The worth for Oncology Drugs was 177.54 billion USD in 2021 growing at a healthy CAGR of 11.53%, and will reach USD 474.06 billion by 2030.
Oncology drugs are prescription medications that are utilized to treat cancer. Oncology medications are treatments used to treat & cure cancer, which is brought on by the uncontrolled division and proliferation of abnormal cells. Drugs used to treat cancer include chemotherapeutic medicines, hormone treatments, targeted therapies, and immunotherapies.
A tumour can be reduced by chemotherapy so that additional therapies, like radiation & surgery, are feasible. Neoadjuvant treatment is the term used by physicians. to reduce symptoms and indications. Chemotherapy, which kills some cancer cells, may help alleviate the symptoms and signs of cancer.
- Globally, there is an upsurge in cancer cases. Studies show that since 2000, the incidence of cancer cases has increased by 4.5% each year. According to the WHO, more than 400,000 kids are diagnosed with cancer every year. American Cancer Society estimates that 89,000 young people and adolescents died from cancer in 2010. The American Cancer Society’s findings show that between 1991 and 2019, the death rate decreased by 32%. As a result, investing in it can be quite rewarding and useful.
- One of the main causes of cancer worldwide is tobacco. Cancer of the larynx, throat, kidney, colon, rectal, oesophagus, & mouth are also caused by it. Over 1.3 billion people smoke tobacco, according to WHO. In addition, tobacco use causes about 8 million deaths annually, of which 1.8 million deaths from lung cancer were due mostly to tobacco use. Additionally, a WHO analysis notes that between 2000 and 2018, there were 40 million more male smokers. So there would be a sharp increase in the different cancers along with the increased cigarette use. As a result, the industry would flourish more quickly.
The significant capital expenditures required for R&D and the length of time it takes for medications to receive approval are the main obstacles to entry and long-term sustained development in the market.
Drug development and oncology market research are two methods that pharmaceutical companies use to conduct their yearly budget allocation for research and development. According to a report from the USA Congressional Budget Office, the pharmaceutical companies had raised their annual R&D spending by an average of 8.5%. R&D expenditures in 2019 totalled USD 83 billion, a tenfold increase over the three decades prior. According to the survey, spending more money on speciality medications to treat uncommon diseases and cancers was a rising trend. As a result, we anticipate seeing more R&D expenditures with an emphasis on oncology medications.
The market has been successfully ramified into:
- Canadian Provinces
- Rest of N.A.
- Rest of Europe
- South Korea
- Remaining APAC
- Saudi Arabia
- Rest of L.A.M.E.A.