Oncology Market
Oncology Market Size, Share & Industry Analysis, By Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Blood Cancer, Others), By Drug Class (Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global oncology market is expected to increase at a 9.8% CAGR from 2024 to 2031. The market value is predicted to rise dramatically between 2024 and 2031, with North America dominating the industry. Key criteria include an increase in the global incidence of cancer cases, increased investments in cancer therapeutic R&D, and the expanding use of personalized medicine approaches in oncology treatment.
The oncology market is expanding rapidly, driven by technology advances in cancer diagnostics and medicines, the launch of novel targeted therapies and immunotherapies, and an aging global population that is more susceptible to cancer. The market is also benefiting from rising healthcare spending and better access to cancer therapies in emerging markets.
Oncology Market Dynamics:
Precision medicine transforms cancer therapy, promoting tailored medicines and better patient outcomes.
The oncology market is undergoing a paradigm shift toward precision medicine, which tailors treatment options to individual patients based on their genetic profile, tumor features, and other indicators. This strategy has resulted in the creation of tailored medicines and immunotherapies that are more effective and cause fewer side effects than standard chemotherapy. The use of next-generation sequencing (NGS) and other molecular diagnostic technologies has allowed oncologists to discover particular genetic alterations and choose the best treatment for each patient. This trend not only improves treatment outcomes, but it also fuels the expansion of companion diagnostics and biomarker testing in oncology. As a result, pharmaceutical companies are putting more emphasis on developing biomarker-driven medicines, resulting in a more tailored approach to cancer therapy and driving market growth.
Rising cancer rates and an aging population drive demand for innovative oncology therapies.
Population growth, aging, and lifestyle changes are all contributing to an increasing global cancer burden. According to the International Agency for Research on Cancer (IARC), the number of new cancer cases globally is anticipated to reach 28.4 million by 2040, up 47% from 2020. This expanding patient population creates a significant need for oncology treatments across all cancer types. The aging population is especially noteworthy because the danger of cancer rises with age. In the United States, for example, the National Cancer Institute says that the median age at cancer diagnosis is 66. The global population over the age of 65 is likely to treble by 2050, driving up need for oncology treatments. This generational change is causing more investment in cancer research and drug development, resulting in market growth and innovation in areas such as geriatric oncology and supportive care.
The high expense of cancer therapies restricts access and stresses healthcare systems.
Despite advances in cancer therapy, the high cost of oncology treatments remains a substantial barrier for patients, healthcare providers, and payers. The average cost of cancer medications has risen significantly in the last decade, with some innovative therapy costing hundreds of thousands of dollars per year. This cost burden can result in treatment abandonment and inequities in access to care, especially in low- and middle-income countries. According to a study published in the Journal of Oncology Practice, 42% of cancer patients had a major or catastrophic financial burden as a result of treatment costs. The high cost of oncology medications puts a pressure on healthcare systems and insurance companies, sparking arguments regarding cost-effectiveness and value-based pricing. These economic challenges may restrict market growth and increase the need for less expensive treatment choices and alternative pricing strategies in the oncology sector.
Segment Overview:
Targeted therapy has emerged as the main category in the oncology market, altering cancer treatment approaches.
The targeted therapy sector has emerged as the cornerstone of modern cancer treatment, propelling significant growth in the oncology market. This method, which comprises small chemical inhibitors and monoclonal antibodies, targets cancer cells while causing minimal damage to healthy tissues. The efficacy of targeted medicines in improving patient outcomes and quality of life has resulted in their widespread use across cancer types.
Recent advances in targeted medicines have yielded encouraging results in previously difficult-to-treat malignancies. For example, in 2021, the FDA approved sotorasib (Lumakras), the first targeted therapy for KRAS G12C-mutated non-small cell lung cancer. This discovery has opened up new possibilities for treating a segment of lung cancer patients who previously had few options.
In addition, the targeted therapy market has seen significant increase in combination medications. One significant example is the use of BRAF and MEK inhibitors in melanoma treatment. According to a study published in the New England Journal of Medicine, combining encorafenib and binimetinib enhanced progression-free survival in BRAF-mutated melanoma patients compared to monotherapy. Such developments have not only enhanced treatment efficacy, but also increased the commercial potential for tailored therapies.
Regional Outlook:
North America dominates the global oncology market, owing to advanced healthcare infrastructure and significant R&D spending.
North America, notably the United States, dominates the worldwide oncology market thanks to its strong healthcare system, large expenditure in cancer research, and early acceptance of novel therapies. The region's leadership is supported by the presence of significant pharmaceutical corporations, world-renowned cancer research institutions, and supporting regulatory frameworks that speed up the approval of novel cancer therapies.
The North American oncology market has experienced a significant increase in immunotherapy usage. The effectiveness of checkpoint inhibitors such as pembrolizumab (Keytruda) and nivolumab (Opdivo) in various cancer types has transformed therapeutic paradigms. Merck reported Keytruda revenues of $17.2 billion in 2021, demonstrating the breakthrough treatments' strong commercial effect.
In terms of research and development, the United States remains the global leader in cancer drug discoveries. The National Cancer Institute's (NCI) budget for fiscal year 2022 was $6.9 billion, demonstrating the country's commitment to cancer research and treatment. This significant investment has aided the development of cutting-edge medicines and diagnostics, strengthening North America's position in the oncology sector.
Canada has also achieved great progress in oncology care, with initiatives such as the Pan-Canadian Oncology Drug Review (pCODR) boosting access to cancer medications across the country. The country's universal healthcare system has increased access to cancer treatments, boosting the region's market growth.
Competitive Intelligence:
The oncology market is characterized by fierce competition between big pharmaceutical corporations, biotech firms, and emerging entrants. To grow their product portfolios and market presence, market leaders use key methods such as significant R&D investments, strategic alliances, and mergers and acquisitions.
Roche continues to lead the oncology industry with a diversified portfolio of cancer medications that includes blockbusters such as Avastin, Herceptin, and Tecentriq. The company's strong emphasis on personalised healthcare and biomarker-driven medicines has helped it maintain its market leadership. In 2021, Roche's oncology sales will be around $30 billion, accounting for a sizable chunk of the global market.
Merck & Co. has gained significant market share thanks to the success of Keytruda, which has demonstrated efficacy across many cancer types. The company's approach of increasing Keytruda's indications through clinical studies and combination medicines has been critical to driving growth. Bristol Myers Squibb's acquisition of Celgene for $74 billion in 2019 greatly increased its oncology portfolio, particularly in hematological malignancies.
Emerging developments in the competitive landscape include a greater emphasis on cell therapies, with Novartis and Gilead/Kite Pharma dominating in CAR-T cell therapy. The market is also experiencing an increase in biotech startups that specialize in specialist areas of oncology, which are sometimes attractive acquisition prospects for larger pharmaceutical companies.
Advances in precision medicine, the development of next-generation immunotherapies, and the growing importance of real-world evidence in establishing treatment efficacy and value are all expected to affect competitive dynamics in the future.
Analyst's Opinion:
The oncology market is poised for transformational growth, propelled by ground-breaking scientific breakthroughs and technical advances. The combination of artificial intelligence, big data analytics, and molecular biology marks the beginning of a new age in cancer research and therapy. This collaboration is expected to speed up drug discovery, improve clinical trial designs, and enable more exact patient stratification for targeted medicines.
The growth of liquid biopsies and minimally invasive diagnostic procedures is an emerging trend worth keeping an eye on. These technologies have the potential to transform cancer detection, monitoring, and therapy options. As these technologies grow more sensitive and cost-effective, they may lead to earlier cancer diagnosis and more customized treatment methods, resulting in dramatically better patient outcomes.
Major Players:
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Roche Holding AG
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Merck & Co., Inc.
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Bristol-Myers Squibb Company
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Novartis AG
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Johnson & Johnson
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Pfizer Inc.
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AstraZeneca plc
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Eli Lilly and Company
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AbbVie Inc.
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Amgen Inc.
Key Developments:
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May 2023: FDA grants accelerated approval to Eli Lilly's Jaypirca for mantle cell lymphoma treatment
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April 2023: AstraZeneca's Tagrisso receives FDA approval for adjuvant treatment of early-stage EGFR-mutated non-small cell lung cancer
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (KEY COMPANIES LIST BY COUNTRY) (PREMIUM)
5. COMPANY PROFILES
5.1. Roche Holding AG
5.2. Merck & Co., Inc.
5.3. Bristol-Myers Squibb Company
5.4. Novartis AG
5.5. Johnson & Johnson
5.6. Pfizer Inc.
5.7. AstraZeneca plc
5.8. Eli Lilly and Company
5.9. AbbVie Inc.
5.10. Amgen Inc. (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Increasing adoption of immunotherapy
6.1.2. Rising focus on personalized medicine in oncology
6.1.3. Growing importance of combination therapies
6.2. Market Drivers
6.2.1. Rising global cancer prevalence
6.2.2. Advancements in cancer diagnostics and treatments
6.2.3. Increasing healthcare expenditure on cancer care
6.3. Market Restraints
6.3.1. High costs associated with cancer treatments
6.3.2. Side effects of cancer therapies
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY INDICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Lung Cancer
7.2. Prostate Cancer
7.3. Colon & Rectal Cancer
7.4. Gastric Cancer
7.5. Esophageal Cancer
7.6. Liver Cancer
7.7. Breast Cancer
8. BY DRUG CLASS (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Cytotoxic Drugs
8.2. Targeted Drugs
8.3. Hormonal Drugs
8.4. Others
9. BY THERAPY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Chemotherapy
9.2. Targeted Therapy
9.3. Immunotherapy
10. BY DOSAGE FORM (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. Solid
10.2. Liquid
10.3. Injectable
11. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. Hospital Pharmacies
11.2. Retail Pharmacies
11.3. Online Pharmacies
11.4. Others
12. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
12.1. North America
12.1.1. United States
12.1.2. Canada
12.1.3. Mexico
12.2. South America
12.2.1. Brazil
12.2.2. Argentina
12.2.3. Rest of South America
12.3. Europe
12.3.1. Germany
12.3.2. United Kingdom
12.3.3. France
12.3.4. Italy
12.3.5. Spain
12.3.6. Russia
12.3.7. Rest of Europe
12.4. Asia-Pacific
12.4.1. China
12.4.2. Japan
12.4.3. India
12.4.4. Australia
12.4.5. South Korea
12.4.6. Rest of Asia-Pacific
12.5. Middle-East
12.5.1. UAE
12.5.2. Saudi Arabia
12.5.3. Turkey
12.5.4. Rest of Middle East
12.6. Africa
12.6.1. South Africa
12.6.2. Egypt
12.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Oncology Market Segmentation:
By Cancer Type
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Lung Cancer
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Prostate Cancer
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Colon & Rectal Cancer
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Gastric Cancer
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Esophageal Cancer
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Liver Cancer
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Breast Cancer
By Drug Class
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Cytotoxic Drugs
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Targeted Drugs
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Hormonal Drugs
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Others
By Therapy
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Chemotherapy
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Targeted Therapy
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Immunotherapy
By Dosage Form
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Solid
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Liquid
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Injectable
By Distribution Channel
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Hospital Pharmacies
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Retail Pharmacies
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Online Pharmacies
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Others
By Region
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North America
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South America
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Europe
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Asia-Pacific
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Middle East
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Africa
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