Biologics is fastest growing segment fueling the growth of Oncology Drugs Market

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Biologics is fastest growing segment fueling the growth of Oncology Drugs Market

Biologics have emerged as one of the fastest growing segments in oncology drugs market. Biologics include monoclonal antibodies that precisely target

The global Oncology Drugs Market is estimated to be valued at US$ 133.64 Bn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oncology drugs are used to treat cancer or tumors by slowing their growth and proliferation. These drugs work by interfering with cell division, inducing cell death or blocking blood vessel growth to the tumor. The growing prevalence of cancer worldwide and advancements in biologics and targeted therapies are fueling the demand in this market.

Market key trends:
Biologics have emerged as one of the fastest growing segments in oncology drugs market. Biologics include monoclonal antibodies that precisely target specific molecules involved in tumor growth and metastasis. Popular biologics include bevacizumab, trastuzumab, rituximab and cetuximab. Their precise mechanism of action and improved safety profiles over chemotherapy are driving their increasing adoption. Drugs like pembrolizumab and nivolumab that harness the power of immune system against tumors have transformed cancer treatment. Personalized medicine aided by biomarkers and companion diagnostics is another key trend helping deliver right treatment to right patients.
Segment Analysis
The global oncology drugs market is segmented based on therapy, indication and region. Based on therapy, the market is segmented into chemotherapy, targeted therapy, immunotherapy and others. The targeted therapy segment dominated the market in 2019, as these drugs halt the growth of cancerous cells by interfering with specific molecular targets that are involved in the growth, progression and spread of cancer. Targeted therapies such as kinase inhibitors have revolutionized the treatment landscape, and are witnessing significant demand due to advantages such as improved efficacy and reduced side effects compared to conventional chemotherapy.

Key Takeaways
The global Oncology Drugs Market Share is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of cancer worldwide and rising demand for targeted therapies.

Regional analysis: North America dominated the global market in 2019 owing to significant investments in cancer research funding, early availability of latest treatment options and increasing adoption of premium-priced targeted therapies. However, Asia Pacific is expected to witness highest growth during the forecast period supported by improving access to cancer care in countries such as China and India.

Market size: The global oncology drugs market size was valued at US$ 133.64 Bn in 2023 and is projected to reach over US$ 310 Bn by 2030.

Key players: Key players operating in the oncology drugs market are Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc. Hoffmann-La Roche AG and Novartis International AG capture a majority share due to their diverse product portfolio and strong global presence.