Oncology is the study of the diagnosis, prevention, and treatment of cancer. The medicines that are used to aid in the treatment of cancer are referred to as oncology drugs. The major types of chemotherapy drugs are antimetabolites, natural products, alkylating agents, and other miscellaneous drugs. 

In 2021, the market for oncology drugs was USD 177.54 billion, and by 2030, it will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period. 

Globally, cancer is ranked among the leading causes of death. According to the WHO, in 2020, one out of every six deaths was due to cancer. The market for oncology drugs will expand due to the increasing incidence of diseases like lung cancer and the rising geriatric population. The phenomenal expansion of the oncology drugs market is driven by the increased interest in creating targeted therapeutics to take advantage of developments in precision medicine.

Market Dynamics

Drivers 

An important aspect stimulating the expansion of the global market is the rising incidence of different types of cancer. Additional variables influencing the market growth include an increase in drug approvals and a strong pipeline for new therapeutic medicines.

Other factors promoting the expansion of the global market in the near future include:

· Rising technical breakthroughs.

· Growing demand for research and development activities for cancer therapy.

· Rising worries regarding high cancer death rates.

Moreover, the market is rising due to rising government funding for enhancing healthcare infrastructure in emerging nations.

The rising pharmaceutical industry also accelerates the global market, numerous breakthroughs, the development of cutting-edge technology, and an increase in cancer awareness, leading to early screening and detection.

Opportunity 

Drug development and oncology market research are two methods pharmaceutical companies use to conduct their yearly budget allocation for research and development. Per a report from the US Congressional Budget Office, pharmaceutical corporations have raised their annual R&D spending by an average of 8.5%. According to a survey, spending more money on specialty medications to treat uncommon diseases and cancers was a rising trend. 

Market Segmentation

By Drug Class

On the basis of the class of drugs, the market is segmented into targeted drugs, cytotoxic drugs, hormonal drugs, monoclonal antibodies, and others. 

The targeted therapy was the biggest market leader and will expand at an 8.14% CAGR. The significant rise in the use of targeted therapy is mostly attributable to the identification of molecules that cancer cells express as targets. Several targeted medicines have received approval for use in the management of cancer. Inhibitors of signal transduction, gene expression, inducers of apoptosis, blockers of angiogenesis, hormone therapies, immunotherapies and toxin delivery agents are some of the medicines that fall under this category.

By Indication

On the basis of indication, the oncology drugs market is segmented into prostate cancer, colorectal cancer, lung cancer, kidney cancer, bladder cancer, stomach cancer, breast cancer, liver cancer, cervical cancer, and esophagus cancer. 

The breast cancer segment ruled the entire market with significant revenue share and will expand at an 8.18% CAGR. The adoption of an unhealthy lifestyle, a patient's genetic profile, the increase in the number of female geriatrics, and radiation exposure are all factors in the rising incidence rate of breast cancer. Also, the market has grown as a result of unhealthy lifestyles, the rise in the number of older women, the likelihood of exposure to dangerous radiation, and the growing number of government programs.

The prostate cancer segment will expand at an 8.4% CAGR during the forecast period. Numerous regional businesses have introduced a novel goods to diversify their portfolios, accelerating market growth.

Regional Analysis 

North America ruled the entire market and will expand at a CAGR of 6.7%. The market will expand due to the availability of excellent treatment choices, an increase in product approvals, and greater public awareness of early cancer detection. Additionally, several new cancer medications have been developed in this region due to the quick advances in tumor biology, genetics, and immunology. The availability of various drugs already in development, including optimal drugs currently in the late stages of development, will present a profitable potential for market expansion.

Key Players

· AstraZeneca plc

· Bayer AG

· Astellas Pharma Inc.

· BeiGene

· Dr. Reddy's Laboratories

· Gilead Science, Inc.

· Bristol Myers Squibb

· AbbVie

· AMGEN, Inc.

· Incyte

· Johnson & Johnson

· Celgene Corporation

· Daiichi Sankyo Co. Ltd

· Sanofi SA.

· Takeda Pharmaceutical Company, Ltd.

· GSK plc

· Novartis International AG

· Pfizer Inc.

· Eli Lilly and Co

· Merck & Co., In

· Roche Holding AG

In 2021, the market for oncology drugs was USD 177.54 billion, and by 2030, it will reach USD 474.06 billion, growing at an 11.53% CAGR during the forecast period. The primary factor accelerating the growth of the oncology drug market is the expanding demand for biological and targeted drug therapies, the rising incidence of different types of cancer, the growing significance of biosimilars, and the ongoing patent expiration of important cancer medications.