The pharmaceutical sector has made significant strides in recent years, increasing the treatment options for cancer. Global demand for cancer medications has increased with the rising incidence of cancer. Oncology drugs can be used to treat a variety of cancers, including blood cancer, skin cancer, lung cancer, breast cancer, gastrointestinal cancer, and bone cancer.
In 2021, the oncology drugs market was USD 177.54 billion, and by 2030 it will reach USD 474.06 billion, growing at a 11.53% CAGR during the forecast period.
The market will rise due to factors like an increase in the prevalence of cancer worldwide, better healthcare infrastructure in emerging nations, greater health awareness, and a growing focus among industry participants on the creation of cancer treatments and other therapeutic options.
Market Dynamics
Drivers
The rising incidence of cancer among the world's population is stimulating the growth of the market for oncology drugs. Globally, there will be a 47% increase in new cancer cases between 2020 and 2040. As a result, it is predicted that there will be about 28.4 million new instances of cancer worldwide in 2040.
The global market for oncology drugs is expanding rapidly due to the growing public knowledge of the availability of numerous cutting-edge treatments to treat cancer.
Restraints
The significant capital expenditures required for R&D and the long time it takes for medications to receive approval are the main obstacles to entry and long-term sustained development in the market.
Opportunity
Over the projected period, players operating in the target market should have significant revenue possibilities due to the ongoing development of pipeline oncology treatments and the expiration of important patents. Additionally, between the years 2018 to 2020, several important cancer medications are anticipated to lose their patents, which is anticipated to present an opportunity for competitors in the worldwide market. For instance, Roche Holding AG's Avastin, a humanized monoclonal antibody drug for colorectal, lung, breast, glioma, kidney, and ovarian cancer, will lose its US patent protection in July 2019.
Market Segmentation
By Class Type
In terms of revenue, targeted therapy was the biggest market, with the largest revenue share of 50% in 2022. Targeted therapy includes administering medications specifically targeting the body's cancerous cells while protecting healthy cells from harm. There are seldom any negative repercussions from this. The benefits of targeted therapy over conventional chemotherapy have increased the demand for treatment all across the world.
By Indication
In 2022, the lung cancer segment had the biggest revenue share. This is a result of lung cancer becoming more common everywhere in the world. The most common type of cancer affecting most people worldwide is lung cancer. The International Agency for Research on Cancer reported that 1.8 million deaths occurred due to lung cancer in 2020. Around 18% of all cancer deaths worldwide are caused by lung cancer, making it the most common type of cancer.
Regional Analysis
In 2022, North America had the highest revenue share. This is because cancer cases are more common in North America, and Americans use cancer medications more frequently. The American Cancer Society stated that in the US in 2020, there were approximately 1.8 million new cancer diagnoses and 606,520 fatalities. Breast, prostate, lung cancer, and colorectal cancer are the most prevalent cancer in the US and impact most of the population. The Region's market growth has been aided by the availability of sophisticated healthcare infrastructure, increasing healthcare spending, and kind reimbursement policies. However, the number of cancer deaths has decreased by 29% in the US since 1991 due to the increased use of cancer medications.
However, Europe will be the most suitable market because of the rising number of cancer cases and cancer-related fatalities in Europe. The European Commission estimates that 2.7 million new instances of cancer and 1.3 million cancer-related deaths will occur in 2020.
Key Players
AMGEN, Inc.AbbVieAstellas Pharma Inc.BeiGeneAstraZeneca plcDr Reddy's LaboratoriesBayer AGCelgene CorporationBristol Myers SquibbDaiichi Sankyo Co. LtdGilead Science, Inc.Johnson & JohnsonEli Lilly and CoGSK plcIncyteMerck & Co., InRoche Holding AGNovartis International AGPfizer Inc.Sanofi SA.Takeda Pharmaceutical Company, Ltd.
In 2021, the oncology drugs market was USD 177.54 billion, and by 2030 it will reach USD 474.06 billion, growing at a 11.53% CAGR during the forecast period. The rise in cancer incidence is one of the main factors influencing the market for oncology drugs.
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