Market Challenges And Opportunities

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 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