The top 10 cancer drugs market size was valued at $77.9 billion in 2022 and is estimated to reach $198.8 billion by 2032, exhibiting a CAGR of 10.0% from 2023 to 2032. The growth of the top 10 cancer drugs market is driven by increase in prevalence of various forms of cancer across the globe, surge in geriatric population, and rise in cancer awareness. According to the Breastcancer.org, breast cancer is the most diagnosed cancer among U.S. women. About 30% of all newly diagnosed cancers in women each year were breast cancer. An estimated 297,790 new cases of invasive breast cancer are expected to be diagnosed in U.S. women in 2023. In addition, according to the Centers for Disease Control and Prevention (CDC), in 2020, around 1,603,844 new cancer cases were reported in the U.S. This rise in cases of cancer has propelled the demand for cancer drugs, which drives the market growth.
Key Takeaways:
- The North America region dominated the market in terms of revenue in 2022. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Statement
The global economic recession had a moderate impact on the top 10 cancer drugs market. Development of new anticancer drugs was impacted by supply chain disruptions, lower funding for R&D, and decrease in investment in pharmaceutical businesses. However, stable demand for cancer drugs in the healthcare systems owing to rise in cases of cancer and rise in the number of pipeline drugs is expected to positively impact the market growth.
Cancer drugs, also known as anticancer or oncology drugs, are medications, specifically designed to diagnose, treat, or manage various forms of cancer. These drugs are often used in combination with other cancer treatments such as surgery, or immunotherapy to enhance their effectiveness. These drugs work by targeting and killing rapidly dividing cells, which includes cancer cells. Chemotherapy drugs used systemically (throughout the body) or topically (applied directly to the tumor).
Market Dynamics
Rise in R&D activities in the fields of oncology and molecular biology leads to a better understanding of cancer biology, which in turn enables the development of more targeted and effective cancer drugs, thus propelling the market growth. For instance, BeiGene is a biopharmaceutical company that focuses on developing molecularly targeted agents for cancer treatment. It has three molecularly targeted investigational medicines in clinical trials, including a BTK inhibitor for B cell malignancies. Rise in R&D activities and rise in the number of clinical trials fuel the top 10 cancer drugs market growth.
In addition, advances in technology, such as genomics, proteomics, and high-throughput screening, have accelerated the discovery and development of cancer drugs. These technologies help identify potential drug targets and design more effective treatments, thereby driving the growth of top 10 cancer drugs market.
Furthermore, pharmaceutical companies invest heavily in cancer drug R&D due to the high demand for effective cancer therapies that support the market growth. The potential for profits and the need for innovation drive these investments. Moreover, rise in adoption of the personalized medicine, which involves tailoring treatments to an individual patient's unique genetic and molecular profile, further boost the market growth. This approach has led to the development of targeted therapies that specifically address the genetic alterations driving a patient's cancer. These therapies tend to be more effective and have fewer side effects as compared to traditional chemotherapy.
However, side effects associated with cancer drugs may act as a restraint to the market growth. Cancer drugs may lead to side effects such as neutropenia, lymphedema, hair loss, nausea, and vomiting. It may also include rare side effects such as tiredness, trouble eating, and depression.
However, rise in number of pipeline drugs with different mechanisms of action, targets, and modes of administration provide lucrative opportunity to the market growth. New drugs in the pipeline often represent latest advancements in cancer research and therapeutic innovation. They may introduce novel approaches to targeting cancer cells or enhancing the body's immune response against cancer. These innovations can significantly impact the treatment landscape and boost market growth. For example, Novartis AG, F. Hoffmann Roche Ltd., and Bristol Myers Squibb Company are among the top developers of oncology drugs.
The ongoing global economic recession influences several industries, including biotechnology and pharmaceuticals, which impacts the development and demand for cancer drugs. The demand for cancer drugs has fluctuated as a result of funding cuts in the pharmaceutical, biotechnology, and chemical industries, and the discovery of new top 10 cancer drugs has been hampered by reduced research funding. In addition, pharmaceutical companies that develop and market cancer drugs may face challenges during a recession due to pricing pressures and lower patient access which further hamper top 10 cancer drugs market growth.
