ONCOLOGY DRUGS MARKET ANALYSIS

Cancer is a class of chronic disease that is characterized by uncontrolled growth of cells. The most common cancer types are breast cancer, lung cancer, colorectal cancer, uterine cancer, and thyroid cancer. The three main types of drugs used for cancer, based on their mechanism of action, are cytotoxic drugs, targeted drugs, and hormonal drugs. Oncology drugs market has witnessed tremendous growth in the recent past, owing to increasing drug approvals and emergence of biosimilar products for cancer treatment. Furthermore, increasing healthcare expenditure for cancer by the key players has led to growing research and development activities for developing new cancer drugs that are highly effective and with least side-effects.

Global oncology drugs market size was valued at US$ 119.0 Billion in 2022 and is expected to witness a CAGR of 12.3% over the forecast period (2022 – 2030).

Figure 1. Global Oncology Drugs Market Share (%), by Drug Type, 2022

Increasing preference of immunotherapy for the treatment of cancer is driving the oncology drugs market growth.

Manufacturers are engaged in new projects, targeting diseases with no existing oncology drugs for various age groups, to meet the needs of affected people in emerging economics. This would help the companies to sustain in their oncology drugs business for long-term.

For instance, on June 28, 2022, Astella, a Japan based multinational pharmaceutical company and Sutro Biopharma, a public biotechnology company, announced a strategic collaboration and licensing agreement focused on the discovery and development of novel immunostimulatory antibody-drug conjugates (iADCs). The collaboration strengthened the greater cancer-fighting potential of iADCs as a novel modality, enabled by Sutro’s ability to engineer complex conjugated antibodies, and Astellas’ global oncology research and development expertise.

Moreover, in January 2020, Merck, an US based multinational pharmaceutical company, announced  a worldwide research collaboration and license agreement with Taiho Pharmaceutical Co, Ltd., a Japan based pharmaceutical company and Astex Pharmaceuticals (U.K.), a pharmaceutical company and wholly owned subsidiary of Otsuka Pharmaceutical Co., Ltd. ,focused on the development of small molecule inhibitors against several drug targets, including the KRAS(Kirsten rat sarcoma viral oncogene homolog.) oncogene, which are being investigated for the treatment of cancer. Under the terms of the agreement, Merck, Taiho and Astex would combine preclinical candidates and their data with knowledge and expertise from their respective research programs.

Figure 2. Global Oncology Drugs Market Share (%), by Region, 2022

Presence of key market players and increasing drug approvals are attributing to the highest share of North America market in the global oncology drugs market.

Increasing research and development activities by key players in market for developing global oncology drugs is expected to drive market growth over the forecast period. For instance, in June 2019, Aurobindo Pharma, an India based multinational pharmaceutical manufacturing company launched its first set of oncology, respiratory, complex injectables and topical products in the U.S. in the upcoming years as part of plans to build a robust specialty products portfolio.

Global Oncology Drugs 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 had declared it a public health emergency on January 30, 2020.

The sudden outbreak of COVID-19 has bought the world to a standstill. The whole world is fighting this pandemic with increased burden on hospitals and healthcare professionals. In March 2021, according to Blood cancer U.K., a UK-based charity organization, conducted a virtual survey in which 47% of respondents reported that their blood cancer appointments and treatment had been impacted in some manner by the pandemic whereas 45% had not due to appointment cancellations or postponement.

Global Oncology Drugs Market: Key Developments

• In July 2020, Aichi Cancer Center and NEC Corporation, a Japan based multinational information technology and electronics corporation, announced the launch of fundamental research aiming to realize the word of advanced personalized cancer immunotherapy by improving the performance of NEC’s neoantigen prediction system and developing predictive biomarkers for patient stratification through the fusion of Artificial intelligence and experimental immunology
• For instance, in June 2021, Bayer, a German based multinational pharmaceutical and biotechnology company, acquired Noria, a radiotherapy company and PSMA Therapeutics, a subsidiary of Noria, to expand product pipeline in prostate cancer. In this agreement Bayer had exclusive rights to differentiate alpha radionuclide investigational compound based on actinium-225 and a small molecule directed towards prostate-specific membrane antigen (PSMA).
• For instance, in April 2019, Emcure Pharmaceuticals, an India based multinational pharmaceutical company, launched a generic metastatic breast cancer treatment medicine under the brand name Eribilin in India

Oncology Drugs Market Restraints

The adverse effect and patent expiry of various oncology drugs is a concern for various funding agencies and players in both public and private sectors.

The drugs used in chemotherapy kill the cancer cells thereby causing harm to normal cells of the body which lead to various adverse effects in bone marrow suppression, gastrointestinal disorder, fatigue, skin disorder, hair loss and other major adverse effects, which is likely to hinder growth of the global oncology drugs market.

Some common side effects of oncology drugs are constipation, symptoms affecting the mucous membranes of the eyes, and swelling.

Key Players

Key players operating in the global oncology drugs market include 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.