Covid Impact-19 on Oncology Drugs Market Therapeutics, Growth Analysis, Regional demand, Size and Forecast to 2030

Global Oncology Drugs Market Presents an In-Depth Assessment of the Oncology Drugs Including Enabling Technologies, Key Trends, Market Drivers, Challenges, Standardization, Regulatory Landscape, Deployment Models, Operator Case Studies, Opportunities, Future Roadmap, Value Chain, Ecosystem Player Profiles and Strategies

Market Overview

The oncology drugs market consists of sales of oncology drugs and related services by entities (organizations, sole traders and partnerships) that produce oncology drugs to diagnose and treat all types of cancers. This industry includes establishments that produce drugs and biologics used in chemotherapy, surgery and radio therapies for treating pancreatic cancer, breast cancer, ovarian cancer, gastric cancer, kidney cancer, brain tumor, and other cancer types. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.

The global oncology drugs market reached a value of nearly $167.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 9.8% since 2015. The market is expected to decline from $167.9 billion in 2019 to $149.9 billion in 2020 at a rate of 11%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to grow slightly from $201.1 billion in 2021 to $284.5 billion in 2023 at a CAGR of 9.7%. The market is expected to stabilize and reach $284.5 billion in 2025 and $412.9 billion in 2030.

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Growth in the historic period resulted from rapid growth in elderly population, strong economic growth in emerging markets, increased healthcare expenditure, increased number of approvals for hematology/oncology (cancer) drugs, increase in pharmaceutical R&D expenditure and advances in cancer drug discovery. Factors that negatively affected growth in the historic period were patent expiration of drugs, pricing pressures from regulators, challenges due to regulatory changes, and low healthcare access.

Going forward, increase in cancer incidence rate, rise in healthcare expenditure, increasing geriatric population, strong pipeline of drugs and revised FDA regulations to facilitate biologics drug development are expected to drive the market. High costs of drugs, rise in interest rates, rising popularity of alternative therapies and natural remedies, coronavirus pandemic, covid-19 impacting drug trails, and reduction in free trade are major factors that could hinder the growth of the oncology drugs market in the future.

The oncology drugs market is segmented by type into drugs for lung cancer, pancreatic cancer, breast cancer, prostate cancer, ovarian cancer, colorectal cancer, gastric cancer, kidney cancer, brain tumor, thyroid cancer, skin cancer, bladder cancer, cervical cancer, blood cancer and others. The blood cancer was the largest segment of the oncology drugs market by type, accounting for 19.0% of the total market in 2019. Going forward, ovarian cancer segment is expected to be the fastest growing segment in the oncology drugs market, at a CAGR of 21.0%.

The oncology drugs market is also segmented by drug class type into targeted therapy, immunotherapy (biologic therapy), chemotherapy and hormonal therapy. The targeted therapy was the largest segment of the oncology drugs market by drug class type, accounting for 42.3% of the total market in 2019. Going forward, the chemotherapy segment is expected to be the fastest growing segment in the oncology drugs market, at a CAGR of 14.5%.

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The oncology drugs market is concentrated, with a small number of large of large players in the market. The top ten competitors in the market made up to 67.09% of the total market in 2019. Major players in the market include Novartis AG, Bristol-Myers Squibb Company, Merck & Co., Inc. Johnson & Johnson, and Pfizer Inc.

The global pharmaceutical drugs market, of which the oncology drugs market is a segment, reached a value of nearly $947.9 billion in 2019, growing at a compound annual growth rate (CAGR) of 5.3% since 2015. It is expected to grow at a CAGR of 7.7% and reach nearly $1273.6 billion by 2023. The oncology drugs market was the largest segment in the global pharmaceutical drugs market accounting for 17.7% of the total in 2019. The ophthalmology drugs market was the smallest segment of the global pharmaceutical drugs market, accounting for 2.3% of the total and was valued at $22.3 billion in 2019.

Markets Covered:

The global oncology drugs market is segmented into -
By Type Of Drug: Lung Cancer; Pancreatic Cancer; Breast Cancer; Prostate Cancer; Ovarian Cancer; Colorectal Cancer; Gastric Cancer; Kidney Cancer; Brain Tumor; Thyroid Cancer; Skin Cancer; Bladder Cancer; Cervical Cancer; Blood Cancer; Others

By Drug Class: Targeted Therapy; Immunotherapy (Biologic Therapy); Chemotherapy; Hormonal Therapy

By Distribution Channel: Hospital Pharmacies; Retail Pharmacies/Drug Stores; Others

By Route Of Administration: Oral; Parental; Others

By Drug Classification: Branded Drugs; Generic Drugs

Companies Mentioned: Novartis AG; Bristol-Myers Squibb Company; Merck & Co., Inc.; Johnson & Johnson; Pfizer Inc.

Geographically, this report is segmented into several key Regions, with production, sales, revenue (million USD), and market share and growth rate of Oncology Drugs market in these regions, from 2015 to 2030 (forecast), covering

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