USD 105.97 billion
Oncology Drugs Market Size, Share, Growth Analysis, By Drug Class(Cytotoxic Drugs [Alkylating Agents, Antimetabolites, Others], Targeted Drugs [Monoclonal Antibodies), By Therapy(Chemotherapy, Targeted Therapy, Immunotherapy), By Indication(Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer), By Dosage Form(Solid [Tablets, Capsules], Liquid, Injectable [Prefilled Syringes), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2087 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
61
|Figures:
75
Oncology Drugs Market Insights
Oncology Drugs Market size was valued at USD 119 billion in 2022 and is poised to grow from USD 133.64 billion in 2023 to USD 338.04 billion by 2031, at a CAGR of 12.3% during the forecast period (2024-2031)
The increasing global burden of cancer, which is at least in part attributable to the aging population, changing lifestyles and environmental exposures, drives the quest for new treatment strategies and the global oncology drugs market. This growing clientele nurtures the need for continuous research and development efforts in the various cancers and additional unmet medical needs. Also, a huge advancement in the development of cancer therapeutics is due to scientific and technological advancements especially in areas like molecular biology, genomics and immunotherapy. Developmental efforts in oncology drugs are directed with the help of precision medicine strategy aimed at certain genetic alterations that promote the onset of cancer. These approaches are gaining development and therefore are leading to the development of more active and less harmful drug formulations.
Nonetheless, the large-scale and costly manufacture of cancer drugs often requires considerable investments in preclinical studies, clinical testing, and regulatory endorsement which may curtail utilization of cancer drugs. It is expected that advancements in technology and drug discovery, coupled with the challenges posed by cancer and its treatment side effects, will hamper the growth of the market. However, the increasing adoption of precision medicine techniques which are powered by advancements in genomics, molecular biology and biomarker exploration presents a lucrative opportunity for the global oncology drugs market. As a result, these factors are anticipated to propel growth during the forecast period for the oncology/cancer medications market.
US Oncology Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Chemotherapy
Fastest Growth
Chemotherapy
Growth Rate
12.3% CAGR
Global Oncology Drugs Market ($ Bn)
Country Share for North America Region (%)
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Oncology Drugs Market Segmental Analysis
Global Oncology Drugs Market is segmented by Drug Class, Therapy, Indication, end user and region. Based on Drug Class, the market is segmented into Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, Others. Based on Therapy, the market is segmented into Chemotherapy, Targeted Therapy, and Immunotherapy. Based on Indication, the market is segmented into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others. Based on Dosage Form, the market is segmented into automotive, consumer electronics, healthcare, agriculture, manufacturing, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Drug Class
As per categorization by drug class, the market is classified as chemotherapy, targeted therapy, immunotherapy (biologic therapy), and hormonal therapy. Among these, the targeted therapy earned the largest share and continues to dominate the global oncology drugs market share. Targeted therapy is rapidly transforming the global oncology drugs market through innovations that enhance treatment precision and minimize side effects. Emphasizing certain molecular targets evident in relation to cancers helps to enhance the outcomes and survival rates of patients. The targeted therapies occupy the center stage due to their capacity to individualize therapy according to genetics as a result improving the outcomes. Additionally, the other relative factors that are facilitating the growth and incorporation of targeted therapies in cancer are the discovery of biomarkers and system therapy.
The chemotherapy drug class is poised to be the fastest-growing segment in the global oncology drugs market due to its established efficacy in treating various cancers and ongoing advancements in formulation and delivery methods. New treatments or therapies such as targeted delivery systems and combination therapies are improving the efficacy of classical chemotherapeutic agents and decreasing their adverse effects. In addition, the demand for chemotherapy is experiencing a surge owing to the rising cancer prevalence worldwide, increasing patient awareness, and greater access to health care. The extent of chemotherapy is used in the treatment of several cancers and chemotherapy’s concurrent use with new treatment approaches cements treatment with chemotherapy as a primary means of combating malignancies hence the market is thriving strongly.
