Anti-Cancer Drug Market

Anti-Cancer Drug Market Outlook 2031

The global anti-cancer drug market size was USD 172.80 Billion in 2022 and is estimated to reach USD 312.38 Billion by 2031, expanding at a significant CAGR of 6.8% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing incidence of cancer across the globe.

The further growth of the market is attributed to the approval of new drugs by the regional regulatory bodies coupled with the support provided by the non-profit organizations and the regional government. Drugs that block the growth of cancer and prevent them from further expansion are known as anti-cancer drugs. These drugs are effective in the treatment of cancerous diseases.

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Across the globe, the most common type of cancer among men is lung cancer and breast cancer among women. As per the fact sheet by Globocan 2020, approximately 19,292,789 new cancer cases were diagnosed along with 9,958,133 deaths caused by cancer, worldwide. Another report by the International Agency for Research on Cancer (IARC) states that globally the total sum of cancer cases is expected to reach 27.5 million along with 16.3 million deaths caused due to cancer.

The COVID-19 pandemic has significantly affected several industries across the globe and it has a negative impact on anti-cancer drug market. Reports suggest that there is a decrease in the rate of diagnosis of most common types of cancer that include gastric cancer, colorectal cancer, pancreatic cancer, lung cancer, breast cancer, and esophageal cancer.

Cancer screenings and surgeries related to cancer were also postponed in order to prevent the spreading risk of COVID-19 and to secure the infrastructure of the hospitals. However, the situation is improving at a gradual pace.

Anti-Cancer Drug Market Trends, Drivers, Restraints, and Opportunities

• Increasing awareness among the consumers regarding the availability of new drugs for cancer treatment through media channels is anticipated to fuel the market growth during the forecast period.
• Rising number of patient assistance programs coupled with the growing demand for medicines personalized for individual are expected to propel the market growth.
• High cost of cancer therapies and issues concerning side effects due to usage of these drugs are key challenges that can restrain the market growth during the forecast period.
• Lack of well-established reimbursement policies & occurrence of fluctuation in them along with stringent regulations imposed by governments are estimated to hinder the market expansion.
• Increasing initiatives by several public healthcare-based organizations to increase awareness towards cancer and strong research & development initiatives taken by various pharmaceutical companies for the production of new drugs are projected to create lucrative opportunities for market growth.

Scope of Anti-Cancer Drug Market Report

The report on the global anti-cancer drug market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

Anti-Cancer Drug Market Segment Insights

Treatment Type Segment Analysis

On the basis of treatment types, the global anti-cancer drug market is divided into hormone therapy, surgery, immunotherapy, radiation therapy, chemotherapy, and stem cell transplant. The hormone therapy segment is expected to grow at a lucrative rate during the forecast period owing to increasing approvals of products and rising research activities related to hormone therapy.

Hormone therapy is a type of targeted therapy that is used for the treatment of cancer in which the specific gene or proteins present in the cancer cells are targeted by using drugs. Several drugs and therapies were approved recently for the treatment of cancer.

For instance, Trastuzumab also known as Herceptin was approved for the treatment of stomach and breast cancer. Trodelvy was approved for the treatment of adult patients suffering from triple-negative breast cancer. Tabrecta, also known as capmatinib, was approved for the treatment of non-small cell lung cancer.

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Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a large share of the market in 2020 and is projected to exhibit a high CAGR during the forecast period due to the availability of developed healthcare industry, advancements in the development of new drug, and growing government initiatives to increase the level of awareness among consumers in the region.

North America was followed by Europe that held a key share of the market. However, the market of Asia Pacific is anticipated to have a considerable market share during the forecast period owing to improvements made in the healthcare infrastructure in the region.

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Segments

The global anti-cancer drug market has been segmented on the basis of

Treatment Types

• Hormone Therapy
• Surgery
• Immunotherapy
• Radiation Therapy
• Chemotherapy
• Stem Cell Transplant

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Teva Pharmaceuticals
• Bristol-Myers Squibb
• GlaxoSmithKline
• Bayer
• Novartis
• Pfizer
• Sanofi
• Amgen
• Ariad Pharmaceuticals
• Celgene Corp.
• Eli Lilly
• AstraZeneca
• Hoffmann-La Roche Ltd.
• Boehringer Ingelheim GmbH
• Sun pharmaceutical
• Merck

Competitive Landscape

Key players competing in the global anti-cancer drug market are Teva Pharmaceuticals; Bristol-Myers Squibb; GlaxoSmithKline; Bayer; Novartis; Pfizer; Sanofi; Amgen; Ariad Pharmaceuticals; Celgene Corp.; Eli Lilly; AstraZeneca; Hoffmann-La Roche Ltd.; Boehringer Ingelheim GmbH; Sun pharmaceutical; and Merck.

Many of these players have adopted business strategies such as launch of new products, advancement of technologies, partnerships, mergers, and production capacity expansion in order to increase their consumer base and expand market position globally.

For instance, Allergan and Pfizer merged together on November 23, 2015, which was considered to be the largest pharmaceutical deal ever locked. Another example is that Ranbaxy was acquired by Sun pharmaceutical on April 07, 2014, by which the latter company became the fifth largest pharmaceutical company across the world