Oncology Drugs Market Size, Share & COVID-19 Impact Analysis, By Drugs Class (Cytotoxic Drugs, Targeted Drugs, Hormonal Drugs, and Others), By Therapy (Chemotherapy, Targeted Therapy, and Immunotherapy), By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others), By Dosage Form (Solid, Liquid, and Injectable), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2023-2030

The oncology drugs market size was valued at USD 184.95 billion in 2022 and is projected to grow from USD 205.52 billion in 2023 to USD 484.32 billion by 2030, exhibiting a CAGR of 13.0% during 2023-2030. North America dominated the global market with a share of 46.42% in 2022. 

Oncology drugs include wide range of medications such as targeted therapies, chemotherapy agents, immunotherapies, and hormone therapies to treat cancer. The market growth is attributed to various factors such as the rising prevalence of different type of cancer, increasing new drug launches and product approvals, and growing research activities by pharma companies in this field.

According to data published by the American Cancer Society in January 2023, there will be around 1,958,310 cancer patients in the U.S. alone by the end of 2023, a 28.0% increase from 2010. The oncology cancer drugs are primarily used to lower the total number of cancer cells in the body, shrink the tumor size, and reduce the symptoms.

COVID-19 IMPACT

COVID-19 Pandemic Significantly Impacted the Market Driven by Shift in R&D Expenditure 

The outbreak of COVID-19 had a significant impact on the oncology drugs industry globally due to disruptions in supply chains and bio-manufacturing changes. In addition, pharmaceutical companies shifted their R&D expenditure and workforce toward the development of COVID-19 therapeutics and vaccines. The shift witnessed a slow growth in the market in 2020. For instance, according to the annual report of Novartis AG published in 2020, the oncology drugs segment witnessed a slow growth of 2.4% as compared to 2019. Moreover, the market was heavily impacted by biosimilar erosion.

However, in 2022, the oncology drugs segment of Novartis AG witnessed a growth of 6.7% as compared to 2021. Furthermore, the market stabilized in 2022 and is anticipated to grow at a rapid pace in the coming years.

LATEST TRENDS

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Growing Focus on R&D to Increase Adoption of Advanced Drug Therapies to Drive the Market Growth

The treatment of cancer patients involves efforts to cure the disease, prolong survival, and improve their quality of life. Immune cells play an essential role in tumor progression. Therefore, stimulating immune reactions to tumors is an attractive therapeutic and preventive strategy. Top market players are, hence, investing in the research and development of immunotherapy to treat various cancers.

For instance, in March 2020, FUJIFILM Corporation and the National Cancer Center Japan announced a joint research project for new cancer immunotherapy using a liposome formulation. Immunotherapy has a higher adoption in the market due to its achievement in efficient treatment resulting in improved patient outcomes. This is, therefore, contributing to market growth.

ONCOLOGY DRUGS MARKET GROWTH FACTORS

Increasing Prevalence of Cancer to Augment the Oncology Drugs Market Growth

The rate of cancer incidence is increasing globally. Various factors responsible for these growth are urbanization, changing diet patterns, tobacco smoking, and extended post-reproductive lifespan.

According to the GLOBOCAN 2022, cancer is a growing burden. Around 19.3 million new cancer cases occurred in 2022 worldwide. Furthermore, the cancer burden is projected to rise by 47% (around 28.4 million cases) in 2040.

Therefore, the growing occurrence of cancer is expected to foster the global oncology cancer drugs market growth over the forecast period. Furthermore, growing awareness of cancer among the population is expected to favor the global market growth in the coming years.

Presence of a Strong Pipeline of Drugs to Spur Market Growth Opportunities

The pace of alteration in the treatment of cancer is speeding up. A group of innovative treatments often combined with other new or existing medicines is emerging from the research & development pipeline.

