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The Oncology Drugs Market size is estimated to increase by USD 151.84 billion and grow at a CAGR of 11.99% between 2023 and 2027. Market expansion relies on multiple factors, including the escalating global incidence of cancer, the imperative for cost reduction in drug discovery and development, and the increasing efforts by governments and non-profit entities to raise awareness about cancer prevention. Challenges encompass the exorbitant expenses of cancer treatment medications, the adverse effects linked to chemotherapy, and the rigorous regulatory measures governing oncology drugs. Overcoming these obstacles necessitates innovative approaches to reduce the cost burden of cancer therapies, mitigate the adverse impacts of treatment, and navigate regulatory frameworks effectively. By addressing these challenges adeptly, the market can leverage its growth drivers and establish a resilient position in providing effective cancer treatment solutions, contributing to improved patient outcomes and enhanced public health worldwide.
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This market report extensively covers market segmentation by therapy (targeted therapy, immunotherapy, hormonal therapy, and chemotherapy), distribution channel (offline and online), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the targeted therapy segment will be significant during the forecast period. Targeted therapy is a form of chemotherapy (drug therapy), a type of precision cancer treatment. Targeted therapy drugs are directed to specific features in cancer cells, unlike traditional or standard chemotherapy which targets a variety of fast-growing cells across the entire human body irrespective of whether they're cancerous or not.
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The targeted therapy segment shows a gradual increase in the market share of 68.17 billion in 2017 and continue to grow by 2021. Targeted therapy drugs interfere with specific molecules found in receptors or proteins that are found on and inside cancer cells. Targeted therapy targets or inhibits the genetic characteristics of cells regulating growth and differentiation with a view to stopping or slowing tumour development.
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North America is estimated to contribute 44% to the growth of the global oncology cancer drugs market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is a dominant region in the global market, with the US and Canada being the leading revenue-generating countries. In view of the increasing use of minimally invasive surgery, the North American market for cancer drugs is expected to grow at a significant rate during the forecast period. The growing prevalence of cancer in the region is also expected to fuel the demand.
The market for Oncology drugs operates within a complex ecosystem involving B2B, B2G, and B2C transactions, driving drug revenues and impacting financial information. Money and VAT considerations shape decisions, guided by specific rationale and influenced by industry associations. Cutting-edge treatments like Pluvicto from the Aichi Cancer Center and innovations in Artificial Intelligence by Orserdu are transforming cancer care. From addressing ER+ and ESR1-mutated breast cancer with AstraZeneca’s Faslodex injection to Chemoprevention and Immunotherapy, the focus remains on combating Cancer through diverse modalities like Surgery, Radiotherapy, Chemotherapy, Targeted therapy, and Hormone therapy. These advancements, bolstered by ongoing Clinical trials, promise a brighter future in the fight against cancer.
The increasing prevalence of cancer globally is notably driving market growth. Cancer is one of the leading causes of death worldwide. Lung, liver, stomach, colorectal, breast, and esophageal cancers are commonly prevalent among the population worldwide. The incidence of melanoma, prostate, and lung cancers is expected to increase significantly.
Moreover, changes in lifestyle, unhealthy diets, smoking, fewer pregnancies, and longtime exposure to UV rays are expected to increase the prevalence of cancers, such as breast cancer, lung cancer, and colorectal cancer, which are associated with these risk factors. Such factors are expected to increase the demand, which will fuel the growth of the market in focus during the forecast period.
The rising adoption of immunotherapy is a primary trend in the market. Immunotherapy is a promising and fast-growing cancer treatment that involves stimulating the immune system of the patient. Immunotherapy has been demonstrated to be very effective for patients who are in the third or fourth stages of the disease. However, immunotherapy is not recommended for all patients. Depending on the patient's state of health and type of tumor, this is different. A wide variety of diseases can be treated with immunotherapeutic agents such as lung, kidney, bladder, melanoma, neck, and lymphoma.
A study conducted in India revealed that an extremely low dose of the immunotherapy drug nivolumab (Opdivo) extended the lives of patients with advanced head and neck cancer. New technologies are being developed to enhance the diagnosis, treatment, and management of cancer patients in countries like India, where the incidence of cancer is increasing. This will be a key factor in driving the growth of the oncology cancer drugs market over the forecast period.
The high cost of cancer treatment drugs is a major challenge. Cancer is one of the leading causes of death worldwide, with millions of people suffering from different forms of the disease each year. The cost of chemotherapy varies widely depending on several factors, e.g. type of cancer, degree of illness, treatment plan, and country in which the patient is resident. These costs can be prohibitive for many patients, especially those without health insurance or with limited financial resources. This high cost has led to criticisms from patients, healthcare providers, and government officials.
Moreover, The high cost of cancer treatment drugs can have serious consequences for patients. These drugs may be difficult to afford for many patients, leading to a delay or interruption of treatment. Patients can refuse to take any medicine at all, risking their health and life. Additionally, the high cost of cancer treatment drugs can strain healthcare systems and lead to higher overall healthcare costs. Consequently, the growth of the global oncology cancer drugs market is considered to be somewhat hampered by such factors during the forecast period.
Key Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the oncology cancer drugs market.
AbbVie Inc. - The company offers oncology drugs such as IMBRUVICA.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by various factors, such as increasing healthcare expenditure and the emergence of new drugs due to expiring patents. B2B, B2G, and B2C transactions play a pivotal role in drug revenues, with financial information and VAT considerations shaping decisions. Advanced statistical methods aid in analyzing industry trends and prescription drugs demand. Leading pharmaceutical companies like Pluvicto and AstraZeneca are developing innovative treatments for cancers like ER+ and ESR1-mutated breast cancer. Additionally, Artificial Intelligence is revolutionizing clinical trials and drug discovery. The market caters to various cancer indications, including stomach, prostate, and liver cancer, with reimbursement policies influencing access to treatments through different channels like hospital, retail, and online pharmacies. Money is a key consideration in the development of AstraZeneca’s Faslodex injection, guided by a specific rationale to combat prostate cancer. Its availability through hospital pharmacies underscores its importance among anticancer drugs in the drug class type targeting this indication.
The market is shaped by various factors, including financial considerations and specific rationales behind drug development. Industry associations and historical developments provide insights into market trends. Pharmaceutical companies continually enhance their pipeline to address diverse cancer types like stomach cancer, esophagus cancer, cervical cancer, kidney cancer, and bladder cancer. Exchange rates influence the accessibility of drugs worldwide, impacting collaborations such as those with renowned institutions like the Aichi Cancer Center and Orserdu. Notable treatments like AstraZeneca’s Faslodex and Fulvestrant Injection contribute to advanced chemoprevention and hormone therapy. These innovations are pivotal in augmenting the efficacy of radiotherapy and combating the challenges posed by various cancer indications, ensuring patients receive optimal care through both hospital and retail pharmacies.
Oncology Drugs Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.99% |
Market growth 2023-2027 |
USD 151.84 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.77 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Amgen Inc., Apikos Pharma, Arlak Biotech Pvt. Ltd., Aspen Pharmacare Holdings Ltd, Astellas Pharma Inc., AstraZeneca, Athenex Inc., Bayer AG, Eli Lilly and Co., F. Hoffmann La Roche Ltd., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Kremedine Health Pvt Ltd., Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi, Takeda Pharmaceutical Co. Ltd., and Bristol Myers Squibb Co. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our Market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Therapy
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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