Despite these challenges, the top 10 cancer drugs market continues to experience moderate revenue growth due to the ongoing need for cancer drugs. The demand for top 10 cancer drugs has remained comparatively consistent throughout the recession as market participants are adjusting manufacturing capabilities and concentrating on the usage of current inventory.
Segmental Overview
The top 10 cancer drugs market is segmented on the basis of region. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Region
The top 10 cancer drugs market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominated the market share in terms of revenue in 2022. The growth in this region is mainly attributed to the highly advanced and well-established healthcare infrastructure. In addition, the presence of several major players, such as AbbVie Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson, Merck & Co., Inc., and Pfizer Inc. contributes to the market growth in the region.
Asia-Pacific is expected to grow at the highest rate during the forecast period. This is attributed to high prevalence rate of cancer, a large and diverse population, improving healthcare infrastructure, rise in government initiatives to spread the awareness regarding early diagnosis and treatment, and rise in geriatric population as they are more prone to the cancer disease. In addition, the rise in research and clinical trials, growing awareness, and surge in pharmaceutical and biotechnology investments for the development of novel drugs are the factors that drive the market growth in this region.
Asia-Pacific offers profitable opportunities for key players operating in the top 10 cancer drugs market, thereby registering the fastest growth rate during the forecast period, owing to the growing infrastructure of industries and rise in demand for personalized medicine. In addition, growing awareness about the benefits of timely medical intervention and the importance of early diagnosis and treatment have driven the demand for cancer therapeutics and propel the market growth.
By Region
North America segment held a dominant position in the market in 2022 and Asia-Pacific is anticipated to grow at a fastest rate during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major players in the top 10 cancer drugs market, such as Bristol Myers Squibb Company, Johnson & Johnson, Merck & Co., Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd, AstraZeneca, Eli Lily and Company, AbbVie Inc. Incyte Corporation, and Novartis AG. Major players have adopted clinical trials, agreement, collaboration, acquisition, and product approval as a key developmental strategy to improve the product portfolio and gain a strong foothold in the top 10 cancer drugs market.
Recent Product Approvals in the Top 10 Cancer Drugs Market
- In August 2023, Bristol Myers Squibb announced that the European Commission (EC) approved Opdivo (nivolumab) as a monotherapy for the adjuvant treatment of adults and adolescents 12 years of age and older with stage IIB or IIC melanoma who have undergone complete resection, based upon results from the CheckMate -76K trial.
- In August 2023, Pfizer Inc. announced the U.S. Food and Drug Administration (FDA) granted accelerated approval to ELREXFIO (elranatamab-bcmm) for the treatment of adult patients with relapsed or refractory multiple myeloma (RRMM) who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody.
- In February 2023, AstraZeneca, and Daiichi Sankyo Enhertu (trastuzumab deruxtecan) are approved in China as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2-positive breast cancer who have received one or more prior anti-HER2-based regimens.
- In October 2023, Merck announced that the U.S. Food and Drug Administration (FDA) approved KEYTRUDA, anti-PD-1 therapy, for the treatment of patients with resectable (tumors ≥4 centimeters [cm] or node positive) non-small cell lung cancer (NSCLC) in combination with platinum-containing chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.
Recent Clinical Trials in the Top 10 Cancer Drugs Market
- In October 2023, Bristol Myers Squibb announced three-year follow-up results from exploratory analyses of the Phase 3 CheckMate -816 trial, demonstrating sustained event-free survival (EFS) and promising overall survival (OS) trends with three cycles of Opdivo (nivolumab) in combination with platinum-based chemotherapy for the neoadjuvant treatment of patients with resectable non-small cell lung cancer (NSCLC), regardless of PD-L1 expression levels.
- In September 2023, AstraZeneca announced the positive high-level results from the TROPION-Breast01 phase III trial showed datopotamab deruxtecan (Dato-DXd) demonstrated a statistically significant and clinically meaningful improvement for the primary endpoint of progression-free survival (PFS) compared to investigator’s choice of chemotherapy in patients with inoperable or metastatic hormone receptor (HR)-positive, HER2-low or negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer previously treated with endocrine-based therapy and at least one systemic therapy.