Many pharma companies are investing in these research activities of novel drugs for the treatment of cancer. For instance, in December 2022, Novartis AG announced that its Phase III study with Pluvicto showed positive results in patients with PSMA–positive metastatic castration-resistant prostate cancer (mCRPC). Therefore, this, coupled with the growing preference for biosimilar and biologics entering the market, is projected to aid the market growth.

RESTRAINING FACTORS

Adverse Effects of Drugs, Stringent Regulations, and Patent Expiry to Restrict Market Growth

Chemotherapy drugs not only kill cancer cells but also damages normal body cells. This results in various side effects for patients. Among the most common side-effects are bone marrow suppression, gastrointestinal disorders, neuropathies, hair loss, fatigue, and skin disorders.

Therefore, these adverse effects associated with oncology drugs are negatively influencing the growth of the market. In addition to this, stringent government regulations, the high cost of the drugs, and patent expiration are some of the other factors hindering the global market expansion during the forecast period.

SEGMENTATION

By Drug Class Analysis

Targeted Drugs Segment to Dominate Owing to Rising Number of Pipeline Candidates

Based on drug class, the market includes cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs segment held a dominant share in the global market in 2022. Chemotherapy or targeted therapy is aimed at the disease while minimizing the off-target side-effects caused to the normal cells. This leads to its higher adoption among other drugs in the market, leading to its dominance.

Furthermore, the rising number of pipeline candidates for this category and the growing number of product approvals are anticipated to fuel this segment's growth during the forecast period. For instance, in June 2023, the U.S. FDA approved grant to the combination of dabrafenib and trametinib for the treatment of pediatric and adult patients suffering from BRAF V600E-mutated cancers. 

By Therapy Analysis

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Growing Adoption and Preference for Targeted Therapy in Emerging Regions Enable the Segment’s Dominance

Based on therapy, the market includes chemotherapy, targeted therapy, and immunotherapy. The targeted therapy segment held a dominant share of the global market in 2022. The higher share of the segment is attributed to the growing adoption and preference for targeted drugs in emerging regions to treat various cancers. This is owing to its ability to target only the cancerous cells and treat certain advanced cancers such as metastatic breast cancer.

On the other hand, the immunotherapy segment is anticipated to expand with the highest growth rate during the forecast period. The segment's highest growth rate is due to the launch of various drugs of this type by the key industry players and extensive research and development by the research organizations. For instance, in July 2020, Aichi Cancer Center and NEC Corporation announced the launch of fundamental research aimed at advanced cancer immunotherapy through the fusion of Artificial Intelligence (AI) and immunology.

By Indication Analysis

Breast Cancer Segment to Exhibit Significant CAGR during the Forecast Period Owing to Rising Prevalence

Based on indication, the market is divided into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, and others. The breast cancer segment is expected to grow at the faster CAGR over the forecast period. The growing prevalence of breast cancer, rising awareness, increased breast cancer therapeutics launches, and extensive R&D investments by key market players are factors responsible for its faster growth during the forecast period.

• In January 2023, the U.S. FDA approved Orserdu, a breast cancer drug from Stemline Therapeutics, Inc., for the treatment of patients suffering from ER+, HER2-, and ESR1-mutated breast cancer.

The others segment accounted for the maximum share in 2022 and includes different cancer types such as bladder cancer, kidney cancer, thyroid cancer, uterine cancer, pancreatic cancer, lymphoma, and others.

By Dosage Form Analysis

Increasing Adoption of Biologics enabled Injectable Segment to Dominate the Global Market

Based on dosage form, the market is segmented into solid, liquid, and injectable. The rising number and adoption of biologics for cancer treatment render the leading position to the injectable segment during the forecast period. For instance, in September 2020, Mylan N.V. announced the U.S. launch of a 250 mg/5 mL (50 mg/mL) per single-dose prefilled syringe, Fulvestrant Injection, a generic version of AstraZeneca’s Faslodex injection. It is used to treat certain types of advanced breast cancer in women.

