Oncology drugs are used to treat cancer by slowing down or stopping the growth of cancer cells. Some common oncology drugs include chemotherapy drugs, targeted therapy drugs and immunotherapy drugs. Chemo drugs work by attacking all rapidly dividing cells including cancer cells as well as normal cells. Targeted therapy drugs attack specific vulnerabilities within tumor cells. Immunotherapy drugs help boost the body's natural defenses to fight cancer.
The global oncology drugs market is estimated to be valued at US$ 119.0 Bn in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The introduction of personalized oncology drugs is one of the key trends driving the growth of the oncology drugs market. Personalized medicine involves tailoring medical treatment to the individual characteristics of each patient which takes into account lifestyle factors, environment and genetics of the patient. Personalized oncology drugs are developed based on genomic aberrations present in tumor cells of a patient. These drugs aim to target specific mutations in the tumor cells making treatment more effective with fewer side effects. Researchers are developing various targeted therapies to treat cancers having genetic mutations or molecular alterations. The development of these personalized therapies is expected to significantly boost the oncology drugs market during the forecast period.
Segment Analysis
The oncology drugs market is dominated by the chemotherapy segment which accounts for over 35% of the total market share. Chemotherapy is one of the most common treatments for cancer patients and remains preferred due to its affordability over newer targeted therapies and immunotherapies. However, with the development of new targeted therapies and immunotherapies, the immunotherapy and targeted therapy segments are expected to witness high growth over the forecast period.
Key Takeaways
The global oncology drugs market is expected to witness high growth supported by increasing cancer prevalence worldwide and growing acceptance of targeted therapies and immunotherapies. The global oncology drugs market is estimated to be valued at US$ 119.0 Bn in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030.
Regional analysis:
North America currently dominates the oncology drugs market owing to high adoption of premium-priced targeted therapies and immunotherapies in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing unmet needs in countries like China and India.
Key players:
Key players operating in the oncology drugs market are 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. These players are focusing on expanding their product portfolios through acquisitions and partnerships with biotech companies to strengthen their market position.
The Oncology Drugs market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the oncology drugs market include AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, f. Hoffmann-La Roche ltd., Johnson & Johnson (Janssen Global Services, LLC), Merck & Co., Inc., Novartis AG, Pfizer Inc.
The growing approval for new drugs by the FDA and rising penetration of health insurance is amplifying revenue growth.
Malignant of the lung, female breast, and colorectum are the top three cancers in terms of incidence, estimated to hold the majority share in global terms.
However, expensive treatment and limited treatment options restrain the growth of the market.
