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Cancer affects people of all ages, however, the risk of developing cancer increases with age. According to the World Health Organization (WHO), over 60% of new cancer cases are diagnosed among people aged ≥65 years worldwide. Geriatric population is more prone to various types of cancers such as lung cancer, prostate cancer, breast cancer, and colorectal cancer due to aging-related physiological changes in the body. In addition, older individuals are more likely to undergo lifestyle changes like smoking, drinking, and have a sedentary lifestyle that can increase their cancer risk. Thus, rapidly growing geriatric population is expected to drive significant demand for oncology drugs for effective cancer treatment over the forecast period.
The global Oncology Drugs Market is estimated to be valued at US$ 119.0 Bn in 2023 and is expected to exhibit a CAGR of 12.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The ‘Rapidly Growing Geriatric Population’ is one of the major drivers projected to augment the growth of the global oncology drugs market over the forecast period. As per estimates by the United Nations, the population aged ≥60 years will double to nearly 2.1 billion by 2050. Furthermore, the geriatric population aged ≥65 years is expected to reach 1.5 billion worldwide in 2050 from 703 million in 2019. Owing to aging and increased life expectancy, cancer burden is increasing rapidly which in turn is boosting the demand for advanced treatment options including targeted therapies, immunotherapies, and other pipeline drugs in development.
The growing awareness about various types of cancers and availability of various screening and detection methods is another key driver expected to fuel the adoption of oncology drugs. Early detection helps in effective management of disease and improves overall survival rate. Thus, screening programs play a vital role in increased diagnosis rate of cancers, subsequently propelling the market growth of oncology drugs over the forecast period.
Segment Analysis:
The global oncology drugs market is segmented based on application, drug class and end user. The application segments include lung cancer, breast cancer, leukemia, colorectal cancer and others. Among these, the lung cancer segment dominates the market and accounts for approximately 28% of total market share. This is majorly due to increasing incidence rates of lung cancer globally.
PEST Analysis:
Political: Government initiatives to increase cancer awareness and accessibility to oncology drugs through reimbursement policies are fueling market growth. However, stringent regulations for drug approval may hamper innovator drugs entry.
Economic: Rising healthcare spending capacity, growing per capita incomes in developing nations are increasing affordability of high-cost oncology drugs among patients.
Social: Increasing demand for improved cancer treatment outcomes, growing cases of lifestyle diseases like obesity leading to cancer are major drivers. However, social stigma and cultural beliefs still remain challenges.
Technological: Significant investments in R&D for developing novel drugs with higher efficacy, lesser side-effects and personalized medicines are augmenting market potential. Biologics and targeted therapies have revolutionized cancer treatment.
Key Takeaways:
The global oncology drugs market size was valued at US$ 119.0 Bn in 2023 and is projected to reach over US$ 235 Bn by 2030, expanding at a CAGR of 12.3% during the forecast period.
Regional analysis:
The North American region accounts for the largest share of the global oncology drugs market primarily due factors such as availability of advanced healthcare facilities and increasing burden of cancer. Within North America, the U.S. holds the dominant market position and the trend is expected to continue during the forecast period owing to high acceptance of premium drugs, significant incidence of cancer and presence of key pharmaceutical companies. The Asia Pacific region is anticipated to witness fastest growth over the next 10 years supported by expanding healthcare sector, rising Standards of clinical excellence, increasing demand for cancer care driven by growing population and economies.\
Key players operating in the oncology drugs market are 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.Major players are focusing on acquiring smaller companies engaged in novel drug development to strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
