Top 10 Cancer Drugs Market Expected to Reach $198.8 Billion by 2032

According to a new report published by Allied Market Research, titled, “Top 10 cancer Drugs Market: Opportunity Analysis and Industry Forecast, 2023–2032," The Top 10 cancer drugs market valued for $77.9 billion in 2022 and is estimated to reach $198.8 billion by 2032, exhibiting a CAGR of 10.0% from 2023 to 2032. Cancer is a condition when some of the body's cells grow out of control and spread to other bodily regions. It may start almost anywhere in the human body, which is made up of trillions of cells. Human cells often divide (via a process known as cell growth and multiplication) to create new cells as the body requires them. New cells replace old ones when they die as a result of aging or damage. When this regular biological process is abnormal, then damaged cells start to multiply and grow, which is known as tumors. These tumors can be categorized as either malignant (cancerous) or benign (non-cancerous).

Factors that drive the growth of the top 10 cancer drugs market include surge in R&D activities in cell research by various biotechnology companies, shift in preference toward personalized medicine, and rise in the number of people suffering from cancer such as breast, and lung cancer. For instance, in 2023, Pan American Health Organization, estimated that approximately 20 million new cases of cancer are expected to be diagnosed globally. In addition, according to Cancer Research UK, approximately 18 million new cases of cancer were reported in 2020. Thus, rise in cases of cancer has increased the demand for cancer drugs for the management and treatment of the disease, which is expected to drive the market growth.

In addition, advances in R&D have led to the development of targeted therapies, which support market growth. These drugs are designed to selectively target cancer cells or specific genetic mutations, sparing healthy cells, and reducing side effects, which drive the market growth. Targeted therapies have revolutionized cancer treatment by improving patient outcomes and quality of life. 

Rise in the number of product approvals for the treatment of cancer further boosts the market growth. For instance, in January 2023, Merck & Co., Inc. announced that the U.S. Food and Drug Administration (FDA) approved KEYTRUDA, anti-PD-1 therapy, as a single agent, for adjuvant treatment following surgical resection and platinum-based chemotherapy for adult patients with stage IB (T2a ≥4 centimeters [cm]), II, or IIIA non-small cell lung cancer (NSCLC).

Significant advancements in R&D activities and rise in the number of clinical trials are factors that drive the top 10 cancer drugs market growth. For instance, according to the data published by ClinicalTrials.gov, GlaxoSmithKline sponsored the phase 2/3 open label study evaluating cobolimab in combination with dostarlimab and docetaxel in participants with advanced non-small cell lung cancer (NSCLC) who have progressed on prior anti-PD-(L)1 therapy and chemotherapy. Further, pharmaceutical companies, academic institutions, and research organizations invest heavily on R&D to discover and develop innovative drugs for cancer such as breast, prostate, and lung cancers, which leads to exploration of novel drug targets, identification of biomarkers, and development of targeted therapies, thus supporting the market growth.

In addition, immunotherapy, including immune checkpoint inhibitors and CAR-T cell therapy, has gained prominence as a significant driver of the top 10 cancer drugs market. Moreover, governments globally recognize surge in burden of cancer and its impact on public health. Supportive government initiatives, including research funding, regulatory reforms, and policies promote access to affordable cancer care, and drive the development and availability of cancer drugs. Government support plays a vital role in encouraging pharmaceutical companies to invest in R&D for cancer drugs and ensuring patient access to these treatments. However, the side effects associated with cancer drugs restrain the market growth.

The top 10 cancer drugs market is segmented on the basis of region into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for largest share in 2022 and is expected to remain dominant during the forecast period, owing to rise in the number of clinical trials for development of novel drugs, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, and upsurge in adoption of advanced therapeutics for cancer.

However, Asia-Pacific is anticipated to witness notable growth, owing to increase in investments for development of cancer agents, increase in number of cancer cases, and rise in awareness related to available treatment options. In addition, growing awareness of the importance of early detection and prevention of disease, including cancer results in increased screenings and early diagnosis, leading to a higher demand for cancer drugs and therapies, which propels the market growth in this region.

Key Findings of the Study   

• On the basis of region, the North America segment dominated the market in terms of revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.