Cancer drugs, also referred to as antineoplastic drugs or chemotherapeutic agents, are chemical substances used to treat malignant cancers. Some key cancer drugs include paclitaxel, docetaxel, gemcitabine, carboplatin, trastuzumab, rituximab, and imatinib. Cancer drugs work by slowing or stopping the growth of cancer cells, either by killing the cells or stopping them from dividing and proliferating. Common types of cancer where drugs are used include lung cancer, breast cancer, leukemia, lymphoma, colorectal cancer, and prostate cancer among others. The global cancer drugs market has witnessed significant growth due to the increasing incidence of cancer worldwide. Cancer is one of the leading causes of death globally and according to the World Cancer Research Fund, around 19.3 million new cases of cancer were reported in 2020.
The global Cancer Drugs Market is estimated to be valued at US$ 154.4 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increase in cancer incidence is one of the key drivers propelling the growth of the cancer drugs market. As per the estimates provided by the World Health Organization (WHO), the number of new cancer cases diagnosed each year is expected to rise from 14 million in 2012 to 22 million within the next two decades, driving the demand for effective treatment options. Additionally, rising investments in R&D activities from key players for developing novel targeted therapies and personalized medicines for treating cancer is also fueling market growth. For instance, Novartis invested over $9 billion in 2020 on R&D activities for oncology and developing next-generation cancer treatments. Moreover, growing awareness regarding importance of early cancer diagnosis and treatment along with government support is encouraging the adoption of cancer drugs thereby contributing to the market expansion over the forecast period.
Segment Analysis
The global cancer drugs market size is segmented based on drug class, indication, distribution channel, and region. The oncology drugs segment dominates the market and is expected to maintain its dominance over the forecast period. This is due to the increasing prevalence of cancer and rising demand for effective drugs to treat cancer.
PEST Analysis
Political: Governments across the world are taking various initiatives to increase awareness about cancer prevention and treatment. They are also introducing favorable regulations and reforms to boost R&D activities for developing novel cancer drugs.
Economic: Rising healthcare expenditures, growing disposable incomes, and increasing focus on cancer screening and diagnosis are fueling the market growth. However, high drug development costs and pricing pressures may hamper the market growth.
Social: Growing cancer awareness initiatives by governments and nonprofit organizations are encouraging people to adopt timely prevention and treatment. Changing lifestyles and increased risk of cancer due to smoking, alcohol consumption, and obesity are also propelling the demand for cancer drugs.
Technological: Continuous investments in R&D are leading to development of innovative drug formulations, advanced drug delivery systems, and targeted cancer therapies. Development of precision medicines and immunotherapies offers lucrative opportunities.
Key Takeaways
The global cancer drugs market is expected to witness high growth over the forecast period. Regionally, North America dominated the market in 2023 owing to growing prevalence of cancer, developed healthcare infrastructure, and rising government funding for cancer research.
Regional analysis
North America is expected to maintain its dominance during the forecast period owing to growing geriatric population, presence of advanced healthcare facilities, and rapid adoption of novel therapies. Furthermore, favorable reimbursement policies and rising government support for cancer research are fueling market growth in the region.
Key players operating in the cancer drugs market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. Key players are focusing on new product launches, collaborations, and acquisitions to strengthen their market position and expand their geographic presence.