The global Oncology Drugs Market is estimated to be valued at US$ 133.64 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oncology drugs are used to treat various types of cancer. They either kill cancer cells or slow their growth. Major classes of oncology drugs include chemotherapy drugs, targeted therapy drugs, immunotherapy drugs, and hormonal therapy drugs.
Market key trends:
One of the key trends in the oncology drugs market is the rising demand for targeted therapy drugs. Targeted therapy drugs attack specific vulnerabilities within cancer cells that are critical to their growth and survival. As these drugs have less side effects than chemotherapy drugs, they are gaining popularity among cancer patients. Some of the major targeted therapy drugs available are trastuzumab, cetuximab, bevacizumab, and imatinib. Introduction of these drugs and development of newer targeted therapies will likely drive growth of the oncology drugs market during the forecast period.
Market key trends:
The oncology drugs market is witnessing increasing prevalence of cancer worldwide. As per WHO data, cancer was responsible for nearly 10 million deaths in 2020 and is one of the leading causes of mortality globally. With rising awareness about early detection and treatment of cancer, coupled with growing focus of pharmaceutical companies on developing targeted cancer drugs, the demand for oncology drugs is growing rapidly. Advanced technologies are enabling development of personalized medicines tailored to individual patients’ genetic profile and cancer characteristics, opening up exciting opportunities in this market.
SWOT Analysis
Strength: Presence of large number of clinical trials evaluating efficacy of new oncology drugs provides steady flow of novel therapies.
Weakness: High cost of drug development and lengthy approval process increases financial burden on drug makers.
Opportunity: Rising healthcare expenditure in emerging nations is facilitating greater accessibility and affordability of premium cancer treatments.
Threats: Expiry of patents for blockbuster drugs results in lower revenues for companies; stringent regulations add to compliance burden.
Key Takeaways
The global Oncology Drugs Market Share is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of cancer worldwide. The market size for 2023 is US$ 133.64 Bn.
Regional analysis: North America currently dominates the oncology drugs market owing to presence of major pharmaceutical players and advanced healthcare infrastructure for cancer treatment in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period supported by rising healthcare spending, growing middle class population and increasing focus of global players in emerging countries.
Key players operating in the oncology drugs market are Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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