Oncology Pharmaceutical Market Size, Share, Growth, Trends, and Global Industry Analysis: By Drug Class Type (Chemotherapy, Targeted therapy, Immunotherapy, and Hormonal), By Indication (Lung, Stomach, Colorectal, Breast, Prostate, Liver, Oesophagus, Cervical, Kidney, Bladder and Others), By Region Forecast 2019-2030

Oncology Pharmaceutical Market size was valued at US$ 186,298.1 million in 2023 and is projected to grow at 12.9% CAGR from 2024 – 2030. Malignant tumours and neoplasms, which are other names for cancer, are the outcome of interactions between an individual's genetic makeup and environmental circumstances that lead to abnormal cell changes into tumours over time. The incidence of new cancer cases has increased along with the ageing of the world population, which has led to an increase in the number of cancer-related deaths annually.

Globally, cancer was the cause of around 10 million deaths in 2022; by 2030, that number is predicted to rise to over 15 million. Lung cancer alone was classified as the sixth highest cause of mortality in 2021, making cancer one of the main causes of death worldwide. The global market is driven by the factors like rising incidence of cancer due to the aging population, lifestyle changes, and environmental exposures, which drive the demand for innovative therapies, and also the factors that impact and hamper the market are government policies, healthcare spending, and demographic trends. For instance, the need for cancer therapies is probably going to increase in nations with ageing populations.

Furthermore, adjustments to healthcare laws and regulations as well as changes in exchange rates can have a big effect on the market. But challenges like cost and availability of cutting-edge therapies still exist, so pharmaceutical companies must develop customised plans to successfully operate in these areas, a growing number of people are using strategic alliances and differential pricing to overcome these obstacles and improve market access.

For instance, in April 2024, Tisotumab vedotin- tftv received conventional approval from the food and drug administration for the treatment of recurrent or metastatic cervical cancer that progresses during or following chemotherapy. Cost containment measures and high competition from generic medicine producers are driving the trend in the  market and also, and an increasing trend is seen in the usage of Biosimilars, which are less costly compared to existing medications. However, the opportunities of the market are that companies have made significant R&D investments to introduce novel cancer medicines to the market. In addition, the use of combination therapies which involve the administration of several medications to treat cancers is becoming more popular.

Oncology Pharmaceutical Market Key Developments 

•    In July  2023, Bristol Squibb and Servier collaborated to develop a new class of immuno- oncology drugs. Its main aim was on development of Bisepecific antibodies which combine the targeted specificity of monoclonal antibodies with activation of T cells.
•    In march 2023, Merck and Vericel merged to develop cell-based immunotherapies for cancer, they developed CAR-T cell therapy.