The cancer drugs market comprises targeted therapies, immunotherapy drugs, chemotherapy and other drugs used to treat various cancer types. Cancer drugs aid in destroying or limiting the growth of cancer cells and help improve the survival rate and quality of life of patients. Advances in research have led to the development of innovative targeted therapies and immunotherapies that are more effective and less toxic compared to conventional chemotherapy. The global cancer drugs market is estimated to be valued at US$ 154.4 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in treating new cancer types is estimated to drive the growth of the cancer drugs market. Research is ongoing to develop drugs for more cancer types such as pancreatic cancer, brain cancer and blood cancer. According to the World Health Organization, pancreatic cancer is projected to be the second leading cause of cancer-related deaths by 2030. Developing effective drugs with improved treatment outcomes for pancreatic cancer provides a major market opportunity. Similarly, there is lack of effective treatments for brain cancers like glioblastoma which has low survival rates. Successful research in this area can help address high unmet needs. This presents lucrative opportunities for pharmaceutical companies to gain a competitive edge by developing first-in-class drugs for new and difficult to treat cancer types.
Porter's Analysis
Threat of new entrants: The cancer drugs market size has high initial capital investments and R&D costs required to develop new drugs, acting as a barrier to entry.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of many substitute treatment options. However, large healthcare organizations and government buyers have significant bargaining power.
Bargaining power of suppliers: The presence of many pharmaceutical companies manufacturing APIs and intermediates exert high bargaining power on cancer drug makers.
Threat of new substitutes: Development of personalized medicine and targeted therapies pose a potential threat to cancer drugs reducing their market dominance over time.
Competitive rivalry: Intense competition exists between major global players investing in R&D to develop novel drug candidates and combination therapies widening treatment options.
SWOT Analysis
Strengths: Growing cancer incidence worldwide, increasing healthcare spending, rapid development of targeted therapies.
Weaknesses: High R&D costs, drug development failures during clinical trials, patent expiries of blockbuster drugs.
Opportunities: Emerging markets growth potential, demand for biosimilars and specialty drugs, collaboration opportunities.
Threats: Stringent regulatory approvals, safety concerns, technology obsolescence risk.
Key Takeaways
The global cancer drugs market is expected to witness high growth at a CAGR of 9.7% during the forecast period of 2023 to 2030. The market size for 2023 is estimated to reach US$ 154.4 Bn.
Regional analysis: North America currently dominates the market due to high healthcare spending and presence of major market players. However, Asia Pacific is expected to grow the fastest owing to increasing healthcare infrastructure, rising cancer incidence, and patient affordability in the region.
Key players: Key players operating in the cancer drugs market are Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB. They are focusing on developing novel targeted therapies and strengthening their product pipelines through collaborations and M&A activities.
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