Report Overview

The global oncology drugs market size stood at around USD 141.33 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.

Oncology is a key driver for the growth of the pharmaceutical industry. It is estimated to account for about 30 percent of its product pipeline and 25 percent of pharmaceutical industry revenue by 2020. The market is undergoing a significant growth rate due to the factors such as the rising prevalence of different cancers, increasing new drug launch and product approvals, and growing research activities by the pharma companies in this field. For instance, according to the American Cancer Society, there will be around 1,806,590 cancer patients in the U.S. alone by 2020, a 31% increase from 2010. The oncology cancer drugs are primarily used to lower the total number of cancer cells in the body, shrink the tumor size, and reduce the symptoms.



Market Drivers

Rise in incidence of cancer across the globe in a market drivers. Worldwide, the cancer incidence rate has increased to make it the second leading cause of death after cardiovascular disorders. Environmental factors such as tobacco smoking, changing diet patterns, urbanization, and extended post-reproductive lifespan are responsible for this phenomenon. As per World Health Organization (WHO), cancer is a growing burden and the number of new cancer cases is going to rise from 18.1 million in 2018 to 29.4 million by 2040. Therefore, the increasing prevalence of cancer is expected to boost the demand for the global oncology cancer drugs market during the forecast period. Furthermore, the rising awareness regarding cancer among the population is anticipated to favor the global market in the upcoming years.

The increase in geriatric population, increase in the government expenditure on healthcare and presence of strong pipeline of drugs also drives the market growth.

Major Oncology Types

The major types of oncology includes lung cancer, blood cancer, colorectal cancer, breast cancer, prostate cancer and others. The breast cancer is to exhibit significant CAGR during the forecast period. The market for oncology drugs for breast cancer segment is expected to grow at a faster CAGR. Growing prevalence of breast cancer, rising awareness, and increased breast cancer therapeutics launches, and extensive R&D investments by the key market players are some of the factors responsible for its faster growth during the forecast period. For instance, in April 2019, Emcure Pharmaceuticals launched generic metastatic breast cancer treatment drug under the brand name Eribilin in India.

The others segment, on the other hand, accounts for the maximum share in 2019 and include various other cancer types such as bladder cancer, kidney cancer, thyroid cancer, uterine cancer, pancreatic cancer, lymphoma, etc.