Oncology Drugs Market Size (2022-2030) Share, Industry Trends, Growth, Challenges and Forecast: Growth Plus Reports
Newark, New Castle, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “Oncology Drugs Market by Drug Class (Cytotoxic, Targeted Drugs), Indication (Lung Cancer, Breast Cancer), Therapy (Chemotherapy, Immunotherapy), Dosage Form (Solid, Liquid), Distribution Channel (Hospital Pharmacies) – Global Outlook & Forecast 2022-2030″ published by Growth Plus Reports, the oncology drugs market is expected to grow at a CAGR of 10.9% from 2021 to reach US$ 342.54 billion by 2030. Owing to the growing geriatric population coupled with the rising prevalence of cancer and increased R&D expenditure.
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One of the main drivers of the global market for oncology drugs is the increasing incidence of cancer, which is the second most common cause of death. Additionally, the number of cancer patients is growing due to factors like tobacco use, urbanization, alcohol intake, food changes, and a lack of physical activity. The oncology drugs market is expanding as a result of the increasing research and development into early cancer detection and therapy. The development of novel pharmaceuticals, such as inhibitors and biologics with a vast drug pipeline, is on the rise, and this is also significantly boosting the expansion of the global oncology drugs market. The need for oncology drugs is also rising as new cancer therapies, such as hormone therapies, targeted therapies, and immunotherapies, are being developed. The expansion of the world market for oncology drugs is also being aided by a rise in governmental and non-government initiatives to raise awareness about early cancer detection and treatment.
The global oncology drugs market has been analyzed from six perspectives – Drug Class, Indication, Therapy, Dosage Form, Distribution Channel, and Region.
Excerpts from ‘By Drug Class Segmentation’
Based on drug class, the global oncology drugs market is segmented into:
- Cytotoxic Drugs
- Targeted Drugs
- Hormonal Drugs
The targeted drugs segment held the largest market share of the global oncology drugs market in 2021. The significant market share of targeted drugs can be due to the growing preference for targeted therapy over other medications because these drugs target a specific cancerous site. The development of genomics is also advancing the study of targeted therapies, which target particular genes or proteins in cancer cells that promote cancer growth. Targeted drugs are designed to specifically target and inhibit the growth of cancer cells, leading to increased efficacy and reduced side effects compared to chemotherapy. Targeted therapy is less toxic to healthy cells, reducing the risk of systemic side effects. Additionally, the rise in the approval of small molecule medicines and monoclonal antibodies and increased demand for precision are also playing a pivotal role in the growth of the segment.
Excerpts from ‘By Indication Segmentation’
Based on indication, the global oncology drugs market is categorized into:
- Lung Cancer
- Breast Cancer
- Prostate Cancer
- Colorectal Cancer
- Stomach Cancer
The breast cancer segment dominated the global oncology drugs market with the largest market share in 2021. The dominating share of breast cancer can largely be attributed to the increased prevalence of breast cancer worldwide. According to the WHO, there were around 2.26 million new instances of breast cancer worldwide in 2020, making it the most frequent type of cancer. Additionally, the patient population is growing because of rising rates of obesity, cigarette use, alcohol consumption, and geriatrics. The segment’s growth is also being aided by the major players increasing investments in breast care-related R&D.
Excerpts from ‘By Region Segmentation’
Based on region, the global oncology drugs market has been segmented into:
- North America
- Asia Pacific
- Rest of the World
North America dominated the global oncology drugs market in 2021, followed by Europe and Asia Pacific. The increased prevalence of cancer, combined with a growing geriatric population, is driving regional growth according to the American Cancer Society there is an estimated 1.9 million new cancer cases diagnosed in 2022 in U.S. Governments in North America have implemented various initiatives, and policies aimed at increasing access to oncology drugs and promoting research and development in the field. Furthermore, major players are increasing their investment in cancer-related R&D and launching new products regularly. Regional growth is also being boosted by increased healthcare spending and growth in the healthcare sector. Greater public awareness of cancer and its treatments, as well as improved access to information, has led to increased demand for oncology drugs in North America.
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Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global oncology drugs market are:
- Bristol-Myers Squibb Company
- Merck & Co Inc.
- Bayer AG
- Novartis AG
- Sanofi S.A
- Pfizer Inc.
- Johnson & Johnson
- F. Hoffmann-La Roche AG
- GlaxoSmithKline plc
- Eli Lilly and Company
- AstraZeneca Plc
- Genentech Inc.
- Boehringer Ingelheim GmbH
- Teva Pharmaceutical Industries Ltd.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL ONCOLOGY DRUGS MARKET – ANALYSIS & FORECAST, BY DRUG CLASS
- Cytotoxic Drugs
- Alkylating Agents
- Targeted Drugs
- Hormonal Drugs
- Cytotoxic Drugs
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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