The global oncology drugs market is anticipated to reach US$ 202.9 billion in 2022 and grow at a CAGR of 5.5% to reach US$ 347.3 billion by the end of 2032. Oncology drug sales were estimated by Persistence Market Research to account for 12.7% of the global pharmaceutical drug formulation market’s revenue in 2021.
From 2012 to 2021, the global market for cancer medications experienced a historic CAGR of 8.9%. Oncology is the therapeutic sector that has seen the most innovation in terms of the volume of clinical trial activities, therapeutic investment, the number of therapies in clinical development, the number of novel active substances being introduced, and the amount of money spent on these drugs.
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According to GLOBOCAN 2020, there will be 19,292,789 new cases of cancer and 9,958,133 cancer-related deaths globally in 2020. Since 2000, China has experienced an increase in cancer incidence, mortality, and the number of new cases and fatalities.
If oncology in China is to make progress in lowering the country’s cancer burden and ensuring that patients have access to better, more practical, and less expensive treatment options, it must hasten transformational ecosystem-shaping operations rooted in the local environment. A surge of new, oncology-focused biotech companies and higher-quality cancer research are currently driving China’s growth in oncology innovation.
Competitive Landscape
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- Key market players are pursuing acquisitions to either increase the number of products in their portfolios or expand the range of the business in which they operate.
- GSK purchased Sierra Oncology, a biopharmaceutical business with headquarters in California, in July 2022.
- AstraZeneca announced the acquisition of TeneoTwo in July 2022 to bolster its pipeline for treating haematological cancers.
- Tidal Therapeutics, a cutting-edge mRNA-based research platform with applications in oncology, immunology, and other disease areas, was purchased by Sanofi in August 2022.
- Boehringer Ingelheim Ltd. purchased Abexxa Biologics in September 2021 to increase its focus on cancer immunology and immunotherapy research.
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Key Segments in Oncology Drugs Market Industry Research
By Drug Class:
Chemotherapy
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- Alkylating Agents
- Antimetabolites
- Anti-tumour Antibiotics
- Topoisomerase Inhibitors
- Mitotic Inhibitors
- Others
Targeted Therapy
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- Monoclonal Antibodies
- Small molecule Inhibitors
Immunotherapy
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- Immune Checkpoint Inhibitors.
- Cell Therapy and Gene Therapy
- Oncolytic Virus Therapy
- Immune System Modulators
- Others
Hormonal Therapy
By Indication:
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- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Multiple Myeloma
- Colorectal Cancer
- Non-Hodgkin’s Lymphoma
- Kidney Cancer
- Chronic lymphocytic Leukaemia
- Melanoma
- Others
By Route of Administration:
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- Oral
- Injectable
By Distribution Channel:
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- Hospital Pharmacies
- Retail Pharmacies
- Others
By Region:
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- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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