Oncology Drugs Market

The global oncology drugs market is estimated to be valued at USD 231.56 BN in 2024 and is expected to exhibit a CAGR of 12.6% during the forecast period (2024-2031). Oncology drugs refer to medications that are used for treating cancerous tumors. The global oncology drugs market has been witnessing steady growth over the past few years owing to the rising prevalence of various types of cancers. According to the World Health Organization, the cancer burden has nearly doubled since 2000 and is expected to grow by 50% globally by 2040. The increasing incidences of lung cancer, colorectal cancer, breast cancer, and prostate cancer are the major factors fueling the demand for oncology drugs. Furthermore, the growing geriatric population and changing lifestyle habits such as tobacco smoking, alcohol consumption, poor diet, and lack of physical activity have also raised the risk of developing cancer which has augmented the sales of oncology medications. A robust pipeline of novel drug molecules and therapies along with the emergence of targeted therapies are further catalyzing market expansion. However, high treatment cost remains a bottleneck, restraining the broader adoption of cancer medications.

Market Dynamics:

The global oncology drugs market is driven by the rising prevalence of various cancer types worldwide. As per GLOBOCAN, an interactive web-based platform presenting global cancer statistics, there were around 19.3 million new cancer cases and 10 million cancer deaths globally in 2020. Lung cancer remains the leading cause of cancer death. The increasing demand for targeted therapies and easy availability of generic medications are providing huge growth opportunities in the market. However, factors such as stringent regulatory policies, high R&D costs involved in drug development, and frequent drug failures in clinical trials are impeding the market growth. Furthermore, patent expiry of blockbuster drugs is negatively impacting the revenues of major players. Nonetheless, emerging markets in Asia Pacific are opening up new avenues by offering potential future opportunities driven by growing awareness, healthcare spending, and demand for quality cancer treatment.

Key Features of the Study:

• This report provides an in-depth analysis of the global oncology drugs market, and provides market size (USD MN) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global oncology drugs market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study includes Pfizer Inc., Novartis AG, AstraZeneca PLC, Gilead Sciences Inc., Amgen Inc., Sanofi AG, F. Hoffmann-La Roche AG, Merck & Co., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., GSK plc, Ono Pharmaceutical Co., Ltd., Eli Lilly and Company, BeiGene LTD, Astellas Pharma Inc., AbbVie Inc., Takeda Pharmaceutical Company, and Daiichi Sankyo
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global oncology drugs market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global oncology drugs market

Market Segmentation

• Drug Type
• • Cytotoxic Drugs
    • Alkylating Agents
    • Antimetabolites
    • Others
  • Targeted Drugs
    • Monoclonal Antibodies
    • Tyrosine Kinase Inhibitors
    • Others
  • Hormonal Drugs
    • Ovarian Function Blockers
    • Estrogen Production Blockers
  • Others
• Cancer Type:
• • Lung Cancer
  • Breast Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Blood Cancer
  • Bladder Cancer
  • Other
• Therapy:
• • Chemotherapy
  • Targeted Therapy
  • Immunotherapy
  • Others
• Route of Administration:
• • Oral
  • Parental
    • Intramuscular 
    • Intravenous 
    • Subcutaneous 
• Distribution Channel:
• • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
• Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
• • Pfizer Inc.
  • Novartis AG
  • AstraZeneca PLC
  • Gilead Sciences Inc.
  • Amgen Inc.
  • Sanofi AG
  • F.Hoffmann-La Roche AG
  • Merck & Co.
  • Bristol-Myers Squibb Company
  • Regeneron Pharmaceuticals Inc.
  • GSK plc
  • Ono Pharmaceutical Co., Ltd.
  • Eli Lilly and Company
  • BeiGene LTD
  • Astellas Pharma Inc.
  • AbbVie Inc.
  • Takeda Pharmaceutical Company
  • Daiichi Sankyo