Market Overview

Oncology Drugs Market is projected to achieve a value of USD 205,520 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 520,170 Million by 2033 with a CAGR of 13.8% during the forecast period 2023-2033.

Oncology drugs are related with the treatment of cancer. Cancer is defining as a group of diseases involving abnormal cell growth with the potential of to grow and spread to the others parts of the body. Cancer is the third most lethal disease in the world after parasitic and infectious diseases, cardiovascular diseases.

Oncology drugs which contain wide range of medications such as chemotherapy, targeted therapies, immunotherapies, and hormone therapies to treat cancer. Oncology drugs market growth attributed by various factors such as rising prevalence of various types of cancer, increasing infrastructure investment, increasing new drug launches and product approvals, increasing research funding by key market players. Additionally, increasing awareness of cancer, early screening of patients contributing to drive the market growth.

For instance, there will be around 1,958,310 cancer patients in the U.S. alone by the end of 2023, a 28.0% increase from 2010 according to data published by the American Cancer Society in January 2023. The oncology cancer drugs are primarily used to shrink the tumor size, lower the total number of cancer cells in the body, and reduce the symptoms.

COVID 19 pandemic significantly Impacts on the growth of Oncology drugs market due to disturbance in supply chain and manufacturing changes. The pharmaceutical companies shifted their R&D teams and manufacturing towards the research of COVID 19 therapies and vaccines. This shift slows the growth of Oncology drug market.

Market Scope

Market Dynamics

The oncology drugs market is driven by increasing prevalence of cancer. Various factors are responsible for this growth are urbanization, changing life style, changing eating and diet pattern, tobacco smoking. For instance, GLOBOCAN 2022, cancer is a growing burden. Around 19.3 million new cancer cases occurred in 2022 worldwide. Furthermore, the cancer burden is projected to rise by 47% (around 28.4 million cases) in 2040

Moreover, the growing awareness of cancer among the population is fever to accept the growth of market in upcoming years. Additionally, the increasing occurrence of cancer is expected to stimulate the global oncology cancer drugs market growth over the forecast period.

Cancer patients are treated as increasing lifespan, curing the illness and increasing the quality of life. As such permanent solution is not discoursed yet to cure the cancer and save patient life. Immune cells are very crucial to increase tumors. Because of activating immune response against tumors is desirable preventive and therapeutic approach. For that increasing the focus on R&D is an opportunity in the oncology drugs market.

Drugs use in chemotherapy kill rapidly dividing cell but having some adverse effect like the chemo drugs cannot bifurcate the infected and healthy cells. So, the drug damage the healthy cells and cause adverse effect like loss of hairs, nausea, constipation, shifts in libido, problem in fertility.  Additionally, side effect of the drug’s use in the treatment of neck and head cancer are rashes on skin, loss of weight, itching, pain and other symptoms. Therefore, the development of global market is hampered by the several side effects of consuming the cancer medication.

Overall, with the help of existing and combination treatment therapy the oncology drugs market is expected to witness significant growth in the coming years, driven by the introduction of new therapies and an increasing demand for effective treatments. Additionally, there is a need for advance and effective research and development to address the unmet needs of cancer treatment and to develop safe and effective therapies with lower side effects.

Market Drug Class Type Analysis

By Indication, the Oncology Drugs Market is Categories into Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy. The Targeted Therapy segment accounts for the largest share of around 36% of the Market in 2022.

The Targeted Therapy segment dominates the market because the aim of this therapy is to minimize the off-target impact and focus on targeted molecule change which are unique to particular cancer.

Market Indication Analysis

By Indication, the Oncology drugs market is Categories into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers. The Breast Cancer segment accounts for the largest share of around 33% of the Market in 2022.

The Breast Cancer segment dominates the market because the increasing awareness, growing prevalence of breast cancer, adoption of unhealthy lifestyle, the genetic profile of the patients, and others. Breast cancer is the primary driving factor of the revenue in cancer drugs during the forecasted period. This is because of the rise in females diagnose in breast cancer is the primary factor to increase the patients.

Market End-User Analysis

By End-user, the oncology drugs market is Categories into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. The Hospital segment accounts for the largest share of around 54% of the Market in 2022.

Rising investment in healthcare and increasing hospital facility in developed and developing market are major factor to drive the segment. Moreover, Hospitals are the primary healthcare facility where patient come for treatment. Also hospital having the infrastructure to diagnosis and identified the type of cancer and advance treatment option.

However, Online pharmacies segment is growing due to the increasing popularity and convenience of medical purchasing.

Market Regional Analysis

North America dominate the oncology drugs market with the highest revenue generating market with share of more than 44%. The North America dominate this market due to the rising prevalence of cancer in US, easy availability of medications, new products launch. Additionally, strong presence of market player, well developed infra structure, higher number of research favor growth of region.

Europe having the second-largest market share in Market due to the rising demand for targeted medication, focus on R&D on Oncology drugs found in Europe. Moreover, government policies and increasing the elder population in the region significantly contribute to expand the market.

Asia-Pacific is estimated the fastest growing CAGR in oncology drugs market in forecasted period. This is due to increasing in healthcare expenditure and the rise in research and development activities in the pharmaceutical sector.

Competitive Analysis

The oncology drugs market is dominated by a few large companies, such as Merck & Co., Inc., Novartis International Ag, Amgen, Inc., Bristol-Myers Squibb Company, Astrazeneca Plc, F. Hoffmann-La Roche Ag, Pfizer, Inc., Astellas Pharma Inc., Johnson & Johnson, Abbvie Inc.

There Are Some Of The Recent Developments Of The Oncology Drugs Market:

May 2023 AbbVie Inc. announced the U.S. FDA approval for its EPKINLY, among the only drugs for treatment of patients with relapsed or refractory diffuse large b-cell lymphoma (DLBCL).

March 2023 Pfizer Inc. announced a merger agreement to acquire Seagen, Inc., a global biotechnology company involved in manufacturing cancer medicines. The acquisition would strengthen Pfizer’s capabilities and expertise in oncology.

By Drug Class Type

·         Chemotherapy

·         Targeted Therapy

·         Immunotherapy (Biologic Therapy)

·         Hormonal Therapy

By Indication Type

·         Lung Cancer

·         Stomach Cancer

·         Colorectal Cancer

·         Breast Cancer

·         Prostate Cancer

·         Liver Cancer

·         Esophagus Cancer

·         Cervical Cancer

·         Kidney Cancer

·         Bladder Cancer

·         Other Cancers

By End-User

·         Hospital Pharmacies

·         Retail Pharmacies

·         Online Pharmacies