Bone cancer is malignant in nature which occurs due to the formation of tumor or cancerous cells in a bone. The formation can occur randomly in any bone of the body but majorly affecting the pelvis or the long bones of the arms and legs. Patients with bone cancer may experience the bone pain, swelling resulting in fatigue and weight loss.
The global bone cancer drug market is estimated to be valued at US$ 1,170.5 million in 2021 and is expected to exhibit a CAGR of 5.1% during the forecast period (2021-2028).
Figure 1.Global Bone Cancer Drug Market Share (%) in Terms of Value, By Type, 2021
Increasing prevalence of bone cancer is expected to drive the market growth during the forecast period.
Increase in prevalence of bone cancer is expected to drive the global bone cancer drug market growth over the forecast period. For instance, according to estimates by the American Society of Clinical Oncology, the U.S. is estimated to witness 3,610 new cases of bone cancer and an expected 2,060 deaths due to bone cancer in 2021.
|Base Year:||2020||Market Size in 2021:||US$ 1,170.5 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||5.1%||2028 Value Projection:||US$$ 1,564.0 Mn|
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 Pharmaceutical
|Restraints & Challenges:||
Figure 2.Global Bone Cancer Drug Market Share (%), By Distribution Channel, 2021
Increasing strategic alliances between the companies to develop or to expand the availability of drugs is expected to drive the market growth during the forecast period.
Key players in market focusing on inorganic growth strategies, which is expected to drive the market growth during the forecast period.
For instance, in December 2018, Amgen is one of the world's leading biotechnology companies focusing on the clinical development and commercialization of MP0310 by entering into a strategic collaboration agreement with Molecular Partners. MP0310 is a preclinical molecule designed to locally activate immune cells in the tumor by binding to FAP on tumor stromal cells (localizer) and co-stimulating T cells via 4-1BB (immune modulator).
Global Bone Cancer Drug Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of Coronavirus (COVID-19) has resulted in more than 198 million infected individuals worldwide as of August 2, 2021.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
Furthermore, players operating in the global bone cancer drug market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials required for manufacturing drug formulations due to irregularities in transportation. Moreover, distributors are experiencing irregular demand for products from the retailers due to an increase in the number of patients suffering from COVID-19 and other life threatening disorders.
Global Bone Cancer Drug Market: Restraint
The major factors that hinder growth of the global bone cancer drug market include lack of expertise and inadequate knowledge about bone cancer in few of the low and middle-income countries such as India, Kenya and higher cost involved in the treatment and diagnosis of bone cancer.
Major players operating in the global bone cancer drug market include 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 Pharmaceutical
Cancer is one of the most prevalent fatal chronic disorders with a high mortality rate due to its extremely invasive nature and prolonged duration of disease. Bone cancer is a type of cancer in which the bone tissues grows in an uncontrollable manner. The market of bone cancer is segmented on the basis of types of bone cancer, such as, primary bone cancer and secondary bone cancer. Primary bone cancer is the type of cancer that originates from rapid and uncontrollable growth of the bone and related tissues. Whereas, Secondary bone cancer is when a cancer that started somewhere else in the body has spread to the bones. The bone cancer is also classified as, osteosarcoma, ewing’s sarcoma, chondrosarcoma, chordomas, fibrosarcoma, and admantinomas.
The increasing launches of new drugs and regulatory approvals for bone cancer are expected to drive the market growth during the forecast period. For instance, in May 2020, Bristol Myers Squibb and bluebird bio announced that the companies received a Refusal to File letter from the US Food and Drug Administration (FDA) regarding the Biologics License Application (BLA) for idecabtagene vicleucel (ide-cel; bb2121) for patients with heavily pre-treated relapsed and refractory multiple myeloma, which was submitted in March 2020. Furthermore, in April 2016, Advaxis, Inc. received the Fast Tract designation from the US FDA for ADXS-HER2, an Lm Technology immunotherapy product which target HER2 expressing cancers for the treatment of surgically-resectable osteosarcoma. The US FDA’s Fast Tract designation enables the company to accelerate the development process further assisting the patients with rapid and better treatment.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.