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The global oncology drugs market size was valued at USD 141.33 billion in 2019 and is projected to reach USD 394.24 billion by 2027, exhibiting a CAGR of 11.6% during the forecast period.
Oncology is a key driver for the growth of the pharmaceutical industry. It is estimated to account for about 30 percent of its product pipeline and 25 percent of pharmaceutical industry revenue by 2020. The market is undergoing a significant growth rate due to the factors such as the rising prevalence of different cancers, increasing new drug launch and product approvals, and growing research activities by the pharma companies in this field. For instance, according to the American Cancer Society, there will be around 1,806,590 cancer patients in the U.S. alone by 2020, a 31% 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 Pandemic to Have a Positive Impact on the Growth of Oncology Drugs Market
The outbreak of COVID-19 has had a positive impact on this market globally. Certain market segments have witnessed a growth in demand for drugs with respect to the COVID-19 emergency.
The pharmaceutical companies involved in this market have significantly improved their supply chain management, enhanced the capabilities of their R&D, and invested more their manufacturing management and quality control. For instance, according to the quarterly reports of 2020 of Roche, their global supply chain of medicines and tests remain intact and their pharmaceutical division sales increased by 7% as compared to the prior year. This growth was led by oncology drugs such as Tecentriq and Perjeta.
Also, according to the quarterly report of 2020 of AstraZeneca, their overall revenue had 17% growth with 34% growth in oncology segment. The oncology segment growth was mainly led by the drugs such as Imfinzi, Enhertu, and Tagrisso. Panic buying of medications has been one of the important factor to drive the revenue growth.
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Growing Focus on R&D to Increase Adoption of Advanced Drug Therapies
The goals of treating patients with cancer are to cure the disease, prolong survival, and improve the quality of life. Immune cells play an important role in tumor progression. Therefore, stimulating immune reactions to tumors is an attractive therapeutic and preventive strategy. Top market players are hence investing in research and development of immunotherapy to treat various cancers. For instance, in March 2019, FUJIFILM Corporation and the National Cancer Center Japan announced the launch of 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 terms of efficient treatment resulting in improved patient outcomes. This is, therefore, contributing to the market growth.
Increasing Prevalence of Cancer to Augment Market Growth
Worldwide, the cancer incidence rate has increased to make it the second leading cause of death after cardiovascular disorders. Environmental factors such as tobacco smoking, changing diet patterns, urbanization, and extended post-reproductive lifespan are responsible for this phenomenon. For instance, according to the World Health Organization (WHO), cancer is a growing burden and the number of new cancer cases is going to rise from 18.1 million in 2018 to 29.4 million by 2040. Therefore, the increasing prevalence of cancer is expected to boost the demand for the global oncology cancer drugs market during the forecast period.
Furthermore, the rising awareness regarding cancer among the population is anticipated to favor the global market in the upcoming years.
Presence of Strong Pipeline of Drugs to Spur Growth Opportunities
The pace of change in the treatment of cancer is accelerating. A cluster of innovative treatments often combined with other new or existing medicines are emerging from the research and development pipeline. Many pharma companies are investing in these research activities of novel drugs for the treatment of cancer. For instance, in June 2019, Pfizer acquired Array BioPharma with an aim to expand oncology presence and pipeline, starting with an approved combination therapy for melanoma that is now in phase 3 trial for a form of metastatic colorectal cancer.
This coupled with the growing preference for biosimilar and biologics entering the market is projected to augment the market growth.
Adverse Effects of Drugs, Stringent Regulations, and Patent Expiry to Restrict Market Growth
Chemotherapy drugs kill cancer cells but also damages normal body cells. This results in the various side effects for the 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 the oncology drugs are negatively influencing the growth of the market.
In addition to this, stringent government regulations, high cost of the drugs, and patent expiration are some of the other factors that are hindering the global market expansion during the forecast period.
Targeted Drugs to Account for Maximum Share
Based on drug class, the market includes cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs segment held a dominant oncology drugs market share of the global market in 2019. The 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 the 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 the growth of this segment during the forecast period. For instance, in January 2020, Pfizer launched three oncology monoclonal antibody biosimilars treatments - bevacizumab-bvzr (Zirabev), rituximab-pvvr (Ruxience), and trastuzumab-qyyp (Trazimera) in the U.S market.
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Targeted Therapy to Dominate the Global Market
Based on therapy, the market includes chemotherapy, targeted therapy, and immunotherapy. The targeted therapy segment held a dominant share of the global market in 2019. The higher share of the segment is attributed to the growing adoption and preference for targeted drugs in emerging regions for the treatment of various cancers. This is owing to its ability to target only the cancerous cells and treat certain advanced cancers such as metastatic breast cancer.
The immunotherapy segment, on the other hand, is anticipated to expand with the highest growth rate during the forecast period. The highest growth rate of the segment 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 AI and immunology.
Breast Cancer to Exhibit Significant CAGR During the Forecast Period.
Based on indication, the market for oncology drugs is segmented into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, and others. The breast cancer segment is expected to grow at a faster CAGR. Growing prevalence of breast cancer, rising awareness, and increased breast cancer therapeutics launches, and extensive R&D investments by the key market players are some of the factors responsible for its faster growth during the forecast period. For instance, in April 2019, Emcure Pharmaceuticals launched generic metastatic breast cancer treatment drug under the brand name Eribilin in India.
The others segment, on the other hand, accounts for the maximum share in 2019 and include various other cancer types such as bladder cancer, kidney cancer, thyroid cancer, uterine cancer, pancreatic cancer, lymphoma, etc.
Increasing Adoption of Biologics Enabled Injectable Segment to Dominate the Global Market
Based on the 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 2019, Mylan announced the U.S launch of Fulvestrant Injection, 250 mg/5 mL (50 mg/mL) per single-dose prefilled syringe, a generic version of AstraZeneca’s Faslodex injection. It is used to treat certain types of advanced breast cancer in women.
On the other hand, the solid dosage form of oncology drugs is available in the form of capsules and tablets. The segment is expected to have a moderate growth rate during the forecast period.
Hospital Pharmacies to Hold the Major Portion of the Market
In terms of distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, online pharmacies, and Others. The hospital pharmacies segment is projected to have the dominant during the forecast period. The increasing prescription of medications at hospitals due to more frequent diagnoses at these institutions is the reason for the dominance of this segment.
Moreover, the online pharmacies segment is likely to expand with the highest CAGR owing to its rising popularity due to their ease and convenience.
North America Oncology Drugs Market Size, 2016-2027 (USD Billion)
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The market size in North America stood at USD 65.63 billion in 2019. Growing incidence and rising prevalence of cancer in the U.S., coupled with new product launches in the region is responsible for the dominance of the region. For instance, according to the National Cancer Institute, in 2020, approximately 1.8 million people will be diagnosed with cancer in U.S. Followed by North America, Europe is anticipated to account for the second-largest share in the global market. The high growth countries including U.K., Germany, France, Italy, and Spain would contribute to the growth of the European market owing to increasing cancer burden. The market in Asia Pacific is expected to exhibit faster growth rate owing to the increasing awareness among the population. The growing prevalence of cancer and rising healthcare expenditure will favor growth in the region. Latin America & the Middle East & Africa are likely to witness a limited growth rate due to less awareness and affordability to high-cost biologic drugs.
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F. Hoffmann-La Roche Ltd, Genentech, Inc., and Novartis AG to be the Leading Players in the Global Market of Oncology Drugs.
F. Hoffmann-La Roche Ltd, Genentech, Inc., and Novartis AG dominated the global market and will continue to dominate in the upcoming years. Their dominance is driven by a strong oncology product portfolio, key strategic business acquisitions, and robust product pipelines. These companies have a wider geographic presence and also are actively involved in research and development resulting in strong regulatory approvals. For instance, in April 2020, Roche announced the launch of immunotherapy drug Atezolizumab for the treatment of metastatic triple-negative breast cancer (TNBC) in India.
An Infographic Representation of Oncology Drugs Market
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The oncology drugs market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, drug class, dosage forms, indications, and distribution channels. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.
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Value (USD billion)
By Drug Class
By Dosage Form
By Distribution Channel
Fortune Business Insights says that the global oncology drugs market size was USD 141.33 billion in 2019 and is projected to reach USD 394.24 billion by 2027.
In 2019, the North America market value stood at USD 65.63 billion.
Growing at a CAGR of 11.6%, the market will exhibit steady growth in the forecast period (2020-2027).
The targeted drug segment is expected to be the leading segment in this market by drug class during the forecast period.
The increasing prevalence of cancers and presence of strong pipeline candidates are major factors driving the growth of the market.
F. Hoffmann-La Roche Ltd, Genentech, Inc., and Novartis AG are major players of the global market.
North America dominated the market share in 2019.
Launch of advanced drug therapies by market players is expected to drive the adoption in the global market.
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