CANCER DRUGS MARKET ANALYSIS

The global cancer drugs market was valued at US$ 143.9 Bn in 2022 and is forecast to reach a value of US$ 257.8 Bn by 2030 at a CAGR of 7.60% between 2023 and 2030. The global cancer drugs market is experiencing strong growth due to the increasing burden of cancer and increasing demand for safe & effective cancer drugs across the globe. Moreover, increasing number of cancer treatment centres and growing geriatric population across the globe is expected to boost the market growth. However, factors such as adverse effects associated with the use of cancer drugs and high cost of cancer drugs are expected to hamper the market growth.

Global Cancer Drugs Market: Regional Insights

Based on geography, the global cancer drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of cancer, increasing demand for safe and effective cancer drugs, government initiatives for cancer awareness, and increasing awareness among people in the region. For instance, according to the American Cancer Society (ACS), in 2023, around 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. While, in 2022, around 1.9 Billion new cancer cases and 609,360 cancer deaths were projected to occur in the U.S. Thus, there is an increasing demand for cancer drugs in the region.

Europe and Asia Pacific are also expected to witness significant growth in the global cancer drugs market due to the rise in burden of cancer, increasing awareness among people, increasing demand for safe/effective cancer drugs, and favorable government initiatives in these regions. For instance, according to the cancer report by the Indian Council of Medical Research (ICMR), India’s cancer cases could increase by 12% in the next five years, with 1.5 Billion people projected to suffer from the non-communicable disease by 2025, up from 1.39 Billion in 2020. This in turn is expected to increase demand for cancer drugs in India, driving the market growth. 

Figure 1. Global Cancer Drugs Market Share (%), by Region, 2023

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Global Cancer Drugs Market Drivers:

High prevalence of cancer to propel market growth

One of the key factors expected to augment the growth of the global cancer drugs market over the forecast period is the increasing burden of cancer worldwide. For instance, with the rise in burden of cancer, the demand for effective cancer drugs is also increasing rapidly. According to the World Health Organization (WHO), February 2022, cancer is a leading cause of death around the world, accounting for more than 10 Billion deaths in 2020, or nearly one in six deaths. The most common cancers are breast, lung, colon and rectum and prostate cancers. This in turn is driving the growth of the global cancer drugs market over the forecast period.

High demand for cancer drugs to drive market growth

Another factor driving the growth of the global cancer drugs market is the increasing demand for safe and effective cancer drugs across the globe. For instance, in May 2022, Roche announced the launch of new drug PHESGO to treat breast cancer in a move that is likely to bring relief to many breast cancer patients and their families, reducing the treatment time by 90%. The launch of the new drug PHESGO, a combination of Perjeta (pertuzumab) and Herceptin (trastuzumab), is also likely to reduce treatment cost by 20%. The drug is likely to enhance the efficiency of healthcare systems since it requires less preparation and administration time.  

Global Cancer Drugs Market Opportunities:

Increasing number of cancer treatment centre is expected to offer significant growth opportunities for players in the global cancer drugs market. For instance, in March 2023, Dr AV Cancer Institute of Cancer Therapy and Research launched as Precision Oncology Treatment Centre. It is India’s first dedicated state-of-art precision oncology treatment centre. The founder and Director envision is to open multiple centers across the country to make precision oncology treatment accessible and affordable. The Director has been into the practice of precision oncology for more than a decade and believes in spreading awareness and promote education about the same.

Growing geriatric population across the globe is expected to offer lucrative growth opportunities for players in the global cancer drugs market. For instance, global geriatric population is increasing significantly and is vulnerable to different types of cancer. Research has found that elderly (defined as people aged 65 years and above) are more likely to develop cancer, compared to younger people. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is expected to drive the market growth. 

Global Cancer Drugs Market Trends:

Increasing awareness among people is a recent trend

It is important to create awareness among physicians and general public to get control over cancer, thereby reducing its disease burden. Being better informed about cancer, people can significantly reduce their health risk, and enjoy a healthy and happy life. An understanding of cancer also makes people able to support those with cancer, as well as help people reduce risks to potentially prevent cancer. Thus, increasing awareness among people regarding the availability of safe and effective drugs is driving the growth of the cancer drugs market.

