Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 18.2% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Application, Technology, Installation Type, Vessel Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers:
Advances in genomics and molecular diagnostics have led to the development of targeted therapies that are more effective and have fewer side effects. Personalized medicine is a significant driver in oncology drug discovery. Regulatory agencies have established expedited pathways for approving oncology drugs, allowing for faster market entry for promising therapies. The development and approval of biosimilars and generic versions of established oncology drugs create competition and cost-saving opportunities in the market.
Challenges:
The cost of developing and bringing a new oncology drug to market is exceptionally high. Extensive clinical trials, regulatory requirements, and research expenses can be a major hurdle for smaller pharmaceutical companies. Stringent regulatory requirements for safety and efficacy can slow down the drug approval process. Meeting the high standards of regulatory agencies like the FDA and EMA is challenging for many drug developers.
Regional Trends:
The North American oncology drug discovery & development market is expected to register a major market share. The key elements driving market growth in this region are the existence of renowned drug discovery service providers like Thermo Fisher Scientific Inc. and Pfizer, among others. Increased investment in research and development, the growing trend of pharmaceutical companies outsourcing research and development services, and a well-established healthcare infrastructure all play significant roles in fostering the expansion of the oncology drug discovery and development market in this area.
Besides, the Asia Pacific region had a substantial share in the expected market expansion due to the rising incidence of intricate cancer cases, necessitating more efficient and emerging drug discovery and development processes. Furthermore, the increasing healthcare spending is a contributing factor to the growth of the oncology drug discovery and development market in this region.
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Segmentation of Oncology Drug Discovery & Development Market-
By Drug/Therapy
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormone Therapy
- Others
By Cancer Type
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Leukemia Cancer
- Lymphoma Cancer
- Ovarian Cancer
- Others
By Stage
- Discovery Phase
- Preclinical Phase
- Clinical Trials & Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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