The Oncology drugs market is expected to surge owing to the growing prevalence of various cancers such as lung cancers, and the impact of other factors such as the growth in the geriatric population. Additionally, the increasing interest in developing targeted therapies to leverage advancements in precision medicine is another prominent factor responsible for the remarkable growth of the Oncology Drugs market.
According to the latest report published by DelveInsight “Oncology Drugs Market Insight,” the global Oncology drugs market is expected to witness significant growth owing to the increasing prevalence of various cancers such as lung, colorectal, and other cancers, growing geriatric population base, technological advancements in sequencing leading to the popularity of personalized/precision medicine. This report will provide an in-depth market understanding of Oncology drugs which will further benefit the competitors or stakeholders operating in Oncology drugs market.
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Oncology drugs encompass all types of cancer treatments such as chemotherapy, radiation therapy, hormonal therapy, and targeted therapy among others that aim to kill cancer cells to provide a therapeutic effect.
Cancer, being a chronic and debilitating indication, requires extensive treatment in order to treat cancerous cells. Even though not all cancers may require treatment, most of them do. Various therapies such as chemotherapy, gene therapy, and immunotherapy are employed in cancer treatment due to the benefits associated with them in terms of providing curative as well as the palliative effects in cancer treatment. These therapies, each having their merits are extremely popular choices for cancer treatment. Thus, the growing need for oncology drugs of various types can be attributed to the increasing cancer incidence which may respond to different therapy types.
Oncology Drugs Market Insights
Geographically, the global Oncology drugs market is studied for North America, Europe, Asia-Pacific, and Rest of the World. In terms of the largest Oncology drugs market share, North America is expected to amass a significant revenue share in the global Oncology drugs market during the forecast period. This can be ascribed to the interplay of various factors such as the high cancers prevalence and the presence of a supportive regulatory environment in terms of product approval. Additionally, sophisticated healthcare infrastructure, high disposable income of individuals in the country, along with appreciable awareness regarding new treatments as well as extensive insurance coverage for these drugs are certain factors that are expected to contribute to the growth of the North American Oncology drugs market growth. However, the superiority of North America will be majorly challenged by the European Oncology drugs market.
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Recent Developments in the Oncology Drugs Market Report
- In October 15, 2021, the FDA approved atezolizumab (Tecentriq) by Genentech, Inc. for adjuvant treatment following resection and platinum-based chemotherapy in patients with stage II to IIIA non-small cell lung cancer (NSCLC).
- In August 2021, Bristol Myers Squibbs received the conditional marketing authorization for Abecma (idecabtagene vicleucel) by the European Commission for the treatment of adult patients with relapsed and refractory multiple myeloma. It is a first-in-class B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy.
- In April 2021, Sanofi announced the acquisition of Tidal Therapeutics which is involved in the development of an mRNA-based research platform. This acquisition will help Sanofi utilize this technology platform to expand its capabilities in the field of immunology and oncology.
- Thus, owing to such developments in the market, there will be rapid growth observed in the Oncology drugs market during the forecast period.
Interested in knowing about the Oncology drug development? Click to get a snapshot of New Oncology Drug Approvals
Key Players in the Oncology Drugs Market
Some of the leading Oncology drugs companies with various oncology pipeline drugs include GlaxoSmithKline, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc., Sanofi, Merck & Co., Inc, Novartis AG, Pfizer Inc, AstraZeneca, Bristol Myers Squibb., Gilead Sciences, Inc., Janssen Global Services, LLC, BAYER AG., Celldex Therapeutics Inc., Alaunos Therapeutics, Inc., Astellas Pharma Inc., Genentech, Inc., Sandoz International GmbH, BeiGene, and others.
Oncology Drugs Market Dynamics
One of the factors driving the Oncology drugs market can be attributed to the surge in cancer incidence. Considering the increasing cancers incidence, most pharmaceutical companies are focusing on extensive research and development activities in the oncology domain. This has resulted in more products being launched in the Oncology drugs market. Moreover, the growing focus on developing targeted therapies such as CAR-T cell therapies to provide a more pronounced therapeutic effect is further driving the Oncology drugs market as new products are gaining regulatory approvals for cancer treatment. However, potential side-effects associated with different cancer therapies such as loss of bone mass and cost of oncology drugs, especially in low- and middle-income countries may prove to be challenging factors for Oncology drugs market growth.
Moreover, the oncology drugs market was negatively impacted up to some extent by the implementation of measures to curb the spread of the COVID-19 infection. In order to cater to the exigency created by the COVID-19 pandemic, all other medical specialties witnessed a reduction in patient load. For instance, according to Cancer Research UK, in the UK alone, for example, urgent lung cancer referrals fell by up to 75% during the first lockdown. This did not correlate to the decrease in cases, but fewer people sought and obtained the cancer diagnosis they urgently need. Unfortunately, these trends were prominent across countries around the globe. Nevertheless, the Oncology drugs market is in a period of recovery owing to devising strategies to transform cancer care thereby presenting a future outlook for the Oncology drugs market during the forecast period from 2022-2027.
Get a sneak peek at the Oncology Drugs market dynamics @ Oncology Drugs Market Dynamics Analysis
Scope of the Oncology Drugs Market Report
- Coverage: Global
- Study Period: 2019-2027
- Market Segmentation By Therapy Type – Chemotherapy, Hormonal Therapy, Targeted Therapy (Gene Therapy and Immunotherapy), and Others
- Market Segmentation ByTypes of Cancer – Breast Cancer, Lung Cancer, Prostate Cancer, Blood Cancers, and Others
- Market Segmentation By End-User – Hospitals, Specialty Clinics, and Others
- Market Segmentation By Geography – North America, Europe, Asia-Pacific, and Rest of World
- Key Oncology Drugs Companies – GlaxoSmithKline (LON:GSK), Eli Lilly & Company (NYSE:LLY), F. Hoffmann-La Roche Ltd (SWX:ROG), AbbVie Inc. (NYSE:ABBV), Amgen Inc. (NASDAQ:AMGN), Sanofi (EPN:SAN), Merck & Co., Inc (NYSE:MRK), Novartis AG (SWX:NOVN), Pfizer Inc (NYSE:PFE), AstraZeneca (LON:AZN), Bristol Myers Squibb (NYSE:BMY), Gilead Sciences, Inc. (NASDAQ:GILD), Janssen Global Services, LLC, BAYER AG. (ETR:BAYN), Celldex Therapeutics Inc. (NASDAQ:CLDX), Alaunos Therapeutics, Inc. (NASDAQ:TCRT), Astellas Pharma Inc., Genentech, Inc., Sandoz International GmbH (SWX:NOVN), and BeiGene among others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
DelveInsight Analysis: The Oncology Drugs market size is expected to grow at a CAGR of 12.74% during the forecast period from 2022 to 2027 to reach USD 368.22 billion by 2027.
Find out which are the top oncology drugs in the market @ Top Selling Oncology Drugs
Table of Contents
|1||Oncology Drugs Market Report Introduction|
|2||Oncology Drugs Market Executive summary|
|3||Regulatory and Patent Analysis|
|4||Oncology Drugs Market Key Factors Analysis|
|5||Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Oncology Drugs Market|
|7||Oncology Drugs Market Layout|
|8||Oncology Drugs Global Company Share Analysis – Key 3-5 Companies|
|9||Oncology Drugs Market Company and Product Profiles|
Learn more about the most expensive oncology drugs @ Drug Information Handbook for Oncology
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