Number of pages: 100 | Report Format: PDF | Published date: February 08, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global oncology drugs market was valued at US$ 135 billion in 2021 and is expected to witness a CAGR of 10.9% to reach US$ 342.54 billion by 2030.
Oncology Drugs Market Fundamentals
The oncology drugs market has seen significant revenue growth in recent years due to advancements in cancer research and the rising prevalence of cancer worldwide. Newer targeted therapies and immunotherapies have improved treatment outcomes and increased patient survival rates. Additionally, the increasing emphasis on early cancer diagnosis and personalized medicine is expected to drive market revenue growth in the coming years. Mergers and acquisitions among pharmaceutical companies and partnerships with biotech firms have also been a trend in the industry.
However, high drug prices and the increasing number of generics entering the market are impacting the overall market revenue growth. While oncology drugs have improved survival outcomes for many cancer patients, they can also come with significant side effects. Besides, the development of new oncology drugs is a complex and lengthy process, requiring significant investment and regulatory hurdles.
Oncology Drugs Market Dynamics
The rising prevalence of cancer, which is the second most common cause of death, is a major factor driving revenue growth in the global oncology drugs market. Moreover, tobacco consumption, alcohol consumption, unhealthy diet, and lack of physical exercise are also increasing the cancer patient pool. The rise in the number of research and development projects related to early diagnosis and treatment of cancer is fueling revenue growth in the oncology drugs market. Additionally, the rise in the innovation and development of new therapies for cancer, such as immunotherapy, targeted therapy, and hormone therapies, is increasing the demand for oncology drugs. The increase in the development of novel drugs, such as inhibitors and biologics with a large drug pipeline, is playing a pivotal role in propelling the revenue growth of the oncology drugs market. Furthermore, an increase in government and non-governmental initiatives to spread awareness regarding early diagnosis and treatment of cancer is supporting the revenue growth of the global oncology drugs market.
However, the high treatment cost and side effects are the major factors restricting the revenue growth of the oncology drugs market. Moreover, the stringent government regulations and the high cost involved in drug development are also hindering the oncology drugs market revenue growth.
Oncology Drugs Market Ecosystem
The global oncology drugs market has been analyzed from six perspectives: drug class, indication, therapy, dosage form, distribution channel, and region.
Oncology Drugs Market by Drug Class
Based on drug class, the global oncology drugs market is segmented into cytotoxic drugs, targeted drugs, hormonal drugs, and others.
The targeted drugs segment accounted for the largest revenue share of the global oncology drugs market in 2021. The targeted drugs segment is further sub-segmented into monoclonal antibodies and others. The large share of the targeted drugs segment can be attributed to the rising preference for targeted therapy over other drugs, as these drugs act on the specific site of cancer. Moreover, the rise in the study of genomics is boosting the research related to targeted drugs, as this drug targets a specific part of cancer cell proteins or genes that help cancer growth. Additionally, with the rise in the approval of small molecule medicines and monoclonal antibodies in 2020, FDA approved 10 new monoclonal antibodies, thus propelling the segment revenue growth. Moreover, the rise in the demand for precision medicine is also playing a pivotal role in segment revenue growth.
Oncology Drugs Market by Indication
Based on indication, the global oncology drugs market is segmented into lung cancer, breast cancer, prostate cancer, colorectal cancer, stomach cancer, and others.
The breast cancer segment accounted for a significant revenue share of the global oncology drugs market in 2021. The dominating share of breast cancer can largely be attributed to the increased prevalence of breast cancer worldwide. According to the WHO, breast cancer is the most common type of cancer, and there were around 2.26 million new cases globally in 2020. Moreover, the rising geriatric population, tobacco smoking, alcohol consumption, and obesity are also increasing the patient population. The rising investments by top players in R&D related to breast care are also boosting revenue growth in the segment.
Oncology Drugs Market by Therapy
Based on therapy, the global oncology drugs market is segmented into chemotherapy, targeted therapy, and immunotherapy.
The chemotherapy segment dominated the global oncology drugs market with the largest revenue share in 2021. Chemotherapy is considered the first line of treatment for most cancers. Moreover, the overall chemotherapy procedure is more cost-effective compared to other treatments, which also plays a significant role in the revenue growth of the segment. Additionally, chemotherapy has been used in combination with other therapies, which also increases the demand for this therapy.
Oncology Drugs Market by Dosage Form
Based on dosage form, the global oncology drugs market is segmented into solid, liquid, and injectables.
The injectable segment accounted for the largest revenue share of the global oncology drugs market in 2021. Injectable oncology drugs are delivered directly into the bloodstream, allowing for more rapid and concentrated distribution to the target area, such as a tumor. Injectable drugs can be designed to specifically target cancer cells, reducing the impact on healthy cells, and decreasing the severity of side effects. The rise in the development of new biologics for cancer is fueling segment revenue growth. Moreover, the adoption of advanced technologies in injectables is also driving revenue growth.
Oncology Drugs Market by Distribution Channel
Based on distribution channel, the global oncology drugs market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others.
The hospital pharmacies segment dominated the global oncology drugs market with a large revenue share in 2021. The overall frequency of diagnosis of cancer is more in hospitals, thus increasing the number of prescriptions. Furthermore, most oncology drugs require professional help for administration, which is further boosting the segment revenue growth.
Oncology Drugs Market by Region
Based on region, the global oncology drugs market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominated the global oncology drugs market in 2021, followed by Europe and Asia Pacific. The increased prevalence of cancer, coupled with the growing geriatric population, is playing a significant role in regional revenue growth. Additionally, a rise in the investments in R&D related to cancer by major players is further boosting market revenue growth. The increase in total expenditure on healthcare and the growing awareness about early diagnosis and treatment of cancer are propelling regional revenue growth.
Oncology Drugs Market Competitive Landscape
The prominent players operating in the oncology drugs market are:
Oncology Drugs Market Strategic Developments
The global oncology drugs market is expected to reach US$ 342.54 billion by 2030.
The global oncology drugs market is estimated to register a revenue CAGR of 10.9% during the forecast period.
Bristol-Myers Squibb Company, Merck & Co Inc., Bayer AG, Novartis AG, and Sanofi S.A are among the top market players.
The rise in research and development activities in the field of cancer and innovation related to biologics are the key trends in the oncology drugs market.
The chemotherapy segment accounts for the largest revenue share of the global oncology drugs market.
*Insights on financial performance are subject to the availability of information in the public domain