Oncology Drugs Market Improve the lives of Cancer Patients worldwide.

Oncology drugs are used for the treatment of various types of cancer, such as thyroid cancer, uterine cancer, colorectal cancer, lung cancer, and breast cancer. Oncology drugs are also used to develop, diagnose, treat, and prevent the diseases in oncology field. The three main types of drugs used for cancer, based on their mechanism of action, are hormonal drugs, targeted drugs, and cytotoxic drugs.

The oncology drugs market has witnessed tremendous growth due to the emergence of biosimilar products for cancer treatment and increasing drug approvals. For instance, in 2020, the Food and Drug Administration (FDA) approved 53 new drugs, including 20 with indications related to oncology.

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Moreover, growth of the oncology drugs market is mainly driven by the increasing prevalence of cancer across the world, especially in North America. According to American Association for Cancer Research, there will be around 2.4 million new cases of cancer in the U.S. by 2035. Furthermore, with the growing geriatric population, the number of new cancer cases diagnosed each year in the U.S will increase dramatically.

According to Rural Health Information Hub (RHIhub), there are more than 46 million older adults age 65 and older living in the U.S., and the number is expected to grow to almost 90 million by 2050. Thus, with increasing incidence of cancer coupled with the growing geriatric population, the demand for oncology drugs is also increasing with a rapid pace, driving the oncology drugs market growth.

Market players are focused on launching new and effective drugs to cater increasing demand, as well as adopting various inorganic strategies, such as partnership and collaboration, for the development of new cancer therapeutics. For instance, in September 2019, Mylan launched Fulvestrant Injection, a generic version of AstraZeneca's Faslodex Injection, for the treatment of advanced breast cancer in the U.S.

Moreover, in October 2020, BDR Pharmaceuticals launched the generic version of Lenvatinib drug for the treatment of various types of cancers. While, in March 2021, Indivumed and Xlife Sciences partnered to establish Ix Therapeutics, a joint venture with the goal of developing precision cancer therapeutics.

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Frequent research and development activities for the development of oncology drugs is another major factor driving the oncology drugs market growth. Cancer has a widespread prevalence worldwide, which has led to rise in demand for cancer drugs. In fact, the treatment of cancer depends upon the severity of the disease. However, increasing adoption of alternative treatment options, such as radiation therapy and surgery, and the high cost of cancer drugs are some factor restraining the oncology drugs market growth.

Major Market Competitors

Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc.

Market Segmentation

By Drug Type:

Cytotoxic Drugs
Alkylating Agents
Antimetabolites
Others
Targeted Drugs
Monoclonal Antibodies
Tyrosine Kinase Inhibitors
Others
Hormonal Drugs
Ovarian Function Blockers
Estrogen Production Blockers
Estrogen’s Effect Blockers
Selective Estrogen Receptor Modulators (SERMs)
Others
By Cancer Type:

Lung Cancer
Breast Cancer
Colorectal Cancer
Prostate Cancer
Blood Cancer
Bladder Cancer
Others
By Distribution Channel:

Hospitals Pharmacies
Retail Pharmacies
Online Pharmacies

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Covid-19 Impact:

The COVID-19 pandemic has exacerbated the world’s healthcare challenges. Social distancing and shutdowns have accelerated adoption of digital technologies in the healthcare sector. Our updated reports have answers to various concerns in the global Oncology Drugs market caused due to the pandemic.

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