The Cancer Drugs Market is estimated to be valued at US$ 143.9 Bn in 2023 and is expected to exhibit a CAGR of 7.60% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cancer is caused by uncontrolled cell growth in the body. Cancer drugs help in controlling or killing cancer cells. The major types of cancer drugs are chemotherapy drugs, targeted therapy drugs, immunotherapy drugs and others. These drugs are effective in treating various types of cancers including lung cancer, breast cancer, leukemia, lymphoma and others. With rising cancer prevalence globally, the demand for effective treatment options like cancer drugs is growing significantly.
Market key trends:
One of the major trends driving the growth of Cancer Drugs Market Demand is rising prevalence of cancer worldwide. According to World Health Organization (WHO), cancer is a leading cause of death worldwide and around 10 million deaths in 2020 were due to cancer. Moreover, increasing geriatric population is another key factor fueling the market growth as aged people are more likely to develop cancer. Also, continuous advancement in cancer drug development like targeted therapy and immunotherapy has led to better treatment outcomes and higher product demand. Rising awareness about early cancer detection and availability of several funding initiatives for cancer research are further promoting the adoption of new cancer drug regimens globally.
Threat of new entrants: Low capital requirement and established distribution channels lower the threat of new entrants. However, stringent regulations for product approval poses a barrier.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over price and product selection. Generic drugs further enhance buyers power.
Bargaining power of suppliers: The presence of various suppliers of active pharmaceutical ingredients and contracted manufacturing organizations limits suppliers power.
Threat of new substitutes: New treatment options and targeted therapies pose significant threat, limiting the market potential of existing drugs.
Competitive rivalry: Intense competition exists between major players to gain market share through investments in R&D and product innovations. Market dominated by few large players.
Strength: Wide product portfolio, strong R&D capabilities and global presence of major players. Increasing prevalence of cancer worldwide boosts demand.
Weakness: High R&D costs, pricing pressures and intense competition. Side effects and safety concerns related to cancer drugs.
Opportunity: Emerging markets offer significant growth potential. Rising healthcare expenditures and demand for quality care provide opportunities.
Threats: Patent expiries of blockbuster drugs, regulatory hurdles and delays in product approvals are major threats. Rising preference for generics and biosimilars.
The global cancer drugs market size is expected to reach US$ 143.9 Bn in 2023, expanding at a CAGR of 7.60% during 2023 to 2030, owing to increasing global incidence of cancer. The market growth can be attributed to growing geriatric population, adoption of sedentary and unhealthy lifestyle, and improving healthcare infrastructure across developing regions.
The US holds the largest share in the North America region growing at a CAGR of 6.5% during the forecast period due to rising cancer incidence, supportive patient coverage through Medicare programs, and presence of advanced healthcare facilities.
China is a highly lucrative market in Asia Pacific with a CAGR of 8.5% between 2023-2030. The country is witnessing rapid economic growth and increasing healthcare spending on cancer drug research.
Key players operating in the cancer drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., AbbVie Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, and Johnson & Johnson (Janssen Global Services, LLC), among others. Major players are investing in developing innovative targeted therapies to expand their product portfolios.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it