Analysis by Indication
Current innovations in lung cancer treatment are significantly shaping the global oncology drugs market, with advancements in targeted therapies, immunotherapies, and combination treatments. The progress in the comprehension of the biology of lung cancer has resulted in consequent novel therapies which are intended at genetic mutation correction and enhancing immune response. The market, however, is largely dominated by lung cancer indications due to its high prevalence and mortality rates, making it a key area of research as well as drug development. Further, the increasing focus on personalized treatment along with favorable regulations for new drugs developed stimulation for more lung cancer treatment innovations.
Breast cancer indications are expected to be the fastest-growing segment in the global oncology drugs market due to the rising incidence of the disease and the increasing demand for targeted and personalized therapies. Improvements in genomic profiling have paved the way for the creation of new treatments targeted to specific cancer subtypes, increasing treatment effectiveness and patient benefits. Furthermore, the increasing awareness and screening programs have made possible earlier detection, which has in turn expanded the population requiring therapy. The strong pipeline of new drugs including those developed for immunotherapy or for use in combination with other therapeutic agents is creating investments and developments in breast cancer.
Global Oncology Drugs Market By Type
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Oncology Drugs Market Regional Insights
North America is currently dominating the global oncology drugs market due to its advanced healthcare infrastructure, robust research and development capabilities, and high levels of investment in biotechnology and pharmaceuticals. Given the presence of significant pharmaceutical firms as well as the establishment of many research centers, the environment encourages progression resulting in new oncology drugs developed and approved in no time. Furthermore, rising cancer incidence and the increasing older demographic are also responsible for the increasing need for effective therapies. Such policies are conducive to market penetration. Furthermore, that region is spearheading technological advancements in Oncology due to its focus on precision medicine and personalized treatment approaches, further boosting the global oncology drugs market share.
Europe is emerging as the fastest-growing region in the global oncology drugs market, driven by a combination of increasing cancer incidence, heightened awareness, and advancements in treatment options. As a result of significant public and private investment, the region is also characterized by a zeal for research and innovation that enables the emergence of new treatment options and clinical studies. Moreover, the initiatives advocating for personalized medicine as well as more efficient regulatory processes allow for timely introduction of innovative therapies. A growing partnership among the biopharmaceutical sector, health services and academic institutions promoting the development of new cancer therapies makes Europe a strategic region in the management of the cancer epidemic in the world.
Global Oncology Drugs Market By Geography
- Largest
- Fastest
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Oncology Drugs Market Dynamics
Oncology Drugs Market Drivers
Increasing Cancer Incidence
- The growth of the global oncology drugs market is mainly due to the growing number of cancer incidences worldwide. The factors contributing to the increasing cancer incidence include the aging population, changing lifestyles and ecology. And with this increasing prevalence comes the cry for the development and availability of efficient oncology therapies which in turn augments the market and drives innovations.
Advancements in Precision Medicine
- Advancements in precision medicine are transforming cancer treatment paradigms and significantly driving the global oncology drugs market. Due to understanding one’s genomic make-up and identifying clinical biomarkers, personalized treatments can be developed which are more efficient with fewer adverse effects. The transition to therapeutic modalities of this kind generates more funding and innovative solutions for drug research and development in oncology.
Restraints
Limited Patient Access to Innovative Treatments
- One of the major hindrances for the growth of the market is the limited availability of novel oncology therapies for patients. Inequities in health care systems and their resources, especially in developing and underdeveloped economies, can limit the reach of cutting-edge treatment solutions. Furthermore, differences in insurance plans and reimbursement strategies may also limit access, thereby affecting the acceptance of treatment.
Adverse Effects and Treatment Resistance
- Both adverse effects of oncology drugs and the development of resistance to treatment pose great challenges for the market. Side effects may be so pronounced that patients could stop treatment or lower compliance. In addition, processes such as the appearance of drug-resistant cancer cells reduce the efficacy of treatment and increase the difficulty of control, which may also impede the global oncology drugs market growth.
