The generic oncology drugs market is set to growth at a compounded annual growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2032. According to the statistics provided by World Health Organization (WHO) in 2023, 9.6 million people worldwide have been estimated to be dead due to cancer. It is considered as the second leading cause of death, researchers are of the opinion that approximately 30% cancer deaths can be prevented by avoiding risk factors such as alcohol consumption, tobacco smoking, early diagnosis etc.
The oncology biosimilars market stood at US$ 3520.9 Mn in 2021 and projected to exhibit a double-digit compound annual growth rate (CAGR) of 28.3% during the forecast period from 2024 to 2032. According to U.S. Food and Drug Administration, biosimilars are biological medicines that contain a highly similar version of the active substance of an already approved biologic, commonly referred to as the reference product.
Acute myeloid leukemia (AML) is type of blood and bone marrow cancer characterized by abnormal production of myeloid blasts in the bone marrow and peripheral blood. Rising incidence of AML, higher number of unmet needs, expected launch of ideal molecules and technological advances are prime factors that driving the growth of AML therapeutics market globally.
The oncology drugs market is a critical segment of the pharmaceutical industry, providing innovative solutions for the treatment of cancer. The market is driven by the increasing prevalence of cancer worldwide, advancements in technology, and the emergence of personalized medicine. The oncology drugs market is a highly competitive and dynamic market, with many companies focusing on the development of novel therapies to treat cancer. One of the primary drivers of the oncology drugs market is the increasing prevalence of cancer worldwide. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally, accounting for approximately 9.6 million deaths in 2018. The rising incidence of cancer has led to an increased demand for innovative oncology drugs, driving the growth of the market.
The global oncology drugs market is expected to grow at a CAGR of 13% during the period of 2023 to 2031. The increasing demand for new therapies, coupled with advancements in technology and an increasing focus on personalized medicine, is expected to drive the growth of the market in the coming years. One of the emerging trends in the oncology drugs market is the increasing use of immunotherapy. Immunotherapy involves the use of drugs that stimulate the body's immune system to attack cancer cells. Immunotherapy has shown promising results in the treatment of several types of cancer, including melanoma, lung cancer, and bladder cancer. The development of immunotherapies requires the use of advanced drug discovery technologies and clinical trial design, which has contributed to the growth of the oncology drugs market. Another trend in the oncology drugs market is the increasing focus on precision medicine. Precision medicine involves tailoring medical treatments to individual patients based on their unique genetic and molecular profiles. The development of precision medicine requires the use of advanced diagnostic tools and drug discovery technologies, which have contributed to the growth of the oncology drugs market.
The increasing focus on targeted therapies is also driving the growth of the oncology drugs market. Targeted therapies are drugs that are designed to target specific molecules that are involved in the growth and spread of cancer cells. Targeted therapies can be more effective than traditional chemotherapy, as they have fewer side effects and are more specific in their action. The development of targeted therapies requires the use of advanced drug discovery technologies, which has contributed to the growth of the oncology drugs market.
The increasing use of combination therapies is driving the growth of the oncology drugs market. Combination therapies involve the use of two or more drugs to treat cancer. Combination therapies can improve patient outcomes by targeting multiple pathways involved in the disease process. The development of combination therapies requires the use of advanced drug discovery technologies and clinical trial design, which has contributed to the growth of the oncology drugs market. The oncology drugs market is a critical segment of the pharmaceutical industry, providing innovative solutions for the treatment of cancer. The increasing prevalence of cancer worldwide, advancements in technology, and emerging trends in immunotherapy, precision medicine, targeted therapies, and combination therapies are expected to drive the growth of the oncology drugs market. As the demand for new and effective therapies continues to increase, the oncology drugs market is expected to remain a critical component of the pharmaceutical industry in the coming years. Companies that provide oncology drugs and related services are well-positioned to capitalize on this growing market.
