The global Oncology Drugs Market, valued at 231.56 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 532.91 billion dollars by 2031, as per a recent report by Coherent Market Insights. Rising demand for targeted therapies also drives the market growth. Advancement in targeted drug delivery systems has led to development of innovative drugs. These drugs have higher efficacy and reduced side effects, fueling market growth.
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Market Dynamics
The oncology drugs market is driven by the increasing prevalence of cancer globally. According to WHO, cancer is the second leading cause of death globally. It was responsible for 9.6 million deaths in 2018. The prevalence of cancer is expected to continue to increase globally, with an estimated 29.5 million new cancer cases and 16.5 million cancer deaths expected by 2040, according to the International Agency for Research on Cancer (IARC).The rising incidences of cancer coupled with growing awareness about the disease and its treatment have boosted the demand for oncology drugs over the years.
Oncology Drugs Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $231.56 billion |
Estimated Value by 2031 | $532.91 billion |
Growth Rate | Poised to grow at a CAGR of 12.6% |
Historical Data | 2019–2023 |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Distribution Channel, Drug Type, Cancer Type, By Therapy, By Route of Administration |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Rising cancer prevalence globally • Adoption of targeted therapies and immunotherapies |
Restraints & Challenges | • High development costs • Stringent government regulations |
Market Trends
The oncology drugs market is witnessing trend of shift from conventional chemotherapy to targeted and personalized therapy. Conventional chemotherapy lacks specificity and affects both cancerous and normal cells, causing severe side effects. Targeted therapy involves usage of drugs that block specific molecular pathways. This helps in selectively killing cancer cells with minimal damage to normal cells. Rise in biomarker-based drug development has enabled identification of specific gene mutations in tumors. This paves way for personalized therapy. Development of companion diagnostics tests to identify these biomarkers further aid in selection of suitable targeted drugs for individual patients. Growing R&D investment by key players to develop novel targeted drugs and companion diagnostics is expected to drive the market.
Market Opportunities
Cytotoxic Drugs
Cytotoxic drugs segment accounts for a major share of the oncology drugs market currently. Cytotoxic drugs are known as chemotherapy drugs. These drugs work by interfering with cell division and slowing or stopping the growth of cancer cells. Some of the most commonly used cytotoxic drugs include paclitaxel, docetaxel, carboplatin, cisplatin and fluorouracil. These drugs are usually very effective against rapidly dividing cancer cells. These are often used in combination for enhanced efficacy. However, they also affect normal cells resulting in side effects. Despite newer targeted therapies emerging, cytotoxic drugs will continue dominating the oncology drugs market in the near future.
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Targeted Therapy
Targeted therapy involves the use of drugs or other substances to identify and attack specific cancer cells without harming normal cells. These drugs usually work by interfering with specific molecules. These specific molecules are involved in the growth, progress, and spread of cancer cells. Examples of targeted therapies include monoclonal antibodies such as trastuzumab (Herceptin) and bevacizumab (Avastin). The targeted therapy segment is expected to witness the highest growth over the forecast period. This is owing to growing clinical trial activity and approval of newer targeted drugs. Advantages such as improved efficacy and fewer side-effects compared to chemotherapy are driving increased adoption of targeted drugs in oncology.
Key Market Takeaways
- The oncology drugs market is anticipated to witness a CAGR of 12.6% during the forecast period 2024-2031. This is owing to increasing prevalence of various cancers globally and rising demand for innovative treatment options.
- By drug class, the cytotoxic drugs segment is expected to hold a dominant position. The segment is expected to account for over 35% market share in 2024. This is majorly due to the widespread adoption of chemotherapy regimens. However, the targeted therapy segment is expected to surpass cytotoxic drugs and emerge as the largest segment by 2031 with growing clinical evidence demonstrating potential of targeted drugs.
- By therapy, the chemotherapy segment holds the largest share currently due to established role of cytotoxics in treatment of both solid and liquid tumors. However, targeted therapy and immunotherapy segments are expected to exhibit significant CAGRs. This is owing to development of novel mechanisms and drugs in these classes.
On the basis of indication, lung cancer segment accounts for the maximum revenue generation. This is expected to retain dominance over the forecast period owing to high prevalence and mortality rates globally.
North America currently contributes the largest share in the oncology drugs market. This is mainly due to availability of advanced treatment options and infrastructure. However, Asia Pacific is expected to witness highest growth through 2031 led by developing healthcare infrastructure, rising disposable incomes, and growing patient population in China and India.
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Competitor Insights
Key players operating in the oncology drugs market include:
- Hoffmann-La Roche Ltd.
- Genentech, Inc.
- Novartis AG
- Gilead Sciences Inc.
- AstraZeneca.
- Boston Biomedical.
- AbbVie.
- Johnson & Johnson.
- Pfizer Inc.
- Astellas.
- Merck & Co.
Market Segmentation
Drug Type
- Cytotoxic Drugs
- Alkylating Agents
- Antimetabolites
- Others
- Targeted Drugs
- Monoclonal Antibodies
- Tyrosine Kinase Inhibitors
- Others
- Hormonal Drugs
- Ovarian Function Blockers
- Estrogen Production Blockers
- Others
- Cytotoxic Drugs
Cancer Type:
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Blood Cancer
- Bladder Cancer
- Other
By Therapy:
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Others
Route of Administration:
- Oral
- Parental
- Intramuscular
- Intravenous
- Subcutaneous
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- North America
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