Oncology Drugs Market Analysis

Oncology Drugs Market Overview

The Oncology Drugs Market Size valued at USD 135.8 Billion in 2022 and is projected to grow from USD 155.08 Billion in 2023 to USD 448.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2023 - 2032). Increased cancer incidence and prevalence and advancements in cancer research and drug development are the key market drivers enhancing the growth of the market.

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Oncology Drugs Market Trends

Growing Cancer Incidence and Prevalence is driving the market growth

Market CAGR for oncology drugs is being driven by the rising cancer incidence and prevalence. The rising incidence and the prevalence of cancer worldwide is a significant driver for the oncology drugs market. Cancer is a main global health concern, and as the population grows and ages, the number of cancer cases continues to increase. Factors like lifestyle changes, environmental factors, and genetic predisposition contribute to the rising cancer burden.

Cancer is more common in older individuals, and as the global population ages, the number of people at risk of developing cancer also rises. This demographic trend increases the demand for oncology drugs. Factors like smoking, lack of physical activity, poor diet, and exposure to carcinogens contribute to the development of cancer. Changes in lifestyle patterns, often associated with urbanization and economic development, can lead to an increased risk of cancer, driving the need for cancer treatments. Advances in cancer screening and early detection have led to the identification of cancers at earlier, more treatable stages. Consequently, more individuals are diagnosed with cancer, driving the demand for oncology drugs. Developing countries are experiencing a growing cancer burden due to population growth, urbanization, and changing lifestyles. These markets are increasingly important for pharmaceutical companies, leading to expanded sales of oncology drugs in these regions.

Advances in cancer research and drug development have caused the introduction of new targeted therapies, immunotherapies, and precision medicine approaches. These innovative treatments have improved survival rates and quality of life for cancer patients, driving market growth. Investments in healthcare infrastructure, including cancer treatment centers and oncology clinics, contribute to better cancer care and the increased use of oncology drugs. Expedited regulatory pathways for cancer drugs, such as accelerated approvals and orphan drug designations, have encouraged pharmaceutical companies to invest in oncology research and development, leading to a greater number of drugs entering the market.

The development of targeted therapies, which are designed to specifically target cancer cells or their molecular pathways, has revolutionized cancer treatment. These therapies are often more effective and have fewer side effects compared to traditional chemotherapy. Immunotherapies, such as immune checkpoint inhibitors and CAR-T cell therapies, have brought remarkable success in treating certain types of cancer by harnessing the body's immune system to target cancer cells. Thus driving the Oncology Drugs market revenue.

Oncology Drugs Market Segment Insights

Oncology Drugs Drug Class Insights

The Oncology Drugs Market segmentation, based on drug class, includes Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs and Others. The targeted drugs segment dominated the market, accounting for the largest market revenue due to their specificity, efficacy, reduced toxicity, and personalized treatment approach. Targeted drugs are designed to specifically target and interfere with particular molecules or pathways that are crucial for the growth and the survival of cancer cells. Targeted therapies often have a higher degree of efficacy in certain cancer types because they directly disrupt the mechanisms that drive tumor growth. This can result in better response rates and improved survival outcomes for patients.

Oncology Drugs Therapy Insights

The Oncology Drugs Market segmentation, based on therapy, includes Chemotherapy, Targeted Therapy, and Immunotherapy. The targeted therapy category dominates the market due to the rising adoption and preference for targeted drugs in emerging regions in order to treat various cancers. This is due to its capability to target only the cancerous cells and treat the certain advanced cancers like metastatic breast cancer. Further, the immunotherapy category is expected to grow with the highest rise rate throughout the forecast period owing to the launch of various drugs of this type by the main industry players and R&D by research organizations.

Figure 1: Oncology Drugs Market, by Therapy, 2022 & 2032 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Oncology Drugs Indication Insights

The Oncology Drugs Market segmentation, based on indication, includes Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer and Others. The breast cancer category dominates the market as breast cancer is one of the very common cancers globally, and its incidence continues to rise. This high prevalence ensures a substantial patient population in need of treatment, which drives demand for breast cancer-specific oncology drugs.

Oncology Drugs Regional Insights

By region, the study offers market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Oncology Drugs market area dominates the market because of its robust healthcare infrastructure, high healthcare expenditure, and large patient population with a significant prevalence of cancer. Additionally, the presence of numerous pharmaceutical companies, research institutions, and clinical trials centers in North America contributes to the region's leadership in the development and distribution of oncology drugs.

Further, the prime countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.

