Oncology Therapeutics Market Is Prospering Owing To The Emerging Cancer Cases Across The Globe
Global Oncology Therapeutics Market is expected to exceed the market valuation of more than US$ 230.9 million by 2027 expanding at a reasonable CAGR of 7.9% during the forecast period (2021-2027). Oncology Therapeutics are mainly used for the treatment of cancer through surgery, chemotherapy, radiotherapy, or targeted therapy. Though there are many kinds of cancer, only a few occur in many cases. More than a million cancer cases are diagnosed every year and as per the American Cancer Society (2021), 1 in 3 people will be diagnosed with cancer in their lifetime.
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The demand for Oncology Therapeutics is increasing on account of increase in cancer prevalence and research, increase in geriatric population, rise in R&D initiatives and private as well as public funding, and rise in patient assistance programs. Moreover, the upsurge in the collaborations between several pharmaceutical companies also propels the market growth. For instance, Merck Sharp & Dohme (MSD) have announced their research collaboration with Taiho Pharmaceutical and Astex Pharmaceuticals for the development of small-molecule inhibitors against several drug targets.
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During the COVID-19 pandemic, every healthcare industry has been affected globally and a significant effect can be seen on the oncology therapeutics market. According to an article published in the Cancer Connect 2020, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there would be a 46% decrease in the diagnoses of the six most common types of cancer such as breast, colorectal, lung, pancreatic, gastric, and esophageal cancers. Also, Cancer screening and health prevention services have been postponed due to the pandemic.
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Based on Therapy Type, the market is fragmented into Chemotherapy, Targeted Therapy, Immunotherapy, and Hormonal Therapy. The main aim of Targeted Therapy is to concentrate the drug at the targeted site through passive or active targeting so that only a small amount of drug molecules can damage the normal tissue. For instance, small interfering (siRNA) based targeted drug delivery system is widely used for the treatment of non-small cell lung cancer (NSCLC), and as per the American Society of Clinical Oncology, NSCLC is the most common type of lung cancer which accounts for the 84% of all the lung cancer diagnosis.
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Based on Cancer Type, the market is fragmented into Blood Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Breast Cancer, Cervical Cancer, and Others. Lung cancer is expected to record the highest growth in the upcoming years owing to its high prevalence in both the developed as well as developing countries.
Based on End-user, the market is fragmented into Hospitals, Specialty Clinics, Cancer and Radiation Therapy centers. Cancer and Radiation Therapy centers are expected to dominate the market in the upcoming period owing to the large number of cancer treatments taking place in these centers. For instance, the Hospital of the University of PA – Abramson Cancer Center, United States is the best cancer center due to its focus on innovation, translational medicine, and cutting-edge technology. It consists of a Cancer risk evaluation program, Bone marrow and stem cell transplant program, GI Cancer Program, HIV oncology program Genitourinary cancer program, Proton Therapy, Melanoma, and Pigmented Lesion Program, and Telegenics Program.
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For a better understanding of the market adoption of the Oncology Therapeutics, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Oncology Therapeutics market on account of the increasing prevalence of cancer cases, initiatives taken by R&D, and the presence of a large number of market players in the U.S. region. As per Breast Cancer.org, in 2021, approximately 281,550 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S., along with 49,290 new cases of non-invasive (in situ) breast cancer.
Global Oncology Therapeutics Market Segmentation
Market Insight, by Therapy Type
- Targeted Therapy
- Hormonal Therapy
Market Insight, by Cancer Type
- Blood Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Breast Cancer
- Cervical Cancer
Market Insight, by Route of Administration
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Amgen Inc.
- Bayer AG
- Johnson & Johnson Services, Inc
- Merck & Co., Inc.
- Novartis AG
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Bristol-Myers Squibb Company
- Eli Lilly and Company