Patients with cancer are treated with oncology medications through various cancer therapies, including chemotherapy and immunotherapy. Oncology drugs are intended to treat cancer, increase lifespan, and enhance patient quality of life. However, these medications have dangers and adverse effects, including hair loss, diarrhea, mouth sores, weariness, and a decrease in white blood cells.
The market for oncology drugs in 2021 was USD 177.54 billion, and by 2030 it will be worth USD 474.06 billion, growing at a 11.53% CAGR during the forecast period.
The main drivers influencing market growth include an increase in the elderly population, an unhealthy lifestyle, and increased cancer prevalence. However, the challenges impeding the market’s growth are the expensive drug and development procedure and the drug’s negative effects. The development of pipeline oncology medications and the expiration of important patents present an opportunity for cancer drug makers.
Market Dynamics
Drivers
The rising prevalence of cancer is one of the key factors driving the global market for oncology medications. The number of cancer patients is increasing due to variables such as tobacco use, urbanization, alcohol consumption, dietary changes, and a lack of physical exercise. The market for oncology medications is growing due to increased research and development into early cancer detection and treatment. As new cancer treatments, including hormone therapies, targeted therapies, and immunotherapies, are created, there is an increasing need for oncology medications. Increasing governmental and non-governmental initiatives to spread awareness about early cancer identification and treatment is also helping to expand the global market for oncology medications.
Restraints
The development of cancer drugs is expensive, and radiation therapy and surgery are becoming increasingly popular as alternatives to chemotherapy. These two reasons will significantly hamper the market growth rate.
Opportunity
The global market will benefit from the rising pharmaceutical industry, numerous breakthroughs, the development of cutting-edge technology, and an increase in cancer awareness, leading to early screening and detection.
Market Segmentation
By Therapy
On the basis of therapy, the market is segmented into targeted therapy, chemotherapy, hormonal therapy, and immunotherapy.
The targeted therapy segment ruled the entire market and will expand at a 8.2% CAGR during the forecast period. Targeted therapy is becoming the treatment of choice in oncology because of its precision in identifying proteins and genes of interest and offering better prognostic outcomes in terms of eradicating cancer cells. Targeted therapy aids in labeling cancer cells so that the immune system can recognize and destroy them.
By Class of Drugs
On the basis of the class of drugs, the market is segmented into hormonal drugs, targeted drugs, cytotoxic drugs, monoclonal antibodies, and others.
The targeted drugs segment ruled the entire market. Targeted medications are tiny molecules or monoclonal antibodies. Small molecules are employed as targeted treatments because they can enter cancer cells. Proteins called monoclonal antibodies binds cancer cells and serve as targets for the body’s immune system. Alternatively, they can stop the cells from dividing and trigger their destruction. A monoclonal antibody medication called alemtuzumab is used to treat relapsing-remitting multiple sclerosis. (RRMS).
By Indication
On the basis of indication, the market is segmented into prostate cancer, breast cancer, skin cancer, colon & rectal cancer, stomach cancer, lung cancer, and others.
The lung cancer sector led the entire market with a revenue share of more than 10.0% in 2020. The three main risk factors for developing lung cancer are smoking, changing living habits, and rising levels of air pollution. Lung cancer patients are becoming more prevalent, causing this segment’s revenue to increase and contribute to the expansion of the global market.
Regional Analysis
North America is the biggest regional market and will expand at a CAGR of 6.7% during the forecast period. The market will continue to grow as a result of factors such as the availability of excellent treatment choices, an increase in product approvals, and greater public awareness of early cancer detection. Additionally, several new cancer medications have been developed in this region of the world due to the quick advances in tumor biology, genetics, and immunology. The availability of various drugs already in development, including optimal drugs currently in the late stages of development, will present a profitable potential for market expansion.
Key Players
- AstraZeneca plc
- BeiGene
- AMGEN, Inc.
- AbbVie
- Astellas Pharma Inc.
- Dr Reddy’s Laboratories
- Bayer AG
- Celgene Corporation
- Bristol Myers Squibb
- GSK plc
- Daiichi Sankyo Co. Ltd
- Gilead Science, Inc.
- Incyte
- Roche Holding AG
- Sanofi SA.
- Merck & Co., In
- Johnson & Johnson
- Eli Lilly and Co
- Novartis International AG
- Pfizer Inc.
- Takeda Pharmaceutical Company, Ltd.
The market for oncology drugs in 2021 was USD 177.54 billion, and by 2030 it will be worth USD 474.06 billion, growing at a 11.53% CAGR during the forecast period. A major factor boosting market expansion is the rising incidence of different types of cancer. Additional factors fueling the target market’s expansion are increased drug approvals and a strong pipeline for new therapeutic medicines.
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