The pharmaceutical sector has made significant strides in recent years, increasing the treatment options for cancer. Global demand for cancer medications has grown with the rising rate of cancer. Oncology drugs are frequently used in the diagnosis 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 market for oncology drugs was worth USD 177.54 billion, and by 2030 it will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period.

The market for oncology drugs is propelled by the rising incidence of different cancers, increased demand for biological and targeted medicinal therapy, ongoing patent expirations of important cancer medications, and the expanding influence of biosimilars.

Market Dynamics

Drivers

Globally, there is a rise in cancer cases. Studies show that since 2000, cancer cases have increased by 4.5% each year. According to the WHO, more than 400,000 kids are diagnosed with cancer yearly. The American Cancer Society estimates 89,000 adolescents and young adults died from cancer in 2010. The American Cancer Society’s findings show that between 1991 and 2019, the death rate decreased by 32%.

Furthermore, the oncology drugs market is driven by the increasing emphasis on developing targeted therapies, such as CAR-T cell therapies, to provide a more pronounced therapeutic effect.

Restraints

The expense of oncology drugs, particularly in low- and middle-income countries, and possible adverse effects from various cancer therapies, such as bone density loss, may prove to be difficult issues for the growth of the oncology drugs market.

Opportunity

The pharmaceutical sector has relied on market expansion through several merger and acquisition agreements. Bristol Myers Squibb announced in June 2022 that it would acquire Turning Point Therapeutics for USD 4.1 billion, primarily for its cancer drugs elzovantinib and repotrectinib. With the intention of creating medications to combat uncommon forms of cancer, GSK was in the process of purchasing Sierra Oncology for USD 1.9 billion in April 2022.

Market Segmentation

By Drug Class

On the basis of the class of drugs, the market is segmented into target drugs, cytotoxic drugs, hormonal drugs, monoclonal antibodies, and others.

The targeted therapy was the biggest market leader and will expand at an 8.14% CAGR. The significant rise in the use of targeted therapy is mostly attributable to the identification of molecules that cancer cells express as targets. Several targeted medicines have received approval for use in the management of cancer. Inhibitors of signal transduction, gene expression, inducers of apoptosis, blockers of angiogenesis, hormone therapies, immunotherapies, and toxin delivery agents are some of the medicines that fall under this category.

By Indication

On the basis of indication, the market is segmented into prostate cancer, colorectal cancer, lung cancer, kidney cancer, bladder cancer, stomach cancer, breast cancer, liver cancer, cervical cancer, and esophagus cancer.

The breast cancer segment ruled the entire market with significant revenue share and will expand at an 8.18% CAGR. The adoption of an unhealthy lifestyle, a patient’s genetic profile, the increase in the number of female geriatrics, and radiation exposure are all factors in the rising incidence rate of breast cancer. Also, the market has grown as a result of unhealthy lifestyles, the rise in the number of older women, the likelihood of exposure to dangerous radiation, and the growing number of government programs.

The prostate cancer segment will expand at an 8.4% CAGR during the forecast period. Numerous regional businesses have introduced novel goods to diversify their portfolios, accelerating market growth.

Regional Analysis

North America is the biggest regional market and will expand at a 6.20% CAGR during the forecast period. The market will continue to grow due to factors such as the availability of excellent treatment choices, increased product approvals, and greater public awareness of early cancer detection. Also, many new cancer medications have been develop in this region of the world due to the quick advances in tumor biology, genetics, and immunology. Furthermore, the availability of numerous drugs already in the pipeline, including perfect drugs currently in the late stages of development, will present a profitable potential for market expansion.

Key Players 

• AstraZeneca plc
• Bayer AG
• Astellas Pharma Inc.
• BeiGene
• Dr Reddy’s Laboratories
• Gilead Science, Inc.
• Bristol Myers Squibb
• AbbVie
• AMGEN, Inc.
• Incyte
• Johnson & Johnson
• Celgene Corporation
• Daiichi Sankyo Co. Ltd
• Sanofi SA.
• Takeda Pharmaceutical Company, Ltd.
• GSK plc
• Novartis International AG
• Pfizer Inc.
• Eli Lilly and Co
• Merck & Co., In
• Roche Holding AG

In 2021, the market for oncology drugs was worth USD 177.54 billion, and by 2030. It will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period. Factor boosting the market growth is the rising incidence of cancer. Which demands rapid attention due to the damage it can cause to vital organs and general body functioning.

Related Reports:

Power Tools Market Report – The global power tools market will witness a robust CAGR of 5.13%, valued at $35.63 Billion in 2021, expected to appreciate and reach $55.89 Billion by 2030, confirms Strategic Market Research. The power tools are widely use in various applications and functionalities such as assembly. And production lines, repair and maintenance, DIY, and many other packaging jobs.