Oncology-Cancer Drugs Market

The Global Oncology Drugs Market had a value of $135,494.17 million in 2022 and is expected to reach $274,400.63 million by 2030, with a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. Cancer ranks as the third most fatal disease globally, following cardiovascular, parasitic, and infectious diseases.

Chemoprevention refers to the use of synthetic or naturally occurring compounds to inhibit or prevent the development of cancer. Cancer treatment encompasses surgical procedures, radiation therapy, and drug therapy. Surgery is commonly the initial treatment option for early-stage cancer, while radiation therapy is often applied locally in combination with surgery. Drug therapy, specifically chemotherapy (CTX), employs a diverse range of drugs that have cytotoxic effects. Targeted therapy is a specialized form of cancer treatment that focuses on specific changes in cancer cells that contribute to their growth, division, and spread.

Immunotherapy is a cancer treatment method that enhances the body's immune system to combat cancer. Hormone therapy is utilized to slow down or halt the growth of hormone-dependent breast and prostate cancers. Anticancer drugs hinder cell division and proliferation but lack selectivity towards cancer cells. Consequently, these drugs not only destroy cancer cells but also affect normal cells. Anticancer or chemotherapy drugs are chemical substances that can disrupt the growth of cancer cells, but they also have an impact on normal cells during the process.

Early identification of cancer increases the likelihood of responding to effective treatment, leading to higher chances of survival, reduced morbidity, and less costly treatment.

The growth of the market for oncology/cancer drugs is driven by factors such as the increasing prevalence of cancer, rising incidence of various cancer conditions, growing popularity of advanced therapies like biological and targeted drug therapies, and a surge in the global geriatric population. Additionally, increased cancer awareness and early screening efforts contribute to the expansion of the oncology drugs market. However, the high costs associated with new drug development, along with the risks of failure and adverse effects associated with cancer drug therapies, pose challenges to the market's growth. On the other hand, emerging economies show high potential, and the presence of numerous potential drugs in the pipeline offers promising opportunities during the forecast period.

The discovery of the coronavirus disease (COVID-19) in late December in China significantly disrupted supply chains due to trade restrictions on pharmaceutical ingredients and products across countries. COVID-19, caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) transmitted between humans, exhibits symptoms similar to the flu, including fever, cough, and difficulty in breathing. The pandemic has had a substantial impact on critical areas of the oncology drugs market, including the disruption of clinical trials and the supply of drugs to patients. Administering chemotherapy and certain other treatments outside clinical settings has become challenging, and the spread of the coronavirus has reduced patients' access and willingness to participate in both treatments and trials for new medicines. COVID-19's interference with research and development activities for new treatments has dealt a significant blow to the oncology drugs market. However, it is expected that the situation will improve in the years following the COVID-19 pandemic.

Market Segmentation:

By DRUG CLASS TYPE

• Chemotherapy
• Targeted Therapy
• Immunotherapy (Biologic Therapy)
• Hormonal Therapy

By INDICATION

• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Liver Cancer
• Esophagus Cancer
• Cervical Cancer
• Kidney Cancer
• Bladder Cancer
• Other Cancers

The global market for oncology drugs is categorized based on drug class type, indication, and region. In terms of drug class type, the market is segmented into chemotherapy, targeted therapy, immunotherapy (biologic therapy), and hormonal therapy. The indication segment includes lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer, bladder cancer, and other cancers. The market analysis also takes into account the regions of North America, Europe, Asia-Pacific, and LAMEA.

Review of Drug Class Type Segment

The oncology drugs market is divided into chemotherapy, targeted therapy, immunotherapy (biologic therapy), and hormonal therapy based on drug class type. Among these, targeted therapy generated the highest revenue in 2022. This can be attributed to the advantages offered by targeted therapy, such as its ability to specifically target proteins involved in tumor development, focusing on unique molecular changes associated with a particular cancer. Key factors influencing the growth of the oncology/cancer drugs market include the reduced adverse effects of targeted therapy and the availability of numerous targeted therapeutics.

Review of Indication Segment

In terms of indication, the breast cancer segment was the major revenue contributor in 2022 and is expected to continue this trend during the forecast period. This is due to an increase in the number of affected individuals and early screening efforts for breast cancer. On the other hand, lung cancer is projected to exhibit the fastest market growth during the forecast period. This can be attributed to the higher incidence of lung cancer, an increase in the geriatric population, life changes, and the rise in tobacco smoking, including passive smoking, which can contribute to the development of lung cancer.

Region Segment Review

In 2022, North America emerged as the leading revenue contributor and is expected to maintain its dominant position from 2023 to 2030. This is due to several factors such as a large patient population, the strong presence of key players, easy accessibility to drugs, well-developed healthcare infrastructure, favorable reimbursement policies, a high number of research, development, and innovation activities, and a greater adoption of advanced therapeutics. On the other hand, Asia-Pacific is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to the increasing number of individuals affected by cancer and a rise in awareness regarding different types of cancer in the region.

Key Benefits for Stakeholders:

• This report offers a detailed quantitative analysis of the current trends in the oncology drugs market and provides forecast estimations from 2023 to 2030. This analysis assists stakeholders in identifying prevailing market opportunities.
• The comprehensive market analysis includes an examination of various regions, which is expected to provide a deep understanding of current trends and enable stakeholders to formulate region-specific plans.
• The report provides a comprehensive analysis of the factors driving and restraining the growth of the global oncology drugs market.
• Projections in this report are based on analyzing current trends and the future market potential from 2023 to 2030, in terms of value.
• The extensive analysis of various regions offers insights that can help companies strategically plan their business moves.
• This report profiles key market players and thoroughly analyzes their strategies, providing an understanding of the competitive outlook of the oncology drugs market.