Oncology drugs are medications used for treating various types of cancer. The drugs help reduce the signs and symptoms of cancer, destroy cancer cells, stop their growth, and prevent cancer recurrence. Globally rising prevalence of cancer due to changing lifestyle patterns and increasing adoption of targeted therapies is augmenting demand for innovative oncology drugs.
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 usage of targeted therapies for cancer treatment has been steadily growing over the past few years. Targeted therapies aim to block the growth and spread of cancer by interfering with specific molecules (“molecular targets”) that are involved in the growth, progression, and spread of cancer. They work differently from traditional chemotherapy which destroys both cancer and normal cells. Targeted cancer therapies have considerably improved outcomes for various types of cancers like lung cancer and leukemia. The rising adoption of targeted therapies for their advantages over conventional drugs is expected to drive significant growth of the oncology drugs market over the forecast period.
SWOT Analysis
Strength: Oncology drugs have large patient pool and growing research funding for new drug development. Better understanding of cancer biology leads to targeted therapies.
Weakness: High R&D investment and long development cycle increases costs of new drug development. Generic competition erodes major drug revenues.
Opportunity: Emerging economies offer high growth potential. Immuno-oncology and personalized medicine open new avenues. Combination therapies improve clinical outcomes.
Threats: Stringent regulations for clinical trials and product approvals. Patents expiry of blockbuster drugs. rising healthcare costs may limit market access.
Key Takeaways
The global oncology drugs market is expected to witness high growth. The market size is projected to reach US$ 119.0 Bn by 2023, expanding at a CAGR of 12.3% during the forecast period.
Regional analysis
North America dominates the global market currently owing to supportive healthcare infrastructure and high adoption of premium-priced cancer drugs. However, Asia Pacific is likely to grow at the fastest pace during the forecast period supported by rising cancer incidence, improving access to diagnosis and treatment facilities.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it