Cancer/Oncology Drugs Market Size To Worth USD 401.31 Bn By 2032

The oncology/cancer drugs market size reached USD 138.41 billion in 2022 and is expected to hit around USD 401.31 billion by 2032, growing at a CAGR of 11.43% from 2023 to 2032.

The global cancer drugs market growth driven by the rising prevalence of various types of cancer such as lungs cancer, colorectal cancer, bowel cancer, breast cancer, and various other types of cancer. The International Agency for Research on Cancer, in its report GLOBOCAN, has published that around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe, in 2020. The lungs cancer was the most prominent cancer followed by the breast cancer.

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Moreover, the increasing awareness regarding the availability of various new therapies to treat cancer is fueling the demand for the cancer drugs among the global cancer patients. Furthermore, the rising investments by the biopharmaceutical companies in the development of new cancer drugs and diagnostic devices are fostering the growth of the cancer drugs market. Moreover, the rising adoption of the health insurance and favorable reimbursement policies is encouraging the patients to adopt the latest therapies to treat cancer by providing them with financial support. This is further boosting the growth of the cancer drugs market across the globe.

Regional Snapshot

North America dominated the global cancer drugs market in 2020. The increased prevalence of the cancer, higher healthcare expenditure, increasing awareness regarding the new biopharmaceutical drugs, presence of the world’s top drug manufacturers, and the presence of sophisticated and developed healthcare infrastructure in the region are the major drivers of the cancer drugs market in North America. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020.

Europe is estimated to be the fastest-growing market in 2020. The Europe is characterized by the rapidly growing incidences of cancer, increased disposable income, growing health awareness, and rising demand for the advanced therapies.

Table of Contents

Cancer/Oncology Drugs Market Market Dynamics

Driver

Rising prevalence of the cancer among the population

The most important and the most prominent driver of the cancer drugs is the growing prevalence of the cancer among the global population. The rapid developments in the field of biopharmaceuticals and the favorable reimbursement policies are significantly driving the demand for the cancer drugs among the population.

Restraint

High cost of the cancer drugs

The high cost associated with the cancer drugs is a major factor that may restrict the middle and low income people to adopt the expensive cancer therapies, especially in the underdeveloped and developing economies. Furthermore, the lack of awareness among the people is another factor that may hamper the market growth during the forecast period.

Opportunities

The increasing adoption of healthcare insurance

The high costs related to the healthcare and rising burden of diseases and infections across the globe is encouraging the population to opt for a healthcare insurance. The various medical and financial support in the form of reimbursements and medical claims provided by the healthcare insurances is expected to drive the adoption of the cancer immunotherapy among the cancer patients across the globe.

Challenges

Lack of access to healthcare facilities

The low and inadequate healthcare infrastructure in the developing and the underdeveloped economies results in the low access to the healthcare facilities. In most of the cases, the people suffering from cancer remain undiagnosed and untreated. This is a major challenge to the market players that may restrict them to grow further.

Report Highlights

Based on the drug class, the targeted therapy dominated the market in 2020. The increased awareness regarding the benefits of the targeted therapy over the traditional chemotherapy has significantly boosted the adoption of the targeted therapy among the patients. Moreover, the targeted therapy only targets the cancer cells and avoids the normal cells, which results in low side-effects. The efficiency of the targeted therapy in the treatment of the cancer cells has fostered the growth of this segment especially in the developed markets like North America and Europe.
Based on the indication, the breast cancer is estimated to be the most opportunistic segment during the forecast period. The breast cancer has become the most diagnosed cancer by surpassing the lungs cancer in 2020. According to the International Agency for Research on Cancer, the breast cancer accounted for over 10% of the global cancer cases in 2020. Hence, the rising prevalence of the breast cancer among the global female population is expected to drive the market growth in the foreseeable future.