by The global Oncology Drugs Market is estimated to be valued at US$ 133.64 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The oncology drugs market comprises pharmaceutical drugs that are used for treating cancer or improving quality of life of cancer patients. Oncology drugs mainly include targeted therapies, immunotherapy, chemotherapy, and hormonal therapy. Targeted therapies and immunotherapy are novel approaches for cancer treatment with improved efficacy and fewer side effects compared to traditional chemotherapy. The rising incidence of cancer worldwide due to aging population, lifestyle changes, and environmental factors is a major factor driving the demand for oncology drugs. According to WHO, cancer accounted for nearly 10 million deaths in 2020 and cancer cases are expected to rise by over 50% in next 20 years, thereby fueling revenue growth of oncology drugs market during the forecast period.
Market key trends:
One of the key trends in the oncology drugs market is the increasing adoption of targeted therapies. Targeted therapies work by interfering with specific molecules involved in tumor growth and progression. Some of the key targeted therapies available are tyrosine kinase inhibitors, monoclonal antibodies, angiogenesis inhibitors, PARP inhibitors etc. For instance, tyrosine kinase inhibitors like imatinib, erlotinib and afatinib have revolutionized treatment of cancers like chronic myeloid leukemia and lung cancer. Also, immunotherapy is an emerging trend and is expected to drive higher growth in the market. Immunotherapies help boost body’s natural ability to fight cancer using drugs, vaccines or other approaches. Immuno-oncology drugs like checkpoint inhibitors have shown promising results in treatment of advanced and metastatic cancers.
Porter’s Analysis
Threat of new entrants: The oncology drugs market exhibits moderate threat of new entrants due to high capital requirements for drug research and development. Stringent regulatory norms for drug approval also pose barrier.
Bargaining power of buyers: The bargaining power of buyers is high in this market due to presence of many established players offering equivalent drugs. Buyers can negotiate on price and demand for additional services.
Bargaining power of suppliers: Suppliers of raw materials for production of oncology drugs have lower bargaining power due to availability of substitute suppliers. However, suppliers of specialized equipment and technology may wield some bargaining power.
Threat of new substitutes: Threat of substitutes is moderate as alternates are available but require considerable R&D for development and approvals. Substitutes may reduce prices and attract some customers.
Competitive rivalry: Competition in oncology drugs market is high with presence of many global and regional players. Players differentiate through innovative drug delivery systems and drugs for new cancer indications.
Key Takeaways
The global Oncology Drugs Market Share is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of cancer worldwide. The market size for 2023 is US$ 133.64 Bn.
Regionally, North America dominates the oncology drugs market currently due to supportive healthcare reimbursement policies and presence of leading market players. Asia Pacific is expected to be the fastest growing market during the forecast period owing to growing healthcare expenditure and increasing cancer incidence.
Key players operating in the oncology drugs market are Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc. Major players are focusing on developing innovative drugs for new cancer indications to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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