Oncology/Cancer Drugs Market By Drugs Class (Cytotoxic Drugs, Targeted Drugs), By Therapy (Chemotherapy, Targeted Therapy), By Indication (Lung Cancer, Stomach Cancer), By Dosage Form (Injectable, Solid), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies), & Region For 2024-2031

Oncology/Cancer Drugs Market Valuation – 2024-2031

The rising prevalence of various types of cancer globally is propelling the adoption of oncology/cancer drugs. Significant investments and funding from government bodies and private organizations support cancer research and drug development is driving the market size surpass USD 156.61 Billion valued in 2023 to reach a valuation of around USD 265.69 Billion by 2031.

In addition to this, growing awareness about cancer and early diagnosis through screening programs lead to earlier and more frequent treatment is spurring up the adoption of oncology/cancer drugs. Innovations in biotechnology and pharmaceuticals, such as targeted therapies and immunotherapies is enabling the market grow at a CAGR of 6.83% from 2024 to 2031.

Oncology/Cancer Drugs MarketDefinition/ Overview

Oncology/Cancer Drugs are medications designed to treat cancer by inhibiting the growth of cancerous cells, preventing their spread, or alleviating symptoms. These drugs can be classified into several categories, including chemotherapy, targeted therapy, immunotherapy, hormone therapy, and others, each with distinct mechanisms of action.

These drugs are used across different cancer types and stages, with chemotherapy often employed for its broad-spectrum efficacy, targeted therapies focusing on specific genetic markers, and immunotherapies enhancing the body’s immune response against cancer. Hormone therapies are specifically used for hormone-sensitive cancers like breast and prostate cancer, while radiopharmaceuticals deliver radiation directly to cancer cells. Supportive care drugs are also essential for managing side effects and improving patients’ quality of life during treatment.

The future of oncology drugs is promising, with advancements in personalized medicine allowing for treatments tailored to individual genetic profiles, thereby improving efficacy and reducing toxicity. Cutting-edge immunotherapies, such as CAR-T cell therapy and checkpoint inhibitors, are expected to revolutionize cancer treatment.

How will Growing Emphasis on R&D to Enhance the Adoption of Advanced Drug Therapies Drive the Growth of Oncology/Cancer Drugs Market?

Cancer treatment aims to cure the disease, prolong survival, and improve quality of life. Immunotherapy is an attractive therapeutic strategy, as immune cells play a crucial role in tumor progression. Top market players are investing in immunotherapy research and development, for instance, FUJIFILM Corporation and the National Cancer Center Japan’s joint research project for new cancer immunotherapy using liposome formulation. Immunotherapy has higher adoption due to efficient treatment and improved patient outcomes, contributing to market growth.

Also, personalized medicine (PM) is revolutionizing oncology management in countries with high human development indexes, allowing oncologists to target individual cancers better. Government bodies and regulatory bodies are focusing on structuring clinical pathways, trials, and reimbursement models to accommodate PM, allowing physicians to pursue personalized treatment options which is enabling the growth of the market.

In addition to this, cancer incidence is on the rise globally, with it being the second leading cause of death in the U.S., largely due to factors such as tobacco smoking, exposure to ultraviolet radiation, pollution, and changing diet patterns. The International Agency for Research on Cancer (IARC) reported an estimated 20.0 million new cancer cases in 2022, with the number projected to rise to 35.0 million by 2050. This growth is expected to boost the global oncology cancer drugs market, as well as the growing awareness of cancer among the population. The increasing prevalence of cancer is expected to further drive market growth in the coming years.

Growing innovative treatments from research and development pipelines is one of the major factor. Pharma companies are investing in these research activities, For instance, Novartis AG’s Phase I study showing positive results in patients with PSMA-positive metastatic castration-resistant prostate cancer. The growing preference for biosimilars and biologics is expected to aid market growth.

Will Resistance and Limited Efficacy of Oncology/Cancer Drugs Restrain Its Application?

Cancer cells can develop resistance to treatments, reducing the long-term efficacy of oncology drugs. This often requires the development of new treatments or combination therapies. For example, targeted therapies like EGFR inhibitors can develop resistance within a year, highlighting the need for continuous research.

The oncology drug market is highly competitive, with numerous pharmaceutical companies vying to develop and market the next breakthrough therapy. This competition can drive innovation but also leads to market saturation and pricing pressures. Additionally, patent expirations on key drugs open the market to generic alternatives, which, while beneficial for reducing costs, can significantly impact the revenue of original drug manufacturers. For instance, the expiration of the patent for imatinib (Gleevec) led to the introduction of generic versions, drastically reducing its market share and revenue for the original manufacturer, Novartis.

The development of oncology drugs is associated with substantial costs, often exceeding billions of dollars from initial research to final approval. These high costs are driven by the need for extensive preclinical studies, clinical trials, and regulatory approvals. For instance, the development of CAR-T cell therapies, while revolutionary, involves complex manufacturing processes and lengthy trial phases, significantly increasing the financial burden on pharmaceutical companies. This financial barrier can limit the number of new entrants into the market and slow down the overall pace of innovation.

In addition to this, oncology drugs, especially traditional chemotherapies, are often associated with significant side effects, including nausea, fatigue, and increased susceptibility to infections. These adverse effects can limit patient compliance and reduce the overall effectiveness of treatments. For instance, while highly effective in certain cancers, the use of cisplatin is often limited due to its severe nephrotoxicity. The challenge of balancing efficacy with manageable side effects remains a significant hurdle in the development of new oncology therapies.

Category-Wise Acumens

Will Rise in Adoption of Cloud-Based Solutions Drive Oncology/Cancer Drugs Market?

The dominance of targeted drugs in the oncology market is driven by their precision, reduced side effects, alignment with personalized medicine, expanding indications, strong R&D focus, and significant improvements in patient outcomes. These factors collectively underscore the transformative impact of targeted therapies on cancer treatment and their pivotal role in the future of oncology.

The oncology market is experiencing a surge in the development of targeted drugs, with a significant number of candidates in the pipeline. This influx is driven by ongoing advancements in genomic research and molecular biology, which continue to uncover new cancer-specific targets. The development pipeline is robust, with numerous drugs in various stages of clinical trials, reflecting a strong focus on innovation and future growth. For instance, In June 2023, the U.S. FDA approved a grant for the combination of dabrafenib and trametinib for treating BRAF V600E-mutated cancers in pediatric and adult patients.

Also, targeted drugs have become a cornerstone of modern oncology due to their precision and efficacy in treating various types of cancer. Unlike traditional chemotherapies, which indiscriminately attack rapidly dividing cells, targeted therapies hone in on specific molecular targets associated with cancer cells. This precision reduces damage to healthy cells and enhances the effectiveness of treatment. For example, drugs like trastuzumab (Herceptin) specifically target the HER2 protein in certain breast cancers, leading to significantly improved outcomes compared to non-targeted treatments.

The overall impact of targeted therapies on patient outcomes has been profoundly positive. Increased survival rates, improved quality of life, and the potential for long-term remission are among the significant benefits that have been observed. The success stories of targeted therapies in treating specific cancers have set new standards for what can be achieved in oncology. For instance, the introduction of targeted drugs like vemurafenib (Zelboraf) for BRAF-mutated melanoma has transformed the prognosis for patients who previously had limited treatment options.

Will Rise in Adoption of Biologics Upsurge Sales of Injectable in the Oncology/Cancer Drugs Market?

The injectable segment is dominate due to the increasing adoption of biologics for cancer treatment. For Instance, Mylan N.V. launched Fulvestrant Injection, a 250 mg/5 mL per single-dose prefilled syringe used to treat advanced breast cancer in women. The solid dosage form of oncology drugs is available in capsules and tablets. The segment is expected to have a moderate growth rate due to market players’ focus on research and development initiatives to explore clinical efficiency and administration routes.

The injectable segment allows for precise dosing, which is essential in oncology to maximize efficacy while minimizing toxicity. Accurate dosing is particularly important for drugs with narrow therapeutic windows, where small variations can significantly impact treatment outcomes. Oncologists can tailor the dosage based on individual patient needs, weight, and response to therapy, ensuring optimal treatment efficacy. For instance, chemotherapy drugs like paclitaxel are often administered intravenously to control the exact dosage and reduce adverse effects.

In addition to this, the injectable segment’s dominance is reflected in significant market growth and investment. Pharmaceutical companies are heavily investing in the development and production of injectable oncology drugs due to their proven efficacy and market demand. The increasing number of approvals for injectable biologics and biosimilars further supports this trend. For instance, the approval of injectable immunotherapies like pembrolizumab (Keytruda) and nivolumab (Opdivo) has led to substantial market growth and expanded treatment options for various cancers. These investments underscore the importance of injectables in the current and future oncology landscape.

Gain Access into Oncology/Cancer Drugs Market Report Methodology

Country/Region-wise Acumens

Will Rising Incidence and Prevalence of Cancer in North America Mature Oncology/Cancer Drugs Market?

The increasing incidence and prevalence of cancer in the United States are major drivers of the North American oncology drugs market. According to the American Association of Cancer Research, the number of diagnosed cancer cases is projected to reach nearly 2.3 million annually by 2040. This surge in cancer cases necessitates a corresponding increase in effective treatment options, thereby boosting the demand for oncology drugs. The rising cancer burden underscores the need for continuous innovation and availability of advanced cancer therapies in the region.