- In August 2023, Eli Lilly and Company announced topline results from the LIBRETTO-431 study evaluating Retevmo versus platinum-based chemotherapy plus pemetrexed with or without pembrolizumab as an initial treatment for patients with rearranged during transfection (RET) fusion-positive advanced or metastatic non-small cell lung cancer (NSCLC).
Recent Agreements in the Top 10 Cancer Drugs Market
- In June 2022, Bristol Myers Squibb and Turning Point Therapeutics, Inc. announced a definitive merger agreement under which Bristol Myers Squibb will acquire Turning Point Therapeutics for $76.00 per share. The acquisition of Turning Point Therapeutics further broadens leading oncology franchise by adding a best-in-class, late-stage precision oncology asset.
- In June 2020, AbbVie and Genmab A/S announced that AbbVie and Genmab have signed a broad collaboration agreement to jointly develop and commercialize three of Genmab's early-stage investigational bispecific antibody product candidates and enter into a discovery research collaboration for future differentiated antibody therapeutics for cancer.
Key Benefits for Top 10 Cancer Drugs Market:
- The study provides an in-depth analysis of the Top 10 Cancer Drugs market and the current trends and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2023 to 2032 to enable stakeholders to capitalize on the prevailing market opportunities.
- The market size and estimations are based on a comprehensive analysis of key developments in the Top 10 cancer drugs industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the top 10 cancer drugs market.
- Extensive analysis of the market based on type assists us to understand the trends in the industry.
Top 10 Cancer Drugs Market: Global Opportunity Analysis and Industry Forecast, 2023-2032 Report Highlights
| Aspects | Details |
 By Region |
|
 Key Market Players | Merck & Co., Inc., Incyte Corporation, F. Hoffmann-La Roche Ltd, Bristol Myers Squibb Company, Novartis AG, AstraZeneca, Eli Lily and Company, Johnson & Johnson, AbbVie Inc., Pfizer Inc. |
Analyst Review
This section provides various opinions of top 10 cancer drugs market. The top 10 cancer drugs market is expected to witness a significant growth in the future, owing to rise in prevalence of cancer and increase in the number of elderly individuals affected with cancer, which led to rise in demand for cancer drugs. In addition, increase in collaboration between pharmaceutical companies in the development of novel cancer drugs, along with a growing awareness of the importance of early cancer detection among the general population, is fostering significant advancements in cancer research and treatment.
In addition, the increase in adoption of targeted drug therapy for cancer owing to enhanced efficacy, improved survival rates, and reduced toxicity as compared to conventional chemotherapy is expected to boost the growth of market. Furthermore, rise in demand for personalized medicine approaches, based on individual patient characteristics and tumor profiling has gained prominence in cancer treatment, which further drives the market growth.
Moreover, North America accounted for the largest share in 2022 and is expected to remain dominant during the forecast period owing to rise in cases of cancer, strong presence of key players offering novel drugs, and favorable reimbursement policies in healthcare system. However, Asia-Pacific is anticipated to witness notable growth owing to increase in investments for development of anti-cancer agents, surge in number of various types of cancer cases, and rise in awareness related to available treatment options.
The total market value of top 10 cancer drugs market is $77.9 billion in 2022.
The market value of top 10 cancer drugs market in 2032 is $198.8 billion.
The forecast period for top 10 cancer drugs market is 2023 to 2032.
The base year is 2022 in top 10 cancer drugs market.
Merck & Co., Inc., Bristol-Myers Squibb Company, Johnson and Johnson, F. Hoffmann-La Roche Ltd., and AstraZeneca held a high market position in 2022.
Increase in cancer incidence worldwide, advancements in targeted therapies and immunotherapies, rise in adoption of personalized medicine approaches, expanded regulatory approvals, and a growing aging population are the major factors that drive the market growth.
Cancer drugs, also known as anti-cancer drugs or oncology drugs, are medications specifically designed to target and treat various types of cancer. They work by interfering with the growth, division, or spread of cancer cells in the body.
Cancer drugs are used to treat a wide range of cancers, including breast cancer, lung cancer, leukemia, lymphoma, prostate cancer, melanoma, and others.
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