The drug pipeline of oncology is enormously lucrative, enriched by the development of new drug targets and anticancer molecule agents. Over the years, chemotherapeutic drugs have fallen short of their intended effectiveness, with the primary reason being the development of multidrug resistance in patients and subsequent relapses. These aspects also limit the effectiveness of some of the best targeted chemotherapies. Great strides in the oncology/cancer drugs market in recent years have come from some remarkable advances in molecular-targeted therapies. The advent of new anticancer small molecule agents has enriched the landscape of the oncology/cancer drugs market.
Since 2018, an impressive number of cancer drugs and biologics have bagged approval by the U.S. FDA, which also included molecules for orphan cancer indications. Their approvals have largely validated the efficacy of approaches that emphasize targeting cancer-specific metabolic pathways. Nonetheless, there still remains a large unmet need in targeted therapies, which will shape the future trajectories in oncology/drugs market. The growing traction of combination therapies may set the tone for future development of novel agents. Perhaps most importantly, relentless urge to cure some cancers has shone light on the anticancer potential of targeted monoclonal antibodies. Pharmaceutical companies in the cancer drugs market are scrambling for higher stake by focusing on improving success of current treatment of various cancer types. Numerous factors act as undercurrents to their strides, notably the lack of research and development fund and multi-drug resistance (MDR).
Oncology/Cancer Drugs Market: Introduction
- Cancer is a non-treatable chronic disease that has posed a challenge to the medical fraternity for decades. The fatal nature of the disease, coupled with the low rate of success for treatments, has compelled medical practitioners to deploy new research methodologies. The entire medical research fraternity has prioritized cancer research in order to find new ways of treatment and analysis.
- Cancer drugs are utilized the treatment of pancreatic cancer, breast cancer, ovarian cancer, gastric cancer, kidney cancer, brain tumors, and other cancers through chemotherapy, surgery, and radiotherapy. Patenting, testing, safety, efficacy, and marketing of cancer drugs are all subject to different laws and regulations. Manufacturers of oncology drug produce pharmaceuticals containing active pharmaceutical ingredients (API) and excipients.
Key Drivers, Restrains, and Opportunities of Global Oncology/Cancer Drugs Market
- Cancer research entities are engaged in the development of drugs that directly target cancer cells. This factor has played a vital role in driving the global oncology/cancer drugs market in recent times. Furthermore, the focus on biological therapy has further propelled the global oncology/cancer drugs market in the last few years.
- Several regions have emerged as hubs of cancer research, drug development, and medical testing. This has been boosting the global oncology/cancer drugs market significantly for the last few years. Furthermore, the efforts of the World Health Organization (WHO) in promoting cancer research and drug development have also played a part in propelling the market.
- However, the high cost of new drug development, combined with the risk of failure and side-effects associated with cancer drug therapies, is expected to restrain the market. Furthermore, the quest of oncologists to find apt and fitting treatments has also driven the market. All forms of cancer drugs introduced are quick to be tested, which further fuels the market. The presence of a host of medical practitioners engaged in cancer research has also propelled the global oncology/cancer drugs market.
- The Coronavirus disease (COVID-19) outbreak has had a significant negative impact on the oncology/cancer drug industry, as supply chains have been disrupted as a result of trade restrictions on pharmaceutical ingredients and products in several countries. Furthermore, COVID-19 has distorted clinical trials and drug supply chains, causing major disruptions in the oncology/cancer drug industry. COVID-19's involvement with the research & development of new therapies has been a significant challenge to the cancer drug industry.
North America to Capture Major Share of Global Oncology/Cancer Drugs Market
- North America is anticipated to account for a major share of the global oncology/cancer drugs market during the forecast period. The market for oncology/cancer drugs market in North America has been expanding at a notable pace in the last few years. The presence of well-developed institutes for cancer research and treatment has also fuelled the oncology/cancer drugs market in the region.
- The oncology/cancer drugs market in the Asia Pacific is estimated to expand at a rapid pace during the forecast period. This is attributed to an increase in expenditure on healthcare, rise in disposable income; surge in research & development activities, coupled with rising awareness related to different cancers in the region.
Key Players Operating in Global Oncology/Cancer Drugs Market
The global oncology/cancer drugs market is highly fragmented, with the presence of large number of key players. Several market players have resorted to strategic planning with regards to floating new drugs into global markets.
Major players operating in the global oncology/cancer drugs market are listed below:
- F. Hoffmann-La Roche AG
- Novartis AG
- Bristol-Myers Squibb Company
- Merck & Co., Inc.
- Johnson & Johnson
- AbbVie Inc.
- Amgen
- Astellas Pharma Inc.
- AstraZeneca PLC
- Pfizer Inc.
Global Oncology/Cancer Drugs Market: Research Scope
Global Oncology/Cancer Drugs Market, by Drug Class Type
- Chemotherapy
- Targeted Therapy
- Immunotherapy
- Hormonal Therapy
Global Oncology/Cancer Drugs Market, by Indication
- Lung Cancer
- Stomach Cancer
- Breast Cancer
- Prostate Cancer
- Others
Global Oncology/Cancer Drugs Market, by End-user
Global Oncology/Cancer Drugs Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
