Oncology drugs, also known as anti-cancer drugs, are prescription medicines used specifically for treating cancer. Oncology drugs work by slowing or stopping the growth of cancer cells, either by killing the cells directly or by stopping them from dividing. The global oncology drugs market offers various advantages such as increased efficacy and safety of drugs for cancer treatment along with minimal side effects. The need for innovative oncology drugs for effective treatment of various types of cancers including breast cancer, lung cancer, blood cancer, and others is increasing worldwide.
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 Opportunity:
The opportunity to treat cancer presents a major market opportunity for players in the oncology drugs market. Cancer poses a significant healthcare burden globally with increasingly sedentary lifestyles and growing geriatric population making populations more vulnerable to various cancers. According to WHO, cancer is among the leading causes of death worldwide with approximately 10 million deaths in 2020. The need for effective drugs to treat various types of cancers continues to rise significantly driven by increasing incidence of cancers. Advanced therapies such as targeted therapy, immunotherapy and personalized medicine offer hope for improved clinical outcomes for cancer patients. With continuous innovation in cancer treatment, the oncology drugs market is expected to witness significant growth over the forecast period owing to the opportunity to develop novel treatments and effectively treat the growing cancer burden worldwide.
Porter's Analysis
Threat of new entrants: The oncology drugs market has significant barriers to entry due to the capital expenditure required for R&D, clinical trials, manufacturing facilities, and compliance with regulations.
Bargaining power of buyers: Individual buyers have low bargaining power for prices owing to life-threatening conditions. However, group bargaining by governments and insurance companies influence pricing.
Bargaining power of suppliers: Key suppliers develop specialized drugs and have high bargaining power over drug makers to hike prices or demand better payment terms.
Threat of new substitutes: No close substitutes exist for oncology drugs as the treatment requires targeting cancer at molecular levels.
Competitive rivalry: Competition is intense as leading players compete on drug innovation, patents, approvals, and pricing.
SWOT Analysis
Strengths: Strong pipeline of drugs, focus on R&D, collaborations for new cancer targets and therapeutics.
Weaknesses: High R&D costs, patent expiries of blockbuster drugs, pricing pressures.
Opportunities: Emerging markets growth, combination therapies, immuno-oncology and personalized medicine giving new opportunities.
Threats: Generic competition, biosimilars reducing sales, regulatory hurdles for approval.
Key Takeaways
The global oncology drugs market is expected to witness high growth during the forecast period of 2023-2030. The market size is expanding at a CAGR of 12.3% over the stipulated period.
Regional analysis: North America dominates the oncology drugs market currently owing to high adoption of premium-priced drugs, favorable reimbursement policies, and presence of leading market players. Asia Pacific is expected to witness fastest growth over the forecast period supported by large patient pool, rising healthcare spending, and increasing penetration of health insurance.
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. Leading players are focusing on developing novel therapies by enhancing R&D capabilities and selectively pursuing mergers and acquisitions in high growth areas.
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.