Solid dosage form of oncology drugs is available in capsules and tablets. The segment is expected to have a moderate growth rate during the forecast period.

By Distribution Channel Analysis

Hospital Pharmacies to Hold Major Oncology Drugs Market Share Impelled by Rising Prescription 

In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment is projected to dominate the market, exhibiting a remarkable CAGR during the forecast period. The increasing prescription of medications at hospitals is due to the higher frequency of diagnoses at these institutions.

Moreover, the online pharmacies segment is likely to expand with the highest CAGR owing to its rising popularity due to its ease and convenience.

REGIONAL INSIGHTS

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The market size in North America for oncology drugs stood at USD 85.86 billion in 2022. The growing incidence and rising prevalence of cancer in the U.S. and new product launches in the region are driving the dominance of North America in terms of oncology drugs market share. According to data published by the American Association of Cancer Research in 2022, the number of diagnosed cancer cases every year is projected to reach nearly 2.3 million by 2040.

Followed by North America, Europe is anticipated to account for the second-largest share in the global market. The high growth countries, including the U.K., Germany, France, Italy, and Spain, would contribute to the Europe market growth due to their increasing cancer burden.

The market in Asia Pacific is expected to exhibit a rapid growth rate over the forecast period. This is due to the increasing awareness among the population. The growing prevalence of cancer and rising healthcare expenditure will favor market growth in the region.

The Latin America and the Middle East & Africa regions are likely to witness limited growth over the study period due to less awareness and affordability of high-cost biologic drugs.

KEY INDUSTRY PLAYERS

F. Hoffmann-La Roche Ltd, Genentech, Inc., and Novartis AG to be the Leading Players in the Global Market

F. Hoffmann La Roche Ltd, Genentech, Inc., and Novartis AG dominated the global oncology drugs business and will continue to dominate in the coming years. This is driven by a strong oncology drugs product portfolio, key strategic business acquisitions, and robust product pipelines. These companies have a broader geographic presence and are actively involved in research & development, resulting in vital regulatory approvals.

For instance, in June 2023, Genentech (Roche Group), announced the U.S. FDA approval for its drug Columvi, as a third-line treatment for diffuse B-cell lymphoma.

LIST OF KEY COMPANIES PROFILED IN ONCOLOGY DRUGS MARKET:

• F. Hoffmann-La Roche Ltd. (Switzerland)


• Genentech, Inc. (U.S.)


• Novartis AG (Switzerland)


• Pfizer Inc. (U.S.)


• Bristol Myers Squibb Company (U.S.)


• GlaxoSmithKline plc. (U.K.)


• Eli Lilly and Company (U.S.)


• AstraZeneca (U.K.)


• Sanofi (France)


• Bayer AG (Germany)


• Merck & Co., Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2023 – AbbVie Inc. announced the U.S. FDA approval for its EPKINLY, among the only drugs for treatment of patients with relapsed or refractory diffuse large b-cell lymphoma (DLBCL).


• March 2023 - Pfizer Inc. announced a merger agreement to acquire Seagen, Inc., a global biotechnology company involved in manufacturing cancer medicines. The acquisition would strengthen Pfizer’s capabilities and expertise in oncology.


• December 2022 – The U.S. FDA approved Genetech’s Lunsumio (a monoclonal antibody) for the treatment of refractory follicular lymphoma patients who have already undergone at least two lines of systemic therapy.


• July 2022 - GSK plc announced that it completed the acquisition of Sierra Oncology, Inc., a California-based biotechnology company focused on targeted therapies for the treatment of rare forms of cancer.


• May 2022 - F. Hoffmann-La Roche Ltd. launched PHESGO for the treatment of HER-2 positive breast in India.

REPORT COVERAGE

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The report covers a detailed analysis and overview. It focuses on key aspects such as competitive landscape, drug class, therapy, indication, dosage form, distribution channel, and region. Besides this, it offers insights into the market drivers, market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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