Rise in focus on disease diagnosis is another trend

Cancer diagnosed at the early stage, when it isn't too large and hasn't spread, is more likely to be treated successfully. Spotting a cancer at early stage saves lives, and thus, it is important to consult a doctor as soon as possible. Early diagnosis of cancer helps improve patient outcomes and opens the door to future care and treatments. MRI, CT scan, X-Ray, PET, or chest imaging are the most commonly used to confirm a cancer diagnosis and determine if it has spread. This trend is expected to continue over the forecast period, driving the market growth.

Global Cancer Drugs Market Restraints:

Adverse effects of cancer drugs to hinder market growth

One of the key factors expected to hamper growth of the global cancer drugs market is the adverse effects associated with the use of cancer drugs. Chemotherapy drugs help kill fast growing cells; however, as these drugs can not differentiate between healthy cells and cancerous cells, their use lead to side effects. The most common side effects include nausea, constipation, changes in libido, fertility problems, and others. However, the doctor may adjust the dosage of the drugs, prescribe other medication, or recommend support services to lessen the side effects of cancer drugs.   

High cost of cancer drugs to hamper market growth

Another factor which is hampering the growth of the global cancer drugs market is the high cost of cancer drugs. Chemotherapy is one of the most common cancer treatments. Depending on the drug and type of cancer it treats, the average monthly cost of chemo drugs can range from around US$ 1,000 to US$ 12,000. An average annual cost of new cancer drugs in the United States jumped by 53% between 2017 and 2021, from US$ 185 000 to US$ 283 000, according to the new report. This in turn is expected to hamper the market growth.

Figure 2. Global Cancer Drugs Market Share (%), by Drug Class Type, 2023

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Global Cancer Drugs Market Segmentation:

The global cancer drugs market report is segmented into Drug Class Type, Indication, and Region.

Based on Drug Class Type, the market is segmented into Chemotherapy, Targeted Therapy, Immunotherapy (Biologic Therapy), and Hormonal Therapy. Of which, Chemotherapy Segment is expected to dominate the cancer drugs market over the forecast period and this is attributed to the increasing demand for chemotherapy drugs worldwide.

Targeted Therapy Segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for targeted therapy drugs worldwide.

Based on Indication, the market is segmented into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers. Out of which, Lung Cancer Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of lung cancer across the globe.

Breast Cancer Segment is also expected to witness significant growth in the near future and this is owing to increasing prevalence of breast cancer across the globe.

Global Cancer Drugs Market: Key Developments

In June 2023, the Food & Drug Administration (FDA) granted accelerated approval to glofitamab-gxbm (Columvi, Genentech, Inc.) for relapsed or refractory diffuse large B-cell lymphoma, not otherwise specified (DLBCL, NOS) or large B-cell lymphoma (LBCL) arising from follicular lymphoma, after two or more lines of systemic therapy.

In May 2023, the Food & Drug Administration (FDA) approved Olaparib (Lynparza, AstraZeneca Pharmaceuticals) with abiraterone and prednisone (or prednisolone) for adults with deleterious or suspected deleterious BRCA-mutated (BRCAm) metastatic castration-resistant prostate cancer (mCRPC), as determined by an FDA-approved companion diagnostic test.

In May 2023, the Food and Drug Administration (FDA) granted accelerated approval to Epkinly (epcoritamab-bysp, Genmab) for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) not otherwise specified, including DLBCL arising from indolent lymphoma, and high-grade B-cell lymphoma after two or more lines of systemic therapy.

Global Cancer Drugs Market: Key Companies Insights

The global cancer drugs market is highly competitive. This is attributed to the increasing burden of cancer and growing geriatric population around the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global cancer drugs market are Pfizer Inc., Novartis AG, Merck & Co., Inc., Celgene Corporation, AstraZeneca PLC, Astellas Pharma Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, AbbVie Inc., and Johnson & Johnson (Janssen Global Services, LLC), among others.

*Definition: Cancer is a most lethal disease in which some of the body's cells grow uncontrollably and spread to other parts of the body. Cancer drugs, such as chemotherapy, hormone therapies, targeted cancer drugs, immunotherapy drugs, and bisphosphonates, among others, are used for the treatment of different types of cancer.