Detailed Analysis of Oncology Drugs Market Forecast Period 2021-2030
Patients with cancer are treated with oncology drugs through various cancer therapies, including chemotherapy and immunotherapy. Oncology drugs are intended to treat cancer, extend life, and enhance patients’ quality of life. However, these medications come with dangers and side effects, such as hair loss, diarrhea, mouth sores, weariness, and a decrease in white blood cells.
In 2021, the oncology drugs market was USD 177.54 billion, and by 2030, it will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period.
The primary factor stimulating market growth include the rising number of cancer patients due to rising cigarette and alcohol use, bad eating habits, a lack of physical activity, rising pollution levels, and the incidence of cancer disease. Global elderly populations are on the rise, and cancer treatment treatments are becoming increasingly popular. The market will expand due to early-stage screening and growing cancer awareness.
The rise in cancer incidence is one of the main factors influencing the market for oncology medications. According to the International Agency for Research on Cancer’s GLOBOCAN research, there were 19.3 million new cases of cancer in 2020 (excluding non-melanoma skin cancer) and 10.0 million cancer deaths. According to the source cited above, lung cancer will account for the majority of cases (1.4 million) in 2020, followed by malignancies of the prostate (14.1%), colorectum (10.6%), stomach (7.1%), and liver (6.3%).
Most pharmaceutical companies are concentrating on considerable research and development activities in the oncology arena due to the rising frequency of tumors. As a result, additional products have been introduced to the market. For instance, BRUKINSA received regulatory approval from the US Food & Drug Administration to treat chronic lymphocytic leukemia.
The oncology drugs market is hampered by potential adverse effects of various cancer therapy, such as bone density loss and high drug costs, particularly in low- and middle-income nations.
Drug development and oncology market research are two methods that pharmaceutical companies use to conduct their yearly budget allocation for research and development. According to a report from the US Congressional Budget Office, pharmaceutical corporations have raised their annual R&D spending by an average of 8.5%. R&D expenditures in 2019 totaled USD 83 billion, a tenfold increase over the three decades prior. According to the survey, spending more money on specialty medications to treat uncommon diseases and cancers was a rising trend.
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By Drug Class
In 2021, the targeted therapy segment had the biggest market share overall. Targeted drugs offer several advantages over traditional chemotherapy, including higher efficacy and fewer side effects. They target specific molecules or pathways essential for cancer cell growth and survival. They can be tailored to individual patients based on the genetic mutations driving their cancer. This personalized approach to cancer treatment has shown great promise in clinical trials. It will become even more important as researchers identify new targets and develop more effective targeted drugs. Covid (Coronavirus) was found in late December in Hubei region of Wuhan city in China. The illness is brought about by an infection, in particular, extreme intense respiratory condition Covid 2 (SARS-CoV-2), which is communicated from people to people.
With the biggest market share in 2021, the breast cancer sector led the global market for oncology medications. Breast cancer is among the most common types of cancer worldwide and has been a major focus of research and development in the oncology drugs market. The high prevalence of breast cancer, along with aging population & changing lifestyles, has contributed to the growth of the breast cancer segment in the oncology drugs market. Pharmaceutical companies have invested heavily in the research and development of breast cancer drugs, leading to new and more effective treatments, such as targeted therapies and immunotherapies. The breast cancer segment will likely continue to be a major driver of growth in the oncology drugs market in the coming years, with the rising rate of breast cancer and the development of new treatments.
North America ruled the entire regional market in 2021 due to the older population and higher cancer prevalence. The American Cancer Society predicts that 1.9 million new cancer cases will be discover in the United States in 2022. Governments in North America have initiated several programs and regulations to expand access to cancer medications and foster the industry’s R&D. Major players are also routinely releasing new medicines and boosting their expenditure in cancer-related R&D. Increased healthcare spending and sector growth are also contributing to regional growth. The demand for oncology medications in North America has grown due to increasing public understanding of cancer and its therapies and easier access to information.
- AstraZeneca plc
- Bayer AG
- Astellas Pharma Inc.
- Dr Reddy’s Laboratories
- Gilead Science, Inc.
- Bristol Myers Squibb
- AMGEN, Inc.
- Johnson & Johnson
- Celgene Corporation
- Daiichi Sankyo Co. Ltd
- Sanofi SA.
- Takeda Pharmaceutical Company, Ltd.
- GSK plc
- Novartis International AG
- Pfizer Inc.
- Eli Lilly and Co
- Merck & Co., In
- Roche Holding AG
In 2021, the oncology drugs market was USD 177.54 billion, and by 2030. It will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period. The growing elderly population and expanding partnerships and collaborations to speed up the development of new drugs are the main factors driving the global market for oncology drugs.