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$ 119.0 Billion in 2022 and is projected to exhibit a CAGR of 12.3% over the forecast period (2017– 2030).
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,
Cancer is one of the dangerous disease with less chance of survival of person who is suffering from cancer as the disease progresses. International Agency for Research on Cancer published GLOBOCAN 2020 report, which estimates cancer incidence and mortality rate. This report focuses on geographic variability of cancer incidence rate and mortality rate across 185 countries such as U.S, Germany, India, UK, Canada and other major countries. This report projected 19.3 million new cancer cases (18.1 million excluding nonmelanoma skin cancer) and 10.0 million cancer deaths (9.9 million excluding nonmelanoma skin cancer) in 2020. Therefore, high prevalence of cancer is expected to be major factor for growth of the global oncology drugs market.
Market players are focused on developing drugs for oncology diseases by initiating clinical trials/enrolling patients, which is expected to boost market growth. For instance, in February 2021, Pfizer Inc., a pharmaceutical company, announced that the first participant had been dosed in the registration-enabling Phase 2 MagnetisMM-3 study of elranatamab, an investigational B-cell maturation antigen (BCMA) CD3-targeted bispecific antibody, in patients with relapsed/refractory multiple myeloma.
Global Pneumococcal Vaccines Market– Impact of Coronavirus (COVID-19) Pandemic
The coronavirus or COVID-19 outbreak started in Wuhan, China in 2019 and has spread across all the continents of the world, affecting various industries globally. The economy in countries all over the world such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.
The pharmaceutical companies that are involved in this market have significantly improved their supply chain management and enhanced their capabilities of research and development. For instance, in April 2022, according to Roche, a Switzerland multinational healthcare company, quarterly report, their global supply chain of medicines and test remains intact and the pharmaceutical sale increased by 11% as compared to the year 2021. Increase in the growth of sale was led by oncology drugs such as atrophy and Phesgo.
Moreover, in February 2022, AstraZeneca, a pharmaceutical company, published a full year and 4Q 2021 result, their overall revenue in 2021 had 41% growth with 19% growth in oncology segment. The oncology segment was mainly lead by the drugs such as Tagrisso, Imfinzi, Lynparza, Calquence, and Enhertu.
Thus, impact of the Coronavirus (COVID-19) pandemic has driven growth of the global oncology drugs market during the forecast period.
Global Oncology Drugs Market: Key Developments
Increasing collaborations among key players to develop and introduce new oncology drugs and ongoing clinical trial studies on oncology drugs are expected to drive growth of the oncology drugs market. For instance, in June 2022, Alnylam, a biopharmaceutical company, announced US FDA, United States Food and Drug Administration , approval of AMVUTTRA (vutrisiran), an RNAi Therapeutic for the Treatment of the Polyneuropathy of Hereditary Transthyretin-Mediated Amyloidosis in adults.
In March 2019, Fujifilm Corporation, a Japanese multinational conglomerate and the National Cancer Center Japan announced the launch of a joint research project for a new cancer immunotherapy, using a liposome formulation that contains a drug inside liposome which is expected to suppress adverse effects and improve pharmacological efficacy.
Browse 32 Market Data 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 2030”
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Moreover, high mortality due to cancer among the global population is expected to further increase adoption of oncology drugs over the forecast period. For instance, according to the data published by the World Health Organization (WHO) on February 3, 2022, cancer accounted for 10 million deaths in 2020 globally. Furthermore, according to the same source, approximately 400,000 children develop cancer every year from which cervical cancer is the third most common, whereas breast cancer and lung cancer are by far the most common cancers leading to their top position in list of common cancers.
Key Takeaways of the Global Oncology Drug Market: