Oncology Drugs Market to Surpass US$ 196.2 Billion by 2026 - Coherent Market Insights

Published On : Nov 30, -0001

The Global Oncology Drugs Market, by Drug Type (Cytotoxic Drugs (Alkylating Agents, Antimetabolites, and Others), Targeted Drugs (Monoclonal Antibodies, Tyrosine Kinase Inhibitors, and Others), and Hormonal Drugs (Ovarian Function Blockers, Estrogen Production Blockers, and Estrogen’s Effect Blockers (Selective Estrogen Receptor Modulators (SERMs) and Others)), by Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Blood Cancer, Bladder Cancer, and Others), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 77.3 billion in 2018 and is projected to exhibit a CAGR of 12.3% over the forecast period (2018 – 2026) as highlighted in a new report published by Coherent Market Insights.

The global oncology drugs market is one of the fastest growing market in overall pharmaceutical and biotech market. Major reasons for growth of this market are,

  • Increasing prevalence of various types of cancer worldwide
  • Increasing early stage detection rate of cancer
  • Robust pipeline of drugs and biologics-based products and increased number of oncology drugs receiving regulatory approvals
  • Increasing investment by the pharmaceutical companies in research and development of oncology drugs
  • Increasing number of blockbuster drugs going off patent resulting in entry of new generics and biosimilars in the market
  • Growing commercial tie ups amongst key players for either drug development, marketing, or distribution of the product

Cancer is one of the deadliest disease with less chance of survival as the disease progresses. International Agency for Research on Cancer published GLOBOCAN 2018 report, which estimates cancer incidence and mortality rate. This report focus on geographic variability of cancer incidence rate and mortality rate across 20 world regions. This report projected 18.1 million new cancer cases (17.0 million excluding nonmelanoma skin cancer) and 9.6 million cancer deaths (9.5 million excluding nonmelanoma skin cancer) in 2018. Therefore, high prevalence of cancer is expected to be major factor for growth of the global oncology drugs market.

According to a report by Pharmaceutical Research and Manufacturers Association in 2015, over 800 drugs are in development stage targeting various types of cancer. Moreover, same source suggested that around 73% of personalized medicine under development are targeted towards cancer. Melanoma, colorectal cancer, blood cancer, breast cancer, lung cancer, and prostate cancer are the most targeted cancer for drug development. According to International Federation of the Pharmaceutical Manufacturers Association’s report published in 2017, in 2014, the number of drugs in development for cancer was 1,919.

Browse Market Data 32 Tables and 30 Figures spread through 188 Pages and in-depth TOC on "Oncology Drugs Market, by Drug Type (Cytotoxic Drugs (Alkylating Agents, Antimetabolites, and Others), Targeted Drugs (Monoclonal Antibodies, Tyrosine Kinase Inhibitors, and Others), and Hormonal Drugs (Ovarian Function Blockers, Estrogen Production Blockers, and Estrogen’s Effect Blockers (Selective Estrogen Receptor Modulators (SERMs) and Others)), by Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Blood Cancer, Bladder Cancer, and Others), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region - Global Forecast to 2026”

To know the latest trends and insights related to oncology drugs market, click the link below:

https://www.coherentmarketinsights.com/market-insight/oncology-drugs-market-2332

Increasing number of drugs are being approved for treating various types of cancer. According to U.S. FDA, around 16 new drugs were approved in 2017 for treatment of cancer. Moreover, by mid November 2018, eight more drugs were approved for cancer. Notable drug approvals from 2017 include,

  • Yescarta from Kite Pharmaceuticals that consist of the axicabtagene ciloleucel, for the treatment of relapsed or refractory large B-cell lymphomas (approved in October 2017)
  • Kymriah (tisagenlecleucel) from Novartis for the treatment of refractory B-cell precursor acute lymphoblastic leukemia (approved in August 2017)
  • Imfinzi (durvalumab) from AstraZeneca for the treatment of advanced or metastatic urothelial carcinoma and stage III non-small cell lung cancer (approved in May 2017)
  • Lorbrena (lorlatinib) Pfizer, for the treatment of ALK-positive metastatic non-small cell lung cancer (approved in November 2018)

Increasing number of blockbuster drugs going off patent is expected to boost entry of biosimilars and generic versions of oncology drugs. For instance,

  • Avastin (bevacizumab), which is a Humanized Monoclonal Antibody product for Colorectal, lung, breast, glioblastoma, kidney, and ovarian cancer by Roche is going off patent by July 2019 in U.S.
  • Erbitux (cetuximab), which is monoclonal antibody/ epidermal growth factor receptor inhibitor for treating colorectal cancer and head and neck cancer form Bristol-Myers Squibb and Eli Lilly and Company went off patent in 2016

Several biosimilars and generic drugs are launched in the market such as,

  • Mylan N.V. launched Mitomycin for Injection USP in March 2018 which is generic version of Bristol Myers Squibb's mutamycin indicated for stomach and pancreatic cancer
  • Samsung Bioepis (Biogen/Samsung)/Merck South Korea/U.S. launched Ontruzant (SB3) in September 2017 which is a biosimilar of trastuzumab indicated for breast cancer

Key takeaways of the Oncology Drugs Market:

  • The global oncology drugs market is expected to witness a CAGR of 12.5% during the forecast period (2018 – 2026), owing to increasing approvals for immunotherapy-based drugs
  • Among drug type, targeted drugs segment is expected to hold position in the market over the forecast period. This is owing to increasing adoption of targeted therapy due to lower side effects as compared to chemotherapy drugs
  • Among caner type, lung cancer segment is expected to hold dominant position in the market over the forecast period. This is attributed to high number of approved drugs for lung cancer and increasing incidence of the disease.
  • Among distribution channel, hospital pharmacies segment is expected to hold dominant position over the forecast period as reimbursement and pricing of drugs are more favorable in hospital pharmacies, owing to 340B pricing program
  • 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.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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