The 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:
Oncology drugs are mainly used to treat cancer. Cancer drugs work by slowing or stopping the growth of cancer cells, either by killing the cells or stopping them from dividing. The main types of oncology drugs available are chemotherapy drugs, targeted therapy drugs, immunotherapy drugs, and hormonal therapy drugs. The growing prevalence of cancer and increasing awareness about early detection and treatment are driving the demand for oncology drugs globally.
Market key trends:
One of the key trends fueling the growth of oncology drugs market is the rising number of drug approvals. Regulatory authorities like the U.S. Food and Drug Administration (FDA) are approving new oncology drugs at a rapid pace. For instance, in 2021, the FDA approved 15 new oncology drugs, including targeted therapies and immunotherapies. Newer targeted therapies provide more efficient treatment by specifically targeting cancer cells while minimizing side effects on normal cells. Companies are also developing combination drug therapies that have shown improved clinical outcomes for certain cancers. With continuous R&D efforts, a robust pipeline of novel oncology drugs is expected to enter the market during the forecast period, supporting the industry growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is high due to the high R&D costs required to develop novel oncology drugs. Research requires huge capital investments and successful development of drugs requires lengthy clinical trials. Existing players have established brands and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many suppliers. Pharmaceutical suppliers negotiate with buyers on pricing and licenses. Buyers can exert pressure on suppliers by threatening to switch to alternative treatment options or generic versions.
Bargaining power of suppliers: Suppliers of raw material and services have low to moderate bargaining power as oncology drug makers source from a large number of suppliers. Suppliers lack differentiation with alternatives available.
Threat of new substitutes: New substitute threat is moderate as research leads to newer targeted therapies. Existing cancer drugs face competition from other innovative medicines and alternative treatment methods.
Competitive rivalry: Intense due to presence of many global and regional players commercializing novel drugs and therapeutics.
SWOT Analysis
Strengths: Wide product portfolio, established global presence, strong R&D capabilities resulting in continuous pipeline of novel therapies.
Weaknesses: Heavy reliance on few blockbuster drugs, patent expiries impact revenues, stringent regulations increase compliance costs.
Opportunities: Rising cancer incidence worldwide, growing demand in emerging nations, scope for line extensions and combinations.
Threats: Price control measures, biosimilars competition on mature products, reimbursement hurdles in some regions.
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. As per WHO data, cancer burden is projected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. North America currently dominates the market owing to availability of advanced healthcare facilities and large health expenditure in the US. Europe continues to be the second largest market for oncology drugs region owing to increasing affordability led by government interventions. Asia Pacific is expected to exhibit fastest growth over the forecast period due to rising healthcare spending, growing incidents of cancer, and expansion of key market players in emerging countries.
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. The market is highly fragmented with the top 10 players accounting for over 50% share. Manufacturers are engaged in new product development and partnerships to sustain competition.
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The Oncology Drugs market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the oncology drugs market include AbbVie Inc., Astellas Pharma Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Celgene Corporation, f. Hoffmann-La Roche ltd., Johnson & Johnson (Janssen Global Services, LLC), Merck & Co., Inc., Novartis AG, Pfizer Inc.
The growing approval for new drugs by the FDA and rising penetration of health insurance is amplifying revenue growth.
Malignant of the lung, female breast, and colorectum are the top three cancers in terms of incidence, estimated to hold the majority share in global terms.
However, expensive treatment and limited treatment options restrain the growth of the market.
