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.
Oncology Drugs Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2021 | Market Size in 2022: | US$ 119.0 Bn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 12.3% | 2030 Value Projection: | US$ 301.8 Bn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
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. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
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
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.
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients