ONCOLOGY DRUGS MARKET ANALYSIS

Oncology Drugs Market Size and Trends

The oncology drugs market is estimated to be valued at USD 231.56 Bn in 2024 and is expected to reach USD 532.91 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031.

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The market is witnessing positive trends driven by the increasing prevalence of cancer worldwide. Advanced technologies in drug development have enabled better drug targeting and reduced side-effects. Besides this, rising healthcare spending and demand for affordable cancer treatments especially in developing nations provide attractive opportunities for market players. However, patent expirations of blockbuster drugs pose a significant challenge along with stringent regulations for drug approval. Nonetheless, the market remains promising with continued investments in R&D to develop innovative oncology therapeutics.

Rising cancer prevalence globally

The prevalence of cancer cases has seen a consistent rise globally over the past few decades. Various factors such as growing elderly population, lifestyle changes, increasing exposure to pollution, and carcinogens have contributed to this rise. The International Agency for Research on Cancer (IARC), which is part of the World Health Organization (WHO), issued the estimates of the worldwide cancer burden. According to the IARC, 20 million new cancer diagnoses and 9.7 million deaths occurred in 2022. The expected number of people who survived 5 years after a cancer diagnosis was 53.5 million. Cancer affects around one in every five persons in their lifetime, with one in every nine men and one in every twelve women dying from it. With a rapidly ageing worldwide population susceptible to developing cancer, coupled with the prevalence of known causes such as smoking, alcohol use, etc., cancer diagnoses rates are expected to continue surging well into the future. This rising prevalence of cancer cases across the globe directly translates to the increasing demand for cancer treatments including oncology drugs. While surgery and radiation continue to be important treatment modalities, pharmaceutical therapies have become the mainstay of treatment with the rapid advancement in targeted therapies and immunotherapies.

The oncology drugs market has witnessed a paradigm shift over the last decade with the introduction and rising adoption of targeted therapy and immunotherapy drug classes. While chemotherapy continues to play an important role, targeted therapies which impact specific molecular pathways driving cancer growth and immunotherapies which activate the body's immune system to fight cancer cells have transformed the treatment landscape. Some key advantages of these newer therapies over chemotherapy include higher specificity leading to fewer side effects, prospect of long-term disease control and in some cases, potential for cure. Notable successes in clinical practice with drugs such as Herceptin, Gleevec, and Keytruda have boosted physicians’ confidence in these precision medicines. There is also greater understanding among patients regarding the advantages of newer options compared to toxic chemotherapy regimens. As a result, the adoption rates of targeted therapies and immunotherapies are rapidly rising, especially in developed markets.