Oncology Drugs Market Worth $848.94 Billion by 2030 at 9.51 % CAGR
The revenue of the Oncology Drugs Market was USD 177.54 Billion in 2021 and is projected to reach USD 474.06 Billion in 2030 with an 11.53% CAGR According to strategic market research.
New York,USA, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Oncology Drugs Market Worth $848.94 Billion by 2030 at 9.51 % CAGR
The revenue of the Oncology Drugs Market was USD 177.54 Billion in 2021 and is projected to reach USD 474.06 Billion in 2030 with an 11.53% CAGR. Oncology drugs are referred to as the therapeutics used for cancer treatment. It inculcates a variety of medications like targeted therapies, immuno-therapies, hormone therapies, etc. Factors like the continuous rise of cancer cases worldwide, rise in treatment options, and increase in R&D activities in some of the world's most renowned drug laboratories are proliferating the market growth rate extensively.
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A 360-degree insight into Oncology Drugs Market:
The Targeted Therapy segment held the maximum share of 50.34% for the Therapy sector.
The Targeted Drugs segment of the Drug Class section led with a maximum share of 42.44%.
For the Indication segment, Breast Cancer held 46.77% of the market share.
For Distribution Channel, the Hospital pharmacies segment led the market growth with an 80.12% share.
For the Regional section, North America comprehensively dominated with a share of 52.18%.
Notable factors of Oncology Drugs Market growth:
(Continuous rise in the number of cancer cases worldwide, rise in treatment options, and increase in R&D activities in some of the world's most renowned drug laboratories are expediting the market growth rate)
The number of cancer cases is continuously rising worldwide. International Agency for Research on Cancer had reported that globally 1 out of every 5 people develop cancer symptoms in due course of their lifetime. Moreover, SMR's study figured out that around 1 out of 8 men and 1 out of 11 women worldwide die from cancer each year. Breast and Lung Cancers are most common causes of mortalities accounting for up to 45.77% of the total cancer deaths worldwide, followed by Colon Cancer (19.33%), Prostate Cancer (14.12%), Skin Cancer (12.87%), and Stomach Cancer (9.88%) respectively.
Apart from a surge in the number of cancers, the advent of a plethora of drug treatment options for oncology is accelerating the market growth. As per the statistics of the U.K. Cancer Research Center, nearly 27.21% of the patient population undergo radiotherapy, and 28% undergo chemotherapy each year. Moreover, John Hopkin's research thesis revealed that approximately (15 to 20) % of cancer patients worldwide had achieved (+ve) results by undergoing Immunotherapy.
Furthermore, governmental bodies across the globe are investing a hefty sum of money to facilitate the R&D activities at some of the world's most renowned drug laboratories. SMR's study reported that in 2021, the worldwide spending for oncology drugs summed up to USD 187.1 billion as compared to 86 billion in 2015.
Oncology Drugs Market: 360-degree Segmentation Analysis
The worldwide Oncology Drugs Market bifurcation is performed based on
Therapy, Drug Class, Indication, Distribution Channel, & Geography.
For Therapy
Immunotherapy
Chemotherapy
Hormonal Therapy
Targeted Therapy
For Drug Class
Cytotoxic Drugs
Antimetabolites
Alkylating Agents
Monoclonal Antibodies
Targeted Drugs
Hormonal Drugs
Others
For Indication
Lung Cancer
Breast Cancer
Prostate Cancer
Rectal and Colon Cancer
Stomach Cancer
Skin Cancer
Others
For Distribution Channel
Online Pharmacies
Hospital Pharmacies
Retail Pharmacies
Others
For Geography
North America
United States
Canada
Mexico
Rest of North America
Asia Pacific
Japan
Australia
China
South Korea
Vietnam
India
Singapore
Malaysia
Indonesia
Rest of Asia-Pacific
Europe Continent
Poland
Italy
Deutschland
France
Finland
Russia
Netherlands
Spain
UK
Sweden
Norway
Rest of the continent of Europe
Rest-of-the-World
Kuwait
South Africa
Qatar
Brazil
Zimbabwe
Algeria
Argentina
Saudi Arabia
UAE
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Report Coverage | Details | |
Forecast Period | 2022-2030 | |
Forecast Period 2021 to 2028 CAGR | 11.53% |
|
2030 Value Projection | USD 474.06 Billion | |
Base Year | 2020 |
|
Market Size in 2021 | USD 177.54 Billion | |
Historical Data for | 2015-2019 | |
No. of Pages | 135 |
|
Companies | AbbVie,AMGEN, Inc,Astellas Pharma Inc,AstraZeneca plc,Bayer AG,BeiGene,Bristol Myers Squibb,Celgene Corporation,Daiichi Sankyo Co. Ltd,Dr Reddy’s Laboratories,Gilead Science, Inc. | |
Leading Segment By Therapy |
| |
Leading Region | North America | |
The Targeted Therapy segment held the maximum share of 50.34% for the Therapy sector. SMR's study delineated that the efficacy of the targeted therapies has surged by approximately 50% within a span of 13 years from (2007 to 2020). Moreover, targeted therapies are used in almost 80% of the cancer cases worldwide hence fuelling the market growth.