The North American market is characterized by frequent new product launches, reflecting the region’s dynamic and innovative pharmaceutical landscape. The continuous introduction of new oncology drugs, including targeted therapies, immunotherapies, and combination treatments, ensures that patients have access to the latest and most effective treatment options. For instance, recent approvals of drugs like the combination of dabrafenib and trametinib for BRAF V600E-mutated cancers highlight the ongoing advancements and expansion of the oncology drug portfolio in North America.

Also, the dominance of North America in the oncology drugs market is further reinforced by its strong research and development infrastructure. The presence of leading pharmaceutical companies, cutting-edge research institutions, and substantial funding for cancer research contribute to the rapid development and commercialization of new oncology therapies. This robust R&D ecosystem facilitates the translation of scientific discoveries into clinical applications, ensuring a steady pipeline of innovative drugs.

Will Rising Pharmaceutical Investments Enhance Adoption of Oncology/Cancer Drugs in Asia Pacific?

The Asia Pacific region is attracting significant investments from global pharmaceutical companies, eager to tap into the rapidly growing market. The presence of a large patient pool, favorable regulatory environments, and lower operational costs make the region an attractive destination for clinical trials and drug development. Multinational corporations are establishing research and development centers, forging partnerships with local companies, and increasing their market presence. For instance, companies like Roche, Pfizer, and Novartis are expanding their oncology portfolios and operations in Asia Pacific to meet the rising demand for cancer treatments.

In addition to this, the adoption of advanced cancer therapies, including targeted therapies, immunotherapies, and personalized medicine, is accelerating in Asia Pacific. Improved diagnostic capabilities and increased awareness of innovative treatments are driving the uptake of these advanced therapies. Patients and healthcare providers are increasingly opting for newer, more effective treatment options that offer better outcomes and fewer side effects compared to traditional chemotherapy. The introduction and acceptance of drugs like pembrolizumab (Keytruda) and nivolumab (Opdivo) in the region highlight the growing preference for advanced oncology treatments.

Also, improved access to healthcare services and the expansion of health insurance coverage are also contributing to the growth of the oncology drugs market in Asia Pacific. Governments and private insurers are expanding coverage for cancer treatments, making it more affordable for a larger portion of the population. This increased accessibility is enabling more patients to receive timely and effective treatment. For Instance, the expansion of China’s public health insurance system and India’s Ayushman Bharat scheme are significantly increasing access to cancer care. These initiatives are helping to reduce the financial burden on patients and improving overall treatment outcomes.

Competitive Landscape

The competitive landscape of the oncology drugs market is characterized by intense competition among numerous pharmaceutical companies, driven by continuous innovation, extensive research and development activities, and frequent new product launches. Companies are focusing on developing advanced therapies, including targeted drugs and immunotherapies, to address the growing cancer burden. The market also sees significant collaborations, mergers, and acquisitions aimed at expanding product portfolios and market reach, alongside efforts to navigate regulatory complexities and achieve faster approvals. The competitive environment is further intensified by the entry of biosimilars, which challenge the market share of established brands by offering cost-effective alternatives. Some of the prominent players operating in the Oncology/Cancer Drugs Market include

Roche (Genentech), Novartis, Merck & Co. (MSD outside North America), Bristol-Myers Squibb, Pfizer, AstraZeneca, Johnson & Johnson, AbbVie, Eli Lilly and Company, Amgen, Celgene (now part of Bristol-Myers Squibb), Gilead Sciences, Takeda Pharmaceutical Company, Bayer, Sanofi, Boehringer Ingelheim, Daiichi Sankyo, Biogen, Astellas Pharma, and Eisai.

Latest Developments

• In February 2024, AbbVie, Inc. has acquired ImmunoGen, a biotechnology firm specializing in antibody-drug conjugate therapeutics for cancer treatment, to enhance its position in the oncology sector.
• In February 2024, Novartis AG has acquired MorphoSys AG, a Germany-based biopharmaceutical company specializing in developing innovative oncology medicines, to enhance its oncology pipeline.
• In January 2024, AbbVie, Inc. and Umoja Biopharma have partnered to develop novel In-Situ CART cell therapies by reprogramming T cells in vivo to target cancer cells.

Report Scope

Oncology/Cancer Drugs Market, By Category

Drug Class

• Cytotoxic Drugs
• Targeted Drugs
• Hormonal Drugs

Therapy

• Chemotherapy
• Targeted Therapy
• Immunotherapy

Indication

• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer

Dosage Form

• Solid
• Liquid
• Injectable

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and seg