Bone cancer drugs are used for treatment of primary bone cancers like osteosarcoma and chondrosarcoma. These drugs helps in slowing down the growth and spread of cancer cells with reduced side effects.
The global Bone Cancer Drugs Market is estimated to be valued at US$ 1,286.4 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend in the bone cancer drugs market is increasing research and development activities for development of targeted drug therapies. Targeted drug therapies helps in attacking specific cancer cells with minimal damage to normal cells. For instance, Denosumab, a monoclonal antibody targets receptor activator of nuclear factor kappa-B ligand (RANKL) which plays a key role in formation and activation of osteoclasts responsible for bone destruction. Clinical trials have demonstrated that Denosumab helps in delaying the occurrence of skeletal related events like pathological fractures in cancer patients with bone metastases.
Market key trends:
One of the major trends in the bone cancer drugs market is the increasing adoption of targeted therapy. Targeted therapy is more effective with fewer side effects than chemotherapy. Drugs like Denosumab that blocks RANK ligand, a protein essential for osteoclast formation, function and survival, thereby inhibiting bone destruction are becoming popular. Another trend is the rise in personalized medicine approach which involves testing of patient’s tumor for specific gene mutations and selecting a drug that specifically targets the mutation. This precise approach has improved survival rates and quality of life of patients.
SWOT Analysis
Strengths: Strong pipeline of novel candidates, rise in approval of advanced drugs, improved clinical outcomes
Weaknesses: High cost of treatment, adverse effects associated with drugs, difficulties in clinical trials
Opportunities: Rising incidence of bone cancer, untapped emerging markets, growth in funding for research
Threats: Stringent regulatory landscape, patent expiries of blockbuster drugs, availability of alternative treatment
Key Takeaways
The global Bone Cancer Drugs Market is expected to witness high growth at a CAGR of 5.2% over the forecast period of 2023 to 2030. The market was valued at US$ 1,286.4 Mn in 2023.
Regional analysis: North America dominates the bone cancer drugs market currently due to established healthcare infrastructure, faster adoption of advanced technologies and presence of key market players in the region. Asia Pacific is anticipated to grow at a highest pace during the forecast period owing to rising cases of bone cancer, growing disposable incomes and improving access to healthcare in developing countries of the region.
Key players: Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceuticals are the major players operating in the bone cancer drugs market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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