The global oncology drugs market revenue is estimated to reach USD 202.13 Billion by 2024 expanding at a CAGR of 7.8% from 2019 to 2024. Immunotherapies/ biologics are emerging as potential therapies to find the permanent cure for various cancer types. Amongst various biologics, drugs based on monoclonal antibodies (mAbs) have gained significant attention in recent years due to their high efficacy.
The cancer drugs market is driven by the growing prevalence of various types of cancer, increasing demand of biological and targeted drug therapies, continuous patent expiry of key cancer drugs and the rising impact of biosimilars. However, the high cost of drug development, the threat of failure and the adverse effects of cancer drug therapy, particularly chemotherapy, hinders the market growth. Developed nations have implemented strict regulations for the design and development of cancer drugs. USFDA and European Union have undertaken significant initiatives to fuel the growth of the cancer drugs market by providing pre-market approval for potential drugs under clinical development.
The global oncology drugs market is segmented on the basis of therapeutic modules, cancer type and geography. Based on the therapeutic modules, the market is segmented into chemotherapy, targeted therapy, immunotherapy, hormonal therapy and others. On the basis of cancer type, the global oncology drugs market is segmented into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, lung cancer, skin cancer and others. By geography, the market is fragmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is anticipated to remain the leading region over the forecast period in 2017. Demand for cancer drugs was highest in North America especially in the U.S.
North America dominates the market for cancer drugs as the region houses companies engaged in the development of cancer drugs. Additionally, the disposable incomes of consumers and health insurance cover for life-threatening diseases in North America are very high which increases the affordability of cancer treatment. In recent years, US Food and Drug Administration (USFDA) has taken initiatives to support the growth of cancer drugs market by providing pre-market approval to the drugs, which are in the clinical phase; thus, accelerating the clinical development. Asia Pacific is expected to be the moderate growing region in cancer drugs market during the forecast period. Moreover, the Middle East and Africa and Latin America are also expected to show moderate growth for this market in the years to come.
Some of the key players operating in the oncology drugs market with most significant product development include and are not limited to Amgen Inc., Johnson and Johnson, Roche Diagnostics, GlaxoSmithKline PLC, Merck & Company, Novartis AG, Pfizer, Sanofi, Eli Lilly and Company, Celgene Corporation, Bayer, Amgen, Merck, Bristol-Myers Squibb, Ariad Pharmaceuticals, Hoffmann-La Roche Ltd, Boehringer Ingelheim GmbH, and Teva Pharmaceuticals among others.