Oncology/Cancer Drugs Market Size to Hit US$ 272 Bn by 2030

Published Date : 22, 2022

The global oncology/cancer drugs market was valued at US$ 145.58 billion in 2021 and is predicted to hit around US$ 272 billion by 2030, with a registered CAGR of 7.2% from 2021 to 2030.

Growth Factors

The oncology/cancer drugs market is expected to see a strong growth in the upcoming years owing to the rising prevalence of cancer among the global population owing to various factors such as rising consumption of processed food, rising prevalence of smoking, growing tobacco consumption, and various other factors. According to the GLOBOCAN report published by the International Agency for Research on Cancer (IARC), in 2020, approximately 10 million cancer deaths and 19.3 million new cancer cases were recorded globally. The new cancer cases are expected to rise by 47% from 2020 to 2040, reaching a number of 28.4 million new cases by 2040.

Therefore, the rising prevalence of cancer among the population is expected to drive the demand for the oncology/cancer drugs across the globe. The rising investments in the research and development by the top pharmaceutical companies across the globe for the development of new and innovative cancer drugs that can effectively treat cancer with minimum or no side-effects is expec6ted to boost the market growth in the forthcoming years.

Scope of the Report

Report Attributes Details
Market Size in 2020 USD 136.2 Billion
Revenue Forecast by 2030 USD 272 Billion
CAGR 7.2% from 2021 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Companies Covered Amgen, Bayer Healthcare AG, CELGENE CORPORATION, GlaxoSmithKline, ARIAD Pharmaceuticals, Inc., Eli Lilly and Company, Novartis, Hoffmann-La Roche Ltd., AstraZeneca, BoehringerIngelheim GmbH, Pfizer, Teva Pharmaceuticals Industries

 

Report Highlights:

  • By class type, the targeted therapy accounted for more than 48% of the market share and led the global cancer drugs market in 2020. Targeted therapy has gained rapid traction owing to its high efficacy and low or no side effects. The targeted therapy can identify and treat the cancer cells without affecting the normal body cells. This results in low side effects and also eliminates the chances of reoccurrence of cancer cells. The increased awareness regarding these benefits of the targeted therapy has significantly fostered the growth of this segment in the global cancer drugs market.
  • Based on the indication, the breast cancer is expected to be the fastest-growing segment during the forecast period. According to the GLOBOCAN report by IARC, the breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer across the globe. Approximately, 11.7% or 2.3 million new cases of breast cancer were reported in 2020, globally. Therefore, the rapidly growing prevalence of the breast cancer diseases among the female population is expected to drive the growth of the breast cancer drugs market in the forthcoming years.
  • North America was the leading cancer drugs market in 2020. The increased prevalence of cancer in North America and the high consumer awareness regarding the availability of new and effective drugs to treat cancer has fostered the growth of the cancer drugs market. As per the American Cancer Society, more than 1.8 million new cases ofcancer and about 606,520 cancer deaths were recorded in 2020 in US. The lungs, colorectal, prostate, and breast cancerare the most prevalent types of cancers affecting the majority of the population.The presence of several top biopharmaceutical companies and the favorable government policies supporting them has fueled the investments in the research and development of the new cancer drugs. The high healthcare expenditure and the favorable reimbursement policies are some of the prominent factors responsible for the growth of the North America cancer drugs market.
  • Europe is projected to witness highest CAGR growth during the forecast period. Asia Pacific is witnessing a surging prevalence of cancer. As per the European Commission, about 2.7 million new cancer cases and around 1.3 million cancer deaths were reported in Europe in 2020. The rising demand for the new and innovative cancer curing drugs is expected to rise significantly in this region.

Future of Cancer Drugs Market

The increasing focus of the pharmaceutical companies towards the research & development is fueling the adoption of the advanced cancer drugs and therapies among the consumers. For instance, FujiFilm Corporation announced a joint research program with National Cancer Center of Japan for the development of new cancer therapies using liposome formula.

COVID-19 Impact Analysis:

  • The COVID-19 pandemic positively impacted the cancer drugs market in 2020. The pharma companies heavily invested in the improvement of its manufacturing and research facilities and in the enhancement of their distribution network during the pandemic. This had impacted the market in a positive way.

Key Developments in the Marketplace:

  • In April 2020, F.Hoffmann-La Roche introduced its immunotherapy medicine in India, namedAtezolizumab for curing breast cancer.
  • In July 2021, AstraZeneca acquired the approval of their drug Imfinzi from the National Medical Products Administration in China.

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