Oncology Drugs Market to Expand at 13.0% CAGR from 2023 to 2030; WPD Pharmaceuticals Acquired Two Pancreatic Cancer Drug Candidates to Secure Competitive Edge

The global oncology drugs market size stood at USD 184.95 billion in 2022. The market value is slated to rise from USD 205.52 billion in 2023 to USD billion by 484.32 by 2030 at a CAGR of 13.0% during 2023-2030. The rise is due to the increasing focus on research and development initiatives for enhancing the adoption of advanced drug therapies. This has led to an upsurge in investment activities by key industry players.

Fortune Business Insights™ presents this information in its report titled “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”.

Industry Expansion Impacted by Shift in R&D Expenditure during COVID-19 Pandemic

The disruption in the supply chain amid the coronavirus pandemic affected market expansion during the pandemic period. The period also led to a shift in the R&D expenditure by pharmaceutical companies toward the development of COVID vaccines. The industry growth was further impacted by biosimilar erosion.

WPD Pharmaceuticals Acquired Two Pancreatic Cancer Drug Candidates to Strengthen Industry Footing

In January 2020, WPD Pharmaceuticals Inc. completed the acquisition of exclusive sublicenses for two drug candidates from Moleculin Biotech, Inc. The step demonstrates WPD’s ability to execute its long-term strategy focused on developing novel cancer treatments.  

According to the company, it is focused on developing its eight drug portfolio across five varied indications. The company intended to further develop drug candidates for creating enhanced treatments for pancreatic cancer and other tumors that are highly resistant.  

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Market Share to Rise Impelled by Presence of Strong Pipeline of Drugs

The global oncology drugs market growth is being propelled by the presence of a strong drug pipeline over the study period. Besides, industry players are focused on investing in the research activities of novel drugs for cancer treatment.

However, the side effects of oncology drugs, such as fatigue, hair loss, neuropathies, gastrointestinal disorders, and skin disorders, may hamper industry expansion over the forecast period.

Competitive Landscape

Leading Companies Ink Strategic Deals to Strengthen Industry Footing

Major players of oncology drugs are formulating and adopting an array of strategic initiatives for strengthening the positions of their businesses. These steps comprise R&D activities, mergers, partnership agreements, and others. Additional initiatives include collaborations and the formation of alliances.

Key Players Profiled:

• 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.)   

Notable Industry Development

• July 2023: Daiichi Sankyo, Inc. announced the U.S. FDA approval for its drug called Vanflyta (a monoclonal antibody), along with consolidation therapy for treatment of new diagnosed adult patients with acute myeloid leukemia.

Further Report Findings

• The growing prevalence of cancer in the U.S. is set to augment the North American market share over the forecast period. The region accounted for a key market share in 2022 and is estimated to expand at a considerable CAGR over the study period.


• The Asia Pacific market is touted to expand at a substantial rate throughout the estimated period. The rise is driven by increasing healthcare expenditure and the growing prevalence of cancer in the region.


• Based on drug class, the market is fragmented into cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs segment is slated to grow at a considerable rate over the projected period. The expansion is impelled by the growing number of pipeline candidates.

Table of Segmentation