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The oncology drugs industry involves development and production of pharmaceutical drugs used for treating various types of cancer. Some key classes of oncology drugs include chemotherapy drugs, targeted drugs, immunotherapy drugs and personalised medicine. Chemotherapy drugs work by stopping or slowing the growth of cancer cells whereas targeted drugs attack specific vulnerabilities within tumor cells. Immunotherapy drugs help boost the body’s natural defenses to fight cancer. Personalised medicine involves developing targeted therapies tailored to an individual patient’s genetic makeup and tumor characteristics. The global oncology drugs market offers several advantages such as prolonged survival and improved quality of life for cancer patients, targeted approaches to treat cancer with minimal side effects and evolving immunotherapies offering new hope. According to statistics, around 1 in 6 deaths worldwide are due to cancer making it one of the leading causes of mortality. The increasing incidence of various cancers and aging population base is expected to drive robust demand for innovative oncology treatment options.
The global Oncology Drugs Market is estimated to be valued at US$ 119.0 Bn in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The oncology drugs market is witnessing strong growth in key emerging trends. One such trend is the rising popularity of biosimilar drugs which are follow-on biologics or subsequent entry biologics providing more affordable treatment options. The patents of several blockbuster biologics will expire in the coming years opening doors for biosimilar alternatives. Another major trend is the pipeline strength of novel targeted therapies and immunotherapies against cancers driven by improved understanding of cancer at the molecular level. Drugs targeting specific mutations in tumors, immune checkpoint inhibitors and CAR T-cell therapies have shown promising potential. Robust R&D investments from pharmaceutical companies as well as venture capital funding are strengthening the oncology pipeline.
Porter’s Analysis
Threat of new entrants: The oncology drugs market requires huge investments in R&D to develop new drugs. This acts as a barrier for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as many cancer patients require lifelong treatment with oncology drugs.
Bargaining power of suppliers: Major suppliers in this market are research institutes and pharma companies. Their bargaining power is moderate due to the presence of many suppliers.
Threat of new substitutes: There are no close substitutes for oncology drugs currently. Alternatives like immunotherapy and generic drugs pose a low threat.
Competitive rivalry: The oncology drugs market is highly competitive with major players continuously investing in R&D to develop novel drugs.
Key Takeaways
The global oncology drugs market is expected to witness high growth at a CAGR of 12.3% during the forecast period of 2023-2030. The market size is projected to reach US$ 119.0 Bn by 2023.
North America dominates the oncology drugs market currently due to high healthcare spending and increasing cancer incidence rates. However, Asia Pacific is expected to grow at the fastest pace owing to rapid improvements in healthcare infrastructure and growing medical tourism across China, India, and other countries.
Key players operating in the oncology drugs market are Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc.Major players are focusing on acquiring smaller companies engaged in novel drug development to strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