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Oncology Drugs Market Competitive Landscape
The global oncology drugs market features a high level of competition primarily due to the presence of many pharmaceutical companies that are into the development and manufacture of advanced treatment solutions. The notable players in this market include Roche, Novartis, Pfizer, Merck & Co., and Bristol-Myers Squibb who are all doing R&D aimed at improving specific and immune therapies. In a bid to strengthen their product lines and widen their markets, companies frequently form strategic alliances, engage in mergers and acquisitions which in turn leads to rapid enthusiasm for new developments in cancer therapies.
Oncology Drugs Market Top Player’s Company Profiles
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Amgen (US)
- Novartis AG (Switzerland)
- Bristol-Myers Squibb Company (US)
- Pfizer Inc. (US)
- Astellas Pharma Inc. (Japan)
- Johnson & Johnson (US)
- AstraZeneca plc (UK)
- AbbVie Inc. (US)
- Merck & Co., Inc. (US)
- Eli Lilly and Company (US)
- Sanofi S.A. (France)
- Gilead Sciences, Inc. (US)
- Regeneron Pharmaceuticals, Inc. (US)
- Incyte Corporation (US)
- Vertex Pharmaceuticals Incorporated (US)
- Seagen Inc. (US)
- Blueprint Medicines Corporation (US)
- Mirati Therapeutics, Inc. (US)
- Xencor, Inc. (US)
- NantKwest, Inc. (US)
- Zymeworks Inc. (Canada)
- Karyopharm Therapeutics Inc. (US)
- Exelixis, Inc. (US)
Oncology Drugs Market Recent Developments
- In September 2024, Roche declared auspicious results from a Phase III clinical trial for its novel drug tiragolumab. The research showed considerable improvements in progression-free survival rates in patients with non-small-cell lung cancer. This supports Roche’s dedication to the development of novel targeted therapies for cancer and improving the quality of life for patients.
- In October 2024, Merck & Co. announced that the Food and Drug Administration has granted regulatory authorization for a new combination stacked therapies of Keytruda with a new chemotherapy drug directed against triple negative breast cancer. This latest news is a great improvement in the treatment of this cancer sub-type, which is known to be aggressive in nature, with the aim of raising the survival rates as well as expanding the scope of Merck’s oncology business.
- In November 2024, AstraZeneca has revealed the commercialization of a new advanced prostate cancer precision medicine, emphasizing its dedication to progressive treatment options. This medication, which is in the third line treatment of the disease, will be effective for localized forms of the cancer that possess a particular genetic mutation in mortality.
Oncology Drugs Key Market Trends
- Rising Demand for Personalized Medicine: The worldwide market for oncology pharmaceuticals is progressively on the verge of change as it is transitioning towards more personalized medicines due to the increase in the genetic profiling and identification of biomarkers. Customized therapies are increasingly being integrated into treatment regimens as they tend to improve efficiency and reduce complication; hence, a better outcome for the patients and a resulting increase in the interest for the targeted therapies.
- Increased Focus on Immunotherapy: There is a growing emphasis on immunotherapy in the global oncology drugs market, as innovative treatments harness the body’s immune system to fight cancer. The advancement in clinical practices and increase in approvals, which supports confidence in clinical procedures, has made immunotherapy an area of great interest to pharmaceutical players who want to change the landscape of cancer treatment for good.
Oncology Drugs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global oncology drugs industry is anticipated to witness robust growth acceleration owing to the rising rate of cancer cases, the adoption of progressive precision medicine techniques and the need for new treatment modalities. However, even as a high cost of development and poor patient population access present barriers to the market, there are advances being made, especially in targeted and immune therapies, through research and development.
Regions such as North America are at the forefront while Europe is a target market, and the industry is changing to meet the needs for healthcare services that are not available. The rise of personalized medicine is a welcome development in the field of oncology therapeutics and holds increased hopes for future treatment possibilities.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 119 billion |
| Market size value in 2031 | USD 338.04 billion |
| Growth Rate | 12.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oncology Drugs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oncology Drugs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oncology Drugs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oncology Drugs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oncology Drugs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oncology Drugs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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