New York, United States , June 18, 2024 (GLOBE NEWSWIRE) -- The Global Oncology Drugs Market Size is to Grow from USD 190.10 Billion in 2023 to USD 564.50 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.50% during the projected period.
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Oncology drugs are medications used to treat cancer, a category of disorders caused by the uncontrolled development and division of abnormal cells, they include chemotherapy, targeted therapy, immunotherapy, and hormone therapy. Major pharmaceutical companies focus on innovation to improve treatments, such as targeted medicines and personalized approaches. With millions of new cancer cases reported annually, lung, breast, colorectal, prostate, and stomach cancers are most common. According to the National Cancer Institute, in 2024, an estimated 2,001,140 new cancer cases will be diagnosed and 611,720 cancer deaths will occur in the United States. According to the International Agency for Research on Cancer (IARC) 2022 report, an estimated 20 million new cancer cases and 9.7 million deaths occurred globally. The global driving factors of the oncology drugs market include R&D advancements, innovative therapies, rising cancer rates, emerging markets, personalized medicine, and competition among firms, promising a hopeful future in cancer treatment. Government initiatives, increased healthcare spending, rising public awareness, and proactive screening programs drive growth in the global oncology drugs market. However, the global oncology drugs market is hindered by various factors including strict regulatory processes, high development costs, patent expirations, reimbursement challenges, biosimilar emergence, drug resistance, safety concerns, limited healthcare access, cancer complexity, and economic uncertainties.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Oncology Drugs Market Size, Share, and COVID-19 Impact Analysis, By Drugs Type (Cytotoxic Drugs, Targeted Drugs, and Others ), By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Blood Cancer, Bladder Cancer, and Others), By Therapy (Chemotherapy, Targeted Therapy, Immunotherapy, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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- The targeted drugs segment is anticipated to hold the highest market share through the forecast period.
On the basis of drug type, the global oncology drugs market is divided into cytotoxic drugs, targeted drugs, and others. Among these, the targeted drugs segment is anticipated to hold the highest market share through the forecast period. The targeted drugs segment leads the global oncology drugs market, primarily due to their precision in targeting cancer cells while sparing healthy ones, advancements in molecular biology facilitating targeted therapy development, and the potential for personalized treatment based on individual genetic profiles.
- The breast cancer segment is estimated to hold the largest market revenue through the projected period.
The global oncology drug market is classified by cancer type, including lung cancer, breast cancer, colorectal cancer, prostate cancer, blood cancer, bladder cancer, and others. Among these, breast cancer segment is estimated to hold the largest market revenue through the projected period. Breast cancer is positioned to be a dominant force in the global oncology pharmaceuticals market, driven by its widespread prevalence, continuous research and development endeavors, and advancements in early detection techniques. With a range of treatment choices and growing awareness, breast cancer is anticipated to sustain its prominent status in the market.
- The chemotherapy segment generated the most revenue during the projection period.
On the basis of therapy, the global oncology drugs market is categorized into chemotherapy, targeted therapy, immunotherapy, and others. Among these, the chemotherapy segment generated the most revenue during the projection period. While chemotherapy presently commands the largest revenue share owing to its historical importance and extensive application in cancer treatment, Chemotherapy is still commonly used because of its demonstrated effectiveness against a wide range of malignancies. It is frequently the first-line treatment for many types of cancer, and despite its side effects, it continues to play an important role in the worldwide oncology pharmaceutical industry.
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North America is expected to have the highest share of the global oncology drug market over the forecast period.
North America is expected to have the highest share of the global oncology drug market over the forecast period. North American players lead in R&D efforts, spearheading the creation of innovative oncology drugs globally. With advanced healthcare infrastructure, high cancer rates, substantial R&D investments, and favorable regulations, North America is poised to maintain its dominance in the global oncology drugs market.
The Asia-Pacific region is anticipated the fastest-growing market for the global oncology drugs market. Enhanced healthcare access and growing disposable incomes in nations like China and India propel market expansion, supported by lower manufacturing and R&D costs. Collaboration with local entities fosters increased production of generics and biosimilars, enhancing oncology treatment affordability. Rising patient awareness of cancer screening and treatment underscores long-term market prospects.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the global oncology drugs market are Pfizer Inc, Amgen Inc., Novartis AG, GSK plc, Eli Lilly and Company, AstraZeneca PLC, AbbVie Inc., Ono Pharmaceutical Company, Johnson and Johnson, Astellas Pharma Inc, Bayer Healthcare, Hoffmann-La Roche Ltd., Others, and others.
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Recent Developments
- In April 2024, FDA approved nogapendekin alfa inbakicept-pmln (Anktiva, Altor BioScience, LLC) with Bacillus Calmette-Guérin (BCG) for adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with or without carcinoma in situ (CIS) and papillary tumors.
- In April 2024, the FDA approved alectinib (Alecensa, Genentech, Inc.) for adjuvant treatment after tumor resection in patients with anaplastic lymphoma kinase (ALK)-positive non-small cell lung cancer (NSCLC), as detected by an FDA-approved test.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global oncology drugs market based on the below-mentioned segments:
Global Oncology Drugs Market, By Drugs Types
- Cytotoxic Drugs
- Targeted Drugs
- Others
Global Oncology Drugs Market, By Cancer Type
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Blood Cancer
- Bladder Cancer
- Others
Global Oncology Drugs Market, By Therapy
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Others
Global Oncology Drugs, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Oncology Drugs Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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