BONE CANCER DRUGS MARKET ANALYSIS

Global bone cancer drugs market is estimated to be valued at US$  1,286.4 Mn in 2023, and is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

Analysts’ Views on Global Bone Cancer Drugs Market:

Bone cancer develops in bone or cartilage cells . Primary bone cancer is another name for it. A mass of cancer cells known as a cancerous (malignant) tumour is capable of invading neighboring tissue and wreaking havoc on it. It has the ability to "metastasize" to other body regions. Rising number of patient population with bone cancer is expected to boost demand for bone cancer treatment across the globe. Thus, it offers the opportunity for various market players to offer cost effective treatment.

Figure 1. Global Bone Cancer Drugs Market Share (%), By Drug Type, 2023

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Global Bone Cancer Drugs Market– Drivers

• Increasing prevalence of bone cancer: Increasing prevalence of bone cancer is expected to drive growth of the global bone cancer drugs market over the forecast period. For instance, in 2021, according to The American Society of Clinical Oncology, there were 3,610 new cases of bone cancer in the U.S. and 2,060 deaths due to bone cancer. According to the same source, primary bone malignancies, or tumors that begin in the bones are rare, and this accounts for less than 1% of all cancers. Adults are significantly more likely to get malignancies that originate in other organs but then spread to the bones. The most typical primary bone cancer is osteosarcoma, which is followed by chondrosarcoma and Ewing sarcomas.
• Increasing funding and investments by market players: Increasing funding and investments by key market players is expected to drive  the global bone cancer drugs market growth over the forecast period. For instance, in June 2022, Radius Health, Inc., a biopharmaceutical company, announced that it had agreed to privatization of the company under the term an acquisition worth up to US$ 890 million and a deal to merge with a subsidiary of two investment firms. Gurnet Point Capital and Patient Square Capital will pay US$ 10 per Radius share plus an additional US$ 1 per share if sales of Radius' lead drug, an osteoporosis drug sold as Tymlos, meet a certain threshold by 2025 to reach. Hence, this is expected to fuel the gloal bone cancer drugs market growth over the forecast period.

Figure 2. Global Bone Cancer Drugs Market Share(%), By Region, 2023

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Global Bone Cancer Drugs Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global bone cancer drugs market over the forecast period. North America is estimated to hold 33.5 % of the market share in 2023. Global bone cancer drugs market is expected to witness significant growth in the near future due to high prevalence of bone cancer, favorable health reimbursement, and increased awareness. Increasing prevalence of neurological disorders is contributing to growth of the bone cancer drugs market in North America region. For instance, in June 2021, according to the American Cancer Society, approximately 3,970 new cases diagnosed (2,160 in males; 1,810 in females) and approximately 2,140 deaths (1,200 in males; 940 in females) in the year 2021 of bone cancers were reported in the U.S. Moreover, according to the same source,  about 1,000 new cases of osteosarcoma are diagnosed in the U.S.each year.

Global Bone Cancer Drugs Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

The coronavirus (COVID-19) pandemic and the consequent lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare sector is one of the sectors, which has been majorly impacted by the pandemic. The lockdowns in various countries have created an economic burden on the private healthcare sector. Healthcare providers are facing challenges regrading  manpower, equipment, consumables, and other resources to ensure safety of patients with other diseases. The COVID-19 pandemic affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets

However, the COVID-19 pandemic had a mixed impact on the global bone cancer drugs market, owing to reduction in the diagnosis of bone cancer. According to NeoGenomics Laboratories, in July 2021, a company that specializes in cancer genetics testing, that the COVID-19 pandemic had a substantial mixed impact on the company's manufacturing capacity that affected test volumes, volume growth rates, and operational results in 2020 and 2021. Demand for goods fluctuated according to the length and severity of the COVID-19 pandemic. As a result, such variables may cause business disruption, lower revenue, and fewer cancer genetics tests, all of which may have an impact on business, financial situation, and operational performance 

Global Bone Cancer Drugs Market- Segmentation

Global bone cancer drugs market is segmented into by drug type, by  disease indication, by distribution channel ,and by region.

• By drug type, the market is segmented into antimetabolites, anthracyclines, antibiotics, and others (RANK ligand inhibitors, etc.). Out of which, the antimetabolites,  segment is expected to hold a dominant position in the global bone cancer drugs market during the forecast period due to increasing research and development for the novel drug development.
• By disease indication, the market is segmented into multiple myeloma, osteosarcoma, chondrosarcoma and ewing’s sarcoma. Out of which, multiple myeloma is expected to dominate the market over the forecast period due to increasing prevalence of multiple myeloma across the globe.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which,  hospital pharmacies, is expected to dominate the market over the forecast period as easy avbailability of the drugs which can prompt the  treatment that can lead to proper recovery.

Among all the segmentation, the disease indication segment is expected to dominate the market over the forecast period due to increasing prevalence of the diseases such as multiple myeloma and others

Global Bone Cancer Drugs Market- Cross Sectional Analysis

Key players are manufacturing bone cancer drugs with advanced technology emerging economies, this is expected to boost demand for bone cancer drugs in North America region. For instance, in February 2023, Pfizer Inc., a global pharmaceutical company, announced that  U.S. Food and Drug Administration (FDA) had approved the company's Biologics License Application (BLA) for elranatamab, a bispecific antibody (BsAb) to the B-cell maturation antigen (BCMA) to CD3, indicated for the treatment of patients indicated with relapsed or refractory multiple myeloma (RRMM).

Global Bone Cancer Drugs Market: Key Developments

On August 10, 2023, Johnson & Johnson Private Limited, a pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had granted accelerated approval for TALVEY (talquetamab-tgvs), a first-in-class bispecific antibody for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 antibody

In November 2021, Pfizer Inc., a pharmaceutical company, announced the acquisition of Trillium Therapeutics Inc., a clinical stage oncology company, to develop innovative therapies for the treatment of cancer

In January 2021, FUJIFILM Holdings Corporation, a Japan-based multinational conglomerate, announced the launch of medical screening service business in India and other emerging countries in regions such as Southeast Asia, Middle East and Africa for the detection of various types of cancers such as bone cancer, lung cancer, breast cancer, cervical cancer, and others

In October 2020, Johnson & Johnson Private Limited, a global pharmaceutical company, announced that it had compelted the acquisition of Momenta Pharmaceuticals, Inc., a pharmaceutical company, to provide further upside potential for various diseases such as infectious diseases and vaccines, neuroscience, oncology, and pulmonary hypertension.

Global Bone Cancer Drugs Market: Key Trends

• Increasing acquisition for the novel drug development: Increasing adoption of inorganic growth strategies such as acquisition in order to develop novel treatment methods for the bone cancer expected to drive the global bone cancer drugs market growth over the forecast period. For instance, in April 2022, GSK plc., global pharmaceutical company, announced the acquisition of Sierra Oncology, Inc., a late stage pharmaceutical company. GSK plc. acquired Sierra Oncology for US$ 1.9 billion, that an experimental drug for the development valuable new treatment for a type of bone marrow cancer.  

Global Bone Cancer Drugs Market: Restraint

• High Cost of Bone Cancer Treatment : The high cost of bone cancer treatment can be a significant restraining factor for the bone cancer drugs market. The cost of diagnosing and staging bone cancer can be high, as it often involves a range of tests and imaging procedures. All of these factors can contribute to the high cost of bone cancer treatment, which may be a significant barrier for patients seeking treatment. As a result, the high cost of bone cancer treatment can limit access to care and impact on the overall market.             

Global Bone Cancer Drugs Market - Key Players

Major players operating in the global bone cancer drugs market include Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd, and Teva Pharmaceutical.