Cancer Treatment Drugs Market: Current Analysis and Forecast (2022-2028)

Cancer Treatment Drugs Market: Current Analysis and Forecast (2022-2028)

Cancer is one of the leading causes of mortality and morbidity across the world. The International Agency for Research on Cancer (IARC), in its report GLOBOCAN, has stated that approximately 19.3 million new cancer cases and about 10 million deaths related to cancer were recorded in 2020, across the globe. The IARC has estimated that new cancer cases are expected to rise by 47% all over the globe from 2020 to 2040. The surge in the prevalence of cancer will drive the demand for the cancer treatment drugs market during the forecast period.

The Cancer Treatment Drugs Market is expected to grow at a strong CAGR of 9% during the forecast period owing to the rising pharmaceutical investment for the development of novel cancer drugs. For instance, in December 2022, Merck entered into a collaboration with Kelun Biotech to develop seven investigational preclinical antibody-drug conjugates (ADC) for the treatment of cancer. Further in November 2022, Apollo Therapeutics announced a strategic collaboration with The Institute of Cancer Research, London to discover and develop new cancer medicines. The collaboration combines the strengths and resources of both organizations to bring forward the development of novel therapies for cancer patients worldwide.

• Based on drug class, the market is segmented into cytotoxic drugs, targeted drugs, hormonal drugs, and others. The targeted drugs held the dominant share in the market in 2021 as these drugs are aimed directly at the cancer cells while having less impact on the normal cells. Moreover, the rising product approvals and the development of a robust pipeline of targeted cancer drugs are also driving segmental growth. For instance, in February 2023, U.S. FDA granted approval to Jempreli or adult patients with mismatch repair deficient (dMMR) recurrent or advanced endometrial cancer. Apart from this, Trodelvy was also approved for the management of patients with unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer.
• By therapy, the market is categorized into chemotherapy, immunotherapy, and targeted therapy. The immunotherapy category is expected to grow with a high CAGR during the forecast period due to a surge in the number of immunotherapeutic drugs for a wide range of cancers. For instance, during 2020-2022, the U.S. FDA has approved various anti-PD-1/L1 antibodies such as nivolumab, atezolizumab, avelumab, dostarlimab, and others for the treatment of lung cancer, renal cell carcinoma, melanoma, breast, prostate malignancies, and others. Moreover, rising strategic alliances by pharmaceutical giants will also boost market growth. For instance, in August 2022, BioNTech SE and Genmab A/S expanded their strategic collaboration for the development and launch of new immune therapies for the treatment of various cancer forms.
• On the basis of indication, the market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, and others. The lung cancer segment held the dominant share of the market in 2021 due to the growing number of patients with lung cancer. In addition, a robust pipeline of a neoantigen cancer vaccine for the treatment of lung cancer is also driving segmental growth. For instance, Tedopi developed by OSE Immunotherapeutics is the first neoantigen cancer vaccine to demonstrate clinically meaningful efficacy results associated with a better safety and quality of life profile in monotherapy in advanced or metastatic non-small cell lung cancer (NSCLC). The vaccine is currently present in late-stage clinical trial and is expected to gain approval in 2023.
• On the basis of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Online pharmacies are expected to register a high CAGR during the forecast period. The demand for the online pharmacy segment is projected to be influenced by factors such as the rise in internet usage, rising telemedicine adoption, rising technology adoption, and convenience and time efficiency. Also, the availability of well-known e-pharmacy players and the savings they provide are expected to support segment demand in the near future.
• For a better understanding of the market adoption of the Sanger Sequencing Service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North Aerica held a dominant share in the market in 2021 owing to increased adoption of cancer therapy and rise in the incidence of cancer in U.S. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the U..S in 2020, with nearly 612,390 deaths. Apart from this, the presence of major key players, rising investments by pharmaceutical companies, and favorable government regulatory policies are also propelling regional market growth. For instance, in March 2020, Johnson and Johnson received the US FDA Breakthrough Therapy Designation for JNJ-61186372 (JNJ-6372) for the treatment of patients with metastatic non-small cell lung cancer (NSCLC). Thus, given the aforementioned factors, the cancer therapy market is expected to grow significantly over the forecast period in North America.
• Some of the major players operating in the market include AbbVie Inc.; F. Hoffmann-La Roche Ltd; Amgen Inc.; Pfizer Inc.; Bristol-Myers Squibb Company; Bayer AG; AstraZeneca; Sanofi; Merck & Co., Inc; and Johnson & Johnson Private Limited.