Oncology Drugs Market
The oncology market is experiencing unprecedented growth, fueled by advancements in diagnostics
and therapeutic innovations. According to the National Cancer Institute, the United States witnessed
approximately 1,806,590 new cancer cases and 606,520 deaths in 2020. However, the landscape is
evolving, with five-year survival rates rising from 50% in 1970 to an impressive 70% today, attributed
to enhanced healthcare systems, public health initiatives, and groundbreaking pharmaceutical
therapies.
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Thriving Oncology Therapeutics Fuels Market Growth
Oncology therapeutics, constituting a significant portion of global branded pharmaceutical sales, are
on a trajectory to surpass US$ 300 billion by 2026. With a forecasted contribution of 21.7% to total
pharmaceutical sales, oncology remains a primary focus for the top 10 pharmaceutical companies
worldwide. Strategic partnerships and multibillion-dollar acquisitions, such as Pfizer's acquisition of
Array BioPharma and AbbVie's collaboration with Genmab, underscore the industry's commitment
to oncology research and development.
Diverse Indications Drive Demand for Oncology Drugs
While oncology encompasses over 20 different indications, a substantial portion of revenue stems
from five primary cancer types: breast cancer, multiple myeloma, non-small-cell lung carcinoma
(NSCLC), prostate cancer, and non-Hodgkin's lymphoma (NHL). These indications, characterized by
high incidence rates and unmet medical needs, collectively accounted for approximately 65% of the
market in 2020. Additionally, the rise of novel therapies targeting prevalent cancers, including brain,
head & neck, skin, thyroid, and pancreatic cancers, further fuels market growth.
Innovative Trends Shape Oncology Landscape
Disruptive technologies such as cell therapy, RNA therapy, viral vectors, and stem cell therapy are
reshaping the oncology drugs market. Recent approvals of CAR-T cell therapies, Kymriah and
Yescarta, signify significant advancements in leukemia and lymphoma treatments. Precision
medicine, with over 160 approved oncology biomarkers, is driving targeted therapies, resulting in
faster development cycles and accelerated launches.
Oncology R&D Leads Clinical Development Expenditure
Investment in oncology research and development continues to soar, with the highest number of
FDA approvals predicted in the current US pipeline. Oncology accounts for 37.4% of total clinical
development spending, reflecting the industry's commitment to therapeutic advancements. Despite
being one of the most expensive areas for therapeutic development, the oncology sector remains at
the forefront of innovation.
Challenges Amid COVID-19 Pandemic
The COVID-19 pandemic has posed challenges to the oncology sector, with disruptions in cancer
screenings and treatment regimens. Reduced availability of physicians and emergency
hospitalizations have led to a decline in oncology drug sales. Additionally, the pandemic has resulted
in a decrease in new clinical trials for cancer drugs, impacting research and development efforts.
Immuno-Oncology Steers Market Expansion
Immuno-oncology emerges as a key driver of market growth, with sales projected to reach
approximately US$ 95 billion by 2026. Continued innovations in immuno-oncology treatments,
coupled with extensive clinical development efforts, underscore the industry's focus on harnessing
the immune system to combat cancer. Investments in combination studies and the exploration of
novel mechanisms further bolster the immuno-oncology landscape.
Roche and Keytruda Lead Market Dynamics
In the highly concentrated oncology drugs market, F. Hoffmann-La Roche AG (Roche) maintains its
position as the global leader. However, biosimilar erosion and late entry into the PD-1/PDL-1 space
may lead to a decline in market share by 2026. Conversely, Keytruda (Merck & Co.) is poised to
become the world's top-selling oncology drug by 2026, surpassing competitors with its extensive
FDA approvals and therapeutic efficacy.