Figure 2: ONCOLOGY DRUGS MARKET SHARE BY REGION 2022 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Oncology Drugs market accounts for the second-largest market share due to the increasing cancer incidence, aging population, and adoption of innovative therapies. Further, the German Oncology Drugs market held the largest market share, and the UK Oncology Drugs market was the fastest-growing market in European region.

The Asia-Pacific Oncology Drugs Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to the increasing cancer incidence, a growing aging population, and expanding access to healthcare services. Moreover, China’s Oncology Drugs market held the largest market share, and the Indian Oncology Drugs market was the fastest-growing market in Asia-Pacific region.

Oncology Drugs Key Market Players & Competitive Insights

Leading market players are investing hugely in research and development in order to expand their product lines, which will help the Oncology Drugs market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including higher investments, new product launches, contractual agreements, mergers and acquisitions, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Oncology Drugs industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Oncology Drugs industry to benefit clients and grow the market sector. In recent years, the Oncology Drugs industry has offered some of the most significant advantages to the medicine. Major players in the Oncology Drugs market, including F. Hoffmann-La Roche Ltd., Genentech, Inc., Novartis AG, Pfizer Inc., Bristol Myers Squibb Company, GlaxoSmithKline plc., Eli Lilly and Company, AstraZeneca, Sanofi, Bayer AG, Merck & Co., Inc., and others, are attempting to increase market demand by investing in the research and development operations.

Eli Lilly and Company, often referred to simply as Lilly, is a global pharmaceutical company with a long history of research, development, and manufacturing of pharmaceutical products. Lilly is primarily known for its work in the fields of pharmaceuticals and biotechnology. The company specializes in the development and production of prescription drugs and medications in various therapeutic areas, including oncology, diabetes, neuroscience, immunology, and more. In June 2023, Eli Lilly and Co. acquired Loxo Oncology for $8 billion. Loxo Oncology is a clinical-stage biopharmaceutical company focused on the development of targeted therapies for cancer. The acquisition gives Lilly access to Loxo's pipeline of drugs, including LOXO-292, a selective RET inhibitor that is at prsent in Phase III clinical trials for treating the advanced non-small cell lung cancer (NSCLC).

Sanofi, founded in 1973, is a diversified pharmaceutical company with a focus on research, development, the manufacturing, and the marketing of a wide range of pharmaceutical products. They are involved in various therapeutic areas, including vaccines, diabetes, rare diseases, oncology, cardiovascular health, and more. Sanofi places a strong emphasis on research and development, with a commitment to innovation in drug discovery and development. They have research centers and collaborations worldwide to advance their pharmaceutical pipeline. In April 2023, Sanofi acquired Synthorx for $2.1 billion. Synthorx is a clinical-stage biopharmaceutical company focused on the development of targeted protein degradation therapies for cancer. The acquisition gives Sanofi access to Synthorx's pipeline of drugs, including THOR-707, a targeted protein degradation therapy that is currently in the Phase I clinical trials for treating multiple myeloma.

Key Companies in the Oncology Drugs market include

• Hoffmann-La Roche Ltd.


• Genentech, Inc.


• Novartis AG


• Pfizer Inc.


• Bristol Myers Squibb Company


• GlaxoSmithKline plc


• Eli Lilly and Company


• AstraZeneca


• Sanofi


• Bayer AG


• Merck & Co., Inc.

Oncology Drugs Industry Developments

July 2023:Bristol Myers Squibb (BMS) and Servier announced a collaboration in order to develop and commercialize a new class of immuno-oncology drugs. The collaboration will focus on the development of bispecific antibodies that combine the targeting specificity of monoclonal antibodies with the activating function of T cells.

May 2023:AstraZeneca and Daiichi Sankyo announced a collaboration to develop and commercialize a next-generation PD-1 checkpoint inhibitor. The collaboration will focus on the development of a PD-1 inhibitor that is more potent and has a longer duration of action than existing PD-1 inhibitors.

March 2023:Merck and Vericel announced a collaboration to develop and commercialize cell-based immunotherapies for cancer. The collaboration will focus on the development of CAR T-cell therapies that are more effective and have fewer side effects than existing CAR T-cell therapies.

Oncology Drugs Market Segmentation

Oncology Drugs Drug Class Outlook

• Cytotoxic Drugs


• Targeted Drugs


• Hormonal Drugs


• Others

Oncology Drugs Therapy Outlook

• Chemotherapy


• Targeted Therapy


• Immunotherapy

Oncology Drugs Indication Outlook

• Lung Cancer


• Stomach Cancer


• Colorectal Cancer


• Breast Cancer


• Prostate Cancer


• Others

Oncology Drugs Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America