The oncology drugs market is estimated to be valued at US$ 133.64 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Oncology drugs are used to treat cancer patients. The key categories of oncology drugs include chemotherapy, targeted therapy, immunotherapy, and others. Chemotherapy is one of the most common cancer treatments that involve the use of drugs to destroy cancer cells. Targeted therapy drugs target specific vulnerabilities within tumor cells. Immunotherapy helps boost the body's natural defenses to fight cancer. The growing prevalence of cancer worldwide is driving significant demand for oncology drugs for effective treatment of the disease.
Market Dynamics:
Rapid increase in cancer incidence globally is a major factor contributing to the growth of the oncology drugs market. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. The high prevalence of lifestyle-related risk factors such as smoking, alcohol consumption, obesity, and lack of physical activity has augmented the risk of various cancers. Furthermore, environmental factors such as urban air pollution are also fueling the cancer burden. The second driver is the rising healthcare spending worldwide. Improving economic conditions have enabled people to spend more on healthcare and have better access to advanced cancer treatment options such as molecular targeted therapies and immunotherapies, thereby supporting the market growth over the forecast period.
SWOT Analysis
Strength: Oncology drugs market has high growth potential due to rising cancer incidence rates. Development of tailored therapies allow for better treatment outcomes. Increasing investment in R&D of novel drug formulations is expanding treatment options.
Weakness: High costs associated with drug development and regulatory approvals increase treatment costs. Severe side effects of certain therapies reduce patient compliance. Limited awareness in developing nations restrict market growth.
Opportunity: Emerging economies offer lucrative prospects owing to improving healthcare infrastructure and demand. Growth in generic drugs market enables cost-effective treatment solutions. Personalized medicines offer scope to target diverse patient segments.
Threats: Stringent regulations for clinical trials and product approvals pose challenges. Patent expiries of blockbuster drugs impact market revenues of companies. Changing reimbursement policies impact drug accessibility.
Key Takeaways
The global Oncology Drugs Market Share is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing cancer prevalence across the globe. Rising awareness about early detection and availability of advanced treatment options drives the market.
Regional analysis shows that North America dominates the oncology drugs market with the largest share, owing to presence of advanced healthcare infrastructure and favorable reimbursement policies. Asia Pacific is anticipated to exhibit fastest growth rate during the forecast period due to rising healthcare spending, rapid economic growth and large patient pool.
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. Strategic acquisitions and collaborations enable players to expand product portfolios and geographical presence.
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