Oncology Drugs Market In-Depth Analysis and Forecast -2032 With a CAGR of 5.5%

The oncology drugs market was worth US$ 188.3 Bn in 2021 and is expected to progress in terms of growth at a CAGR of 5.5% over the forecast period (2022-2032).

Clinical trials are a crucial step in the development of new medicines and have increased significantly during the past few decades, particularly in Western Europe and the United States. Such research has produced notable advancements in a variety of medical fields, including oncology. The total number of new drugs in the R&D pipeline increased by 75 from 2015 to almost 3,500 in 2020, which reflects both, significant investments and research that focus on meeting numerous unmet patient needs that still exist and advancements made in understanding the biology at the real cause of cancer. Despite the pandemic's interruptions, the number of clinical trial launches hit a new high of 1,600 in 2020, which demonstrates a clear shift in focus to rare diseases such as cancers since 2015.

Phase II productivity in rare cancers had a considerable rise in 2020, but overall oncology productivity levels remain significantly lower than those for other diseases. Clinical development productivity is a composite measure of success rates, clinical trial complexity, and trial duration. Nearly 100 next-generation biotherapeutics in late-stage development and 450 immuno-oncology treatments are now in various stages of development, indicating a robust oncology pipeline. Thus, the strong product pipeline for oncology is expected to create lucrative market opportunities in the future.

Additionally, governments across countries are conducting awareness campaigns to urge individuals to choose early cancer diagnosis, which is expected to expand the pool of patients likely to choose different immunotherapies. All the above-mentioned factors are likely to boost the market for oncology drugs over the coming years.

Key Takeaways from Market Study

• Targeted therapy held over 50% market share by drug class in 2021.
• The breast cancer segment dominated the market among other indications with a market share of 15.8% in 2021.
• Under the route of administration segment, the oral sub-segment led the market with a value share of 59% in 2021.
• By distribution channel, hospital pharmacies accounted for the largest market share of 65.8% in 2021.
• North America dominated the global market with a share of 47.2% in 2021.

"Increase in funding for cancer research, rising prevalence of cancer, and ongoing clinical trials in oncology will boost market growth over the coming years," says an analyst of Persistence Market Research.

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Market Competition

Prominent biopharma businesses continue to seek out potential assets from smaller companies that often have fewer resources to bring ideas through to the market. Companies acquire new products through partnerships and license agreements while still pursuing their own development goals.

• Beginning in August 2022, Sanofi and Innovent Biologics started strategically working together to accelerate the development of oncology medications and expand their presence in China.
• In February 2021, Relugolix, an oral GnRH receptor antagonist for oncology and women's health, was announced as the result of a partnership between Pfizer Inc. and Myovant Sciences.

What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the oncology drugs market in its latest study, presenting a historical demand assessment of 2012 – 2021 and projections for 2022 – 2032.

The research study is based on drug class (chemotherapy (alkylating agents, antimetabolites, anti-tumour antibiotics, topoisomerase inhibitors, mitotic inhibitors, others), targeted therapy (monoclonal antibodies, small molecule inhibitors), immunotherapy (immune checkpoint inhibitors, cell therapy & gene therapy, oncolytic virus therapy, immune system modulators, hormonal therapy), indication (breast cancer, lung cancer, prostate cancer, multiple myeloma, colorectal cancer, non-Hodgkin's lymphoma, kidney cancer, chronic lymphocytic leukaemia, melanoma, others), route of administration (oral, injectable), and distribution channel (hospital pharmacies, retail pharmacies, others), across seven key regions of the world.

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