Oncology Drugs Market size is slated to gain massive impetus from 2021 to 2027, driven by the rising prevalence of cancer cases worldwide. Increasing sedentary lifestyle and elevating consumption of tobacco and alcohol is projected to add to the chances of cancer globally. According to National Cancer Institute, an estimated 1,806,590 new cases were diagnosed in the United States in 2020. It was further predicted that nearly 606,520 people would succumb to the disease.
Furthermore, rising awareness regarding cancer treatment is expected to impel the demand for oncology drugs. Technological advancements, surge in need for R&D activities in cancer, and escalating concerns over increased death rates due to cancer are further driving the market share for oncology drugs. Introduction to new drugs for cancer by leading biopharmaceutical giants is also likely to augment the oncology drugs market growth over the forecast time period. For instance, Antengene Corporation announced establishing partnership with MindRank AI for the joint development of first-in-class small molecule oncology drugs.
However, high cost associated with new drug developments, coupled with the threat of failure and adverse effects related to cancer drug therapies is poised to restrict the industry growth during the forecast timeframe.
The targeted drugs segment will grow profusely through 2027. This can be ascribed to the identification of molecular targets of cancer cells. Latest developments in gene therapy and cellular technology are responsible for improving the understanding of tumor cells and their metabolism at molecular level. This factor would drive the need for targeted drugs for cancer treatment. Meanwhile, the demand for immunotherapy drugs would depict fastest growth across the overall market over the foreseeable time frame.
The breast cancer segment in the oncology drugs market is projected to account for significant gains in the overall market. This can be reasoned to rising cases of breast cancer worldwide. As per Breastcancer.org estimates, approximately 281,550 new cases of invasive breast cancer are anticipated to be detected in American women in 2021. This emphasizes on adoption of early stage diagnosis and treatment, thus propelling the market expansion.
On basis of the distribution channel, global market would register commendable gains from the hospital pharmacies segment. These pharmacies are present within the hospital premises and are easily accessible to the patient. In addition, they stock a large range of medicines including specialized and investigational medications, thus helping in the immediate treatment of patients.
Asia Pacific oncology drugs market is touted to grow at a considerable CAGR till 2027led by a prolific increase in disposable income, surge in research and development, and innovation activities. Besides, a subtle rise in awareness related to different cancers is further set to drive the regional growth.
Some of the prominent players operating in the global oncology drugs market are AstraZeneca, AbbVie, Hoffmann-La Roche, Bayer, Eli Lilly, and Pfizer amongst others. These companies have been working continuously to secure a prominent spot in the global market. The leaders have been engaging in acquisitions, mergers, collaboration, and novel product launches, allowing them to stand a level apart in the industry.
For instance, AstraZeneca had in June 2021, announced that its study showcased that the company’s patent Lynparza drug has the ability to reduce the risk of recurrence and death in breast cancer patients by 42%.
Citing another instance, Bayer announced entering into a strategic agreement to acquire Noria Therapeutics and PSMA Therapeutics Inc., to expand its pipeline in prostrate cancer.
COVID-19 has acted as a significant limitation on the market during 2020 as supply chains were disrupted due to restriction on trade of pharmaceutical products and ingredients across diverse countries. Moreover, the pandemic has potentially affected the supply of oncology drugs to cancer patients as it is relatively difficult to administer chemotherapy and other treatment outside of a clinic. Patients have been showing high reluctance on going to hospitals and other healthcare settings owing to increased infection spread.
Market, By Drug Type
Market, By Cancer Type
Market, By Distribution Channel
The above information is provided for the following regions and countries: