Oncology/Cancer Drugs Market Expected to reach $274.40 Billion by 2030

According to a new report published by Allied Market Research, titled, “Global Oncology/Cancer Drugs Market by Drug Class Type, Indication, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," The oncology drugs market size was valued at $135,494.17 million in 2020, and is projected to reach $274,400.63 million by 2030, registering a CAGR of 7.5% from 2021 to 2030. Cancer is caused when the cells present in the body grow at an uncontrolled rate leading to the formation of a tumor. Cancer has different stages based on its progression. Metastasis is the final stage of the disease, which is marked by the invasion of tumor into others parts of body. The management of cancer in patients requires the use of different drugs such as hormonal therapy, immunotherapy, targeted therapy, and chemotherapy.

The key drivers of the global oncology/cancer drugs market are surge in geriatric population, surge in prevalence of cancer, early screening of the cancer, and higher number of R&D activities to develop cancer therapeutics have significantly contributed toward the growth of the market. Promising drugs in late stage of pipeline with high potential of emerging economies are further expected to provide lucrative opportunities for market expansion. However, adverse effects related to cancer drugs impede the oncology drugs market growth.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. supply chains were disrupted due to restrictions on trade of pharmaceutical ingredients and products across countries. In addition, COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. In its disruption to clinical trials and drug supply to patients, the COVID-19 pandemic has impacted the most crucial areas of the oncology/cancer drugs market. Pandemic has directly affected the supply of oncology drugs to cancer patients; not only is it difficult to administer chemotherapy and certain other treatments outside of a clinic, but the spread of coronavirus has reduced patients’ willingness and ability to access not just treatments, but trials for new medicines. COVID-19’s interference with the research and development of new treatments is one of the most significant blows that has been dealt to the cancer drugs market. However, this situation is expected to change post COVID-19 pandemic in the coming years.

By drug class type, targeted therapy segment is anticipated to grow with the largest share throughout the forecast period. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and availability of number of targeted therapeutics. Recent advances in cellular technology have contributed to improve the understanding of tumor cells and their metabolism at molecular level, thus driving the need for targeted drug therapies for cancer treatment. On the other side, the demand for immunotherapy is projected to exhibit the fastest market growth during the forecast period due to its affectivity, and expected launch of pipeline immunotherapies.

By indication, breast cancer segment was the major revenue contributor in 2020, and is anticipated to continue this trend during the forecast period, due to increase in number of females suffering from breast cancer. In addition, adoption of unhealthy lifestyle, increasing female geriatric population, exposure to harmful radiation and increasing governmental initiatives also contributed toward the growth of the oncology drugs market. On the other side lung cancer is projected to exhibit the fastest market growth during the forecast period, owing to higher incidence, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco that includes passive smoking, which may lead to lung cancer.

North America accounted for the largest share of revenue in 2020, and is anticipated to maintain its dominance from 2021 to 2030, owing to presence of large patient population, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced therapeutics. However, Asia-Pacific is expected to witness growth at the highest CAGR, owing to increase in number of cancer affected population and rise in awareness related to different cancers.

Key Findings Of The Study

• On the basis of drug class type, the targeted therapy segment held largest oncology drugs market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of indication, the breast cancer segment held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.