Anticancer Drug Market Size, Share, Growth, and Industry Analysis, By Type (Targeted Drugs, Cytotoxic Drugs, Hormonal Drugs, Others), By Distribution (Immunotherapy Targeted Therapy, Chemotherapy, Hormonal Therapy, Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

ANTICANCER DRUG MARKET REPORT OVERVIEW

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The global anticancer drug market size was USD 91410 million in 2019 and the market is projected to touch USD 145010 million by 2026, at CAGR of 6.7% during the forecast period.

The anticancer drug market growth is expected to develop due to several factors, including the rise in the incidence of different cancer conditions and the prevalence of cancer disease, the growing popularity of advanced therapies such as targeted and biological therapies, and the global aging population. Additionally, the market for oncology medications is growing due to increased cancer awareness and early cancer screening.

In the forecast time frame, market players will have lucrative opportunities due to a rise in public-private supplying for targeted research activities, a rise in the demand for advanced drug treatments for chronic diseases, and an increase in new product creation and development due to global technological advancements. Further factors that will accelerate the rate of expansion of the market in the future include the growing rate of internet penetration, the growing popularity of arthroscopic operations, the rise in seniors and obese population worldwide, and the rising per capita spending on health care.

COVID-19 Impact: Interference with the Research Activities to Deplete Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The outbreak had a direct impact on cancer patients' access to oncology medications; not merely is it challenging to provide chemotherapy and some additional therapies elsewhere of a center, but patients' willingness and capacity to participate in clinical trials for novel medications has also decreased due to the spread of the coronavirus. One of the biggest blows to the market has been COVID-19's interference with the development and research of new treatments. But after the COVID-19 outbreak, things should be different in the upcoming years.

LATEST TRENDS

"Emphasis on Enhancing Medical Centers to Stimulate Market Development"

Another significant element supporting the market's expansion is the growing emphasis on enhancing the state of medical centers and the infrastructure as a whole. Lucrative market prospects are also anticipated to be created by the growing number of strategic alliances and collaborations between public and private entities regarding the funding and deployment of new and enhanced technology.

ANTICANCER DRUG MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into targeted drugs, cytotoxic drugs, hormonal drugs, others

Targeted Drugs: Drugs that target certain signals can either block or stop the growth-promoting or self-destructive signals sent by cancer cells. As scientists get more knowledge about certain alterations in cancer cells, they will create more focused medications, which is an important kind of cancer treatment.

Cytotoxic Drugs: A class of medications used to treat cancer are called cytotoxic drugs (sometimes called antineoplastics). These medications include substances that are poisonous to cells, preventing them from proliferating or replicating. They are additionally utilized to treat a variety of other illnesses, including multiple sclerosis and rheumatoid arthritis.

Hormonal Drugs: Medication containing female hormones is known as hormone replacement treatment. When you go through menopause, your body stops producing estrogen, so you take medication to replace it. The most frequent menopausal symptoms that are treated with hormone treatment are hot flashes and the genital area discomfort.

Others: A class of medications known as bisphosphonates acts by delaying the loss of bone. They lessen the possibility of spine and hip fractures. Although bone repair is a gradual process, many patients see a rise in bone density over the course of five years of therapy.

• By Application

Based on application the global market can be categorized into immunotherapy, targeted therapy, chemotherapy, hormonal therapy, others.

Immunotherapy: Immunotherapy is a type of cancer treatment that boosts the patient's immune system. Immunotherapy has the power to alter or strengthen the immune system's ability to recognize and combat cancerous cells.

Targeted Therapy: Targeted therapy involves a kind of cancer treatment in which certain cancer cell types are identified and targeted with medicines or other chemicals. A targeted therapy may be used as a stand-alone treatment or in conjunction with other medical interventions including radiation therapy, conventional chemotherapy, or surgery.

Chemotherapy: Chemotherapy is a pharmaceutical treatment that employs potent chemicals to destroy your body's rapidly proliferating cells. Since cancer cells proliferate and expand far more swiftly than most other cells in the body, chemotherapy is the treatment of choice for cancer. There are numerous chemotherapy medications available.

Hormonal Therapy: One type of cancer treatment called hormone therapy slows or even reverses the growth of cancers that need hormones to spread. Other names for hormone therapy include endocrine therapy, hormonal therapy, and hormone treatment.

Others: This category consist of breast cancer segment. Due to a rise in the number of people affected by the disease who receive early screening, the breast cancer category is expected to maintain its pattern of being the major income contributor during the projection period. This was evident in 2020.

DRIVING FACTORS

"Growing Cancer Prevalence to Support Market Expansion"

After cardiovascular illnesses, cancer is now the second most common cause of mortality due to an increasing incidence rate. This phenomena is caused by environmental variables such as prolonged post-reproductive lifespans, altered dietary habits, urbanization, and tobacco use. Consequently, during the projected period, the rising incidence of cancer is anticipated to fuel demand in the market. In addition, the growing public awareness of cancer is expected to support the worldwide industry in the years to come.

"Existence of Robust Drug Pipeline to Foster Industry Progress"

The rate of advancement in cancer treatment is quickening. Developing from the investigation and development pipeline comes a plethora of novel treatments, frequently in combination with other novel or currently available drugs. Numerous pharmaceutical corporations are funding these efforts to develop new medications for the management of cancer.

For example, Pfizer purchased Array BioPharma in June 2019 with the goal of growing its pipeline and presence in oncology, beginning with a melanoma combination medication that is currently in phase 3 trial targeting a kind of metastatic cancer of the colorectal. This is expected to support market expansion along with consumers' increasing preference for biologics and biosimilars that are introduced to the market.

RESTRAINING FACTOR

"Low Awareness in Developing Nations to Stop Market Evolution   "

However, it is anticipated that low awareness in developing nations, high expenditures related to aesthetics, restricted infrastructure, and high costs related to research and development will hinder market expansion. In addition, the market is expected to face challenges in the forecast period from the absence of favorable reimbursement scenarios, the lack of technological penetration in emerging economies, the high customs duty on medical devices, and the inadequate infrastructure in nations with low or middle incomes.

ANTICANCER DRUG MARKET REGIONAL INSIGHTS

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"North America to dominate the Market Due to Large Patient Population "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Due to its large patient population, powerful key player presence, easy drug availability, well-developed healthcare systems, favorable reimbursement practices in the healthcare system, a greater amount of research, development, and innovation activities, and greater utilization of advanced therapeutics, North America contributed to the majority of anticancer drug market share for the year 2020 and is expected to continue the lead from 2021 to 2030. Nonetheless, due to a rise in the number of people affected by cancer and increased knowledge of various malignancies, Asia-Pacific is predicted to expand at the fastest CAGR.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Roche (Switzerland)
• Celgene (U.S.)
• Pfizer (U.S.)
• Bristol-Myers Squibb (U.S.)
• Novartis (Switzerland)
• AstraZeneca (U.S.)
• Teva Pharmaceuticals (Israel)
• Bayer (Germany)
• GlaxoSmithKline (U.K.)

INDUSTRIAL DEVELOPMENT

June 2023: The acquisition of Noria Therapies Inc. & PSMA Therapeutics Inc. was announced by Bayer AG. Bayer will possess sole ownership rights to the company's experimental chemical as a result of this deal. Bayer will be able to broaden their cancer offering with this acquisition.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.