The Targeted Drugs segment of the Drug Class section led with a maximum share of 42.44%. These drugs can be used as small-molecule-drugs that can adequately target the cancer cells located inside the body. They can also restrict the cancer cells from further growth and force them to self-destruct. For example, Alemtuzumab is a monoclonal-small-molecule-drug that is widely used to treat RRMS/ Relapse Remitting Multi-Sclerosis diseases. All these essential factors are significantly propelling the market growth.
For the Indication segment, Breast Cancer held 46.77% of the market share. Breast Cancer is regarded as the most common form of cancer occurring worldwide. SMR's study reported that around 2.31 million women worldwide were diagnosed with breast cancer, and around 685k deaths occurred globally. Also, as per the SMR report, the average ten-year survival rate in women suffering from non-metastatic-invasive breast cancer is almost 84%.
For Distribution Channel, the Hospital pharmacies segment led the market growth with an 80.12% share. The availability of high-quality drugs in hospitals, along with the rise in the number of cancer patient admissions, is fuelling the growth rate of this sector. SMR's research elucidated that in 2021, there were around 860.44 million cancer patients who were admitted to the hospitals and were provided with various other treatment facilities.
For the Regional section, North America comprehensively dominated with a share of 52.18%. The prevalence of high-quality oncology drugs, the rise in cancer cases, and the rise of investments by the government in the oncology sectors are enhancing its growth rate. SMR conducted a research survey in the North American region, where it was discovered that in 2022 around 1.91 million new cases were diagnosed, and around 609.36 k people died in the USA from various forms of cancers. It was also revealed that cancer is the 2nd most leading cause of death in the U.S., just after cardiac diseases.
Players operating in the Oncology Drugs Market:
AMGEN
AbbVie
Astellas Pharma
Bayer AG
AstraZeneca
Bristol-Myers Squibb
BeiGene
Daiichi Sankyo
Johnson & Johnson
Celgene Corp
Merck
Eli Lilly & Co
Pfizer Inc.
Novartis International
Sanofi S.A.
Roche Holding
Takeda Pharmaceuticals
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Recent Developments
On August 29th, 2022, SNUBH, a Korean hospital, discovered a unique way to use the highly advanced TMB test for conducting immuno-therapy of the metastatic type of stomach cancer. The doctors of the hospital suggested that oncogenes must undergo NGS (Next-Generation-Sequencing) tests prior to their implementation on the cancer treatments in order to test the efficacy of immuno-therapies. This trend of TMB in Korea will adequately treat cancer patients so that they receive the most effective treatment and recover as soon as possible.
On August 26th, 2022, Incyte, a U.S.-based organization, received FDA approval twice for launching its brand-new oncology drug, FGFR1, for the treatment of mutated cancers. This is regarded as one of the most common forms of cancer worldwide. This drug performs the process of chromosomal translocation. In this process, the chromosomes break and attach themselves to the other existing chromosomes to target the cancer cells and destroy them effectively.
On August 5th, 2022, FDA approved the 1st targeted-drug-therapy for HER2-Type-Low-Breast cancer. This highly advanced therapy will be used to treat patients who are suffering from an unresectable or metastatic type of HER-2 low breast cancer worldwide. A research study showed that in 2022, around 287,850 cases of breast cancers will be diagnosed in the USA by using this form of targeted-drug- therapy.
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