Global Oncology Therapy Market - 2022-2029

Global Oncology Therapy Market - 2022-2029

Market Overview

Oncology Therapy Market size was valued US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 7.3% during the forecast period (2022-2029).

Cancer therapies are medications designed to limit cancer growth and proliferation by interfering with specific molecules involved in the growth and expansion of malignant cells, such as proteins or DNA. Cancers of the lung, colorectal, breast, kidney and other organs are common in the population. The stage of disease progression primarily determines cancer treatment. It typically comprises radiotherapy, chemotherapy, surgery, and other cancer therapies. Immunotherapy, targeted therapy, hormone therapy, and stem cell transplant are now being researched and tested in clinical studies.

Market Dynamics

The major driving forces are the rise in cancer incidences, which has led to increased demand for cancer drugs, increased demand for precision medicine, increased number of collaborations between the pharmaceutical companies, increased recent advances in technology, and increased research activities in cancer, increasing geriatric population globally. In addition, the rise in healthcare expenditure worldwide and the rise.

An increase in the number of recent advances in technology and the use of information is expected to drive market growth.

Advanced medical devices, big data, artificial intelligence, and mobile apps drive better patient engagement. Big data has made treatments easier as it provides patient navigation, patient-reported outcomes, identification of high-risk patients, patient satisfaction scoring, and appropriate treatment. AI uses DL algorithms and convolutional neural networks (CNN), which analyze pixel-level information from images in oncology. For instance, the increasing usage of mobile apps in many nations results from technological advancements that can enhance cancer diagnosis, treatment, adherence, and other elements of the patient experience. In addition, Genentech approved a new medicine called Chimeric Antigen Receptor T-cell (CAR-T) therapy to improve CAR-T therapy. The therapy is quite expensive for patients, but an innovative pay-for-performance contract was also revealed in conjunction with the launch of the first CAR-T therapy to make it more accessible.

Furthermore, the new radio-labeled drug sustainability has lowered cancer patients' risk and death rate. The medicine is composed of radioisotope LU attached to octreotide that binds the tumor cells, enables the radiation, and directly targets the cancer cells. Thus, the recent advancements in technology are expected to boost the market.

Restraint:

However, the onset of adverse effects associated with the use of cancer drugs and high costs related to cancer drug development is among a few major factors expected to hamper the growth of the oncology therapy market.

Industry Analysis

The oncology therapy market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.

Segment Analysis

Targeted therapy segment is expected to hold the largest market share in the oncology therapy market.

The targeted therapy segment accounted for the largest market share in 2021. The segment benefited due to its fewer side effects offered by the treatment than the conventional therapy and cost-effective nature, and its increased number of dynamics. Moreover, the targeted therapy includes hormone therapies, apoptosis inducers, gene expression modulators, angiogenesis inhibitors, PARP inhibitors, signal transduction inhibitors, and toxin delivery molecules. These drugs inhibit the growth and spread of cancer cells and limit harm to normal cells. In addition, there are increasing FDA approvals in the region. For instance, Trodelvy (sacituzumab govitecan-hziy) was approved by the US Food and Drug Administration in April 2020 for treating adult patients with triple-negative breast cancer. Trodelvy is a drug combination of a Trop-2-directed antibody and a topoisomerase inhibitor that targets the Trop-2 receptor, which aids cancer growth, division, and dissemination. Furthermore, Tabrecta (capmatinib) was authorized by the US FDA in May 2020 to treat adult patients with non-small cell lung cancer (NSCLC), making it the first FDA-approved targeted medication to treat NSCLC with particular mutations. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.

Geographical Analysis

North American region is expected to hold the largest market share in the global oncology therapy market.

North America accounted for the highest revenue share in 2021. The increasing prevalence of cancer, innovations in the cancer therapies, rising clinical trials for the therapies, increasing FDA approvals in the region and product launches by the market players are the factors to drive the market in the forecast period. For instance, For instance, according to the American Cancer Society, in 2020, an estimated 1.8 million new cancer cases and 606,520 cancer deaths in the United States will be diagnosed. In contrast, in 2021, an estimated 1.9 million new cancer cases will be diagnosed and 608,570 cancer deaths in the United States. Therefore, it has increased the adoption of oncology therapies. Moreover, the FDA approved Amgen's LUMAKRAS (sotorasib) in May 2021 to treat adult patients with KRAS G12C-mutated locally progressed or metastatic non-small cell lung cancer (NSCLC). Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.

Competitive Landscape

Major key players in the oncology therapy market are Pfizer, Inc., Novartis, Amgen Inc, AstraZeneca PLC, Bayer AG, Bristol-Myers Squibb Company, Johnson and Johnson Others.

Merck & Co Inc.:

Overview:

Merck & Co Inc (Merck) is a biopharmaceutical firm specializing in researching, developing, producing, and marketing prescription medications, biologic therapies, vaccines, and animal health products. It provides prescription medications for cardiovascular, cancer, immunological disorders, infectious, respiratory, and women's diseases, as well as diabetic therapy. The company sells animal health items such as vaccinations, poultry, cattle, and aquaculture products. Merck offers pharmaceuticals to drug wholesalers, retailers, hospitals, government agencies, managed health care providers, and animal health products to veterinarians, distributors, and livestock producers. The company's subsidiaries and affiliates operate in the Americas, Europe, the Middle East, Africa, Asia Pacific, and Latin America.

Product Portfolio:

KEYTRUDA (pembrolizumab): KEYTRUDA is a prescription medicine used to treat: a kind of skin cancer called melanoma. It may be used in adults and children 12 years of age and older with stage IIB, stage IIC, or stage III melanoma to help prevent melanoma from coming back after it and lymph nodes that contain cancer have been removed by surgery.

The global oncology therapy market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.