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
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
Bone Cancer Drugs Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 1,286.4 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 5.2% | 2030 Value Projection: | US$ 1,830.6 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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 |
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Growth Drivers: | Increasing prevalence of bone cancer Increasing funding and investments by market players |
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Restraints & Challenges: |
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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.
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
Global Bone Cancer Drugs Market: Restraint
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.
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About Author
Ghanshyam Shrivastava - With over 20 years of experience in the management consulting and research, Ghanshyam Shrivastava serves as a Principal Consultant, bringing extensive expertise in biologics and biosimilars. His primary expertise lies in areas such as market entry and expansion strategy, competitive intelligence, and strategic transformation across diversified portfolio of various drugs used for different therapeutic category and APIs. He excels at identifying key challenges faced by clients and providing robust solutions to enhance their strategic decision-making capabilities. His comprehensive understanding of the market ensures valuable contributions to research reports and business decisions.
Ghanshyam is a sought-after speaker at industry conferences and contributes to various publications on pharma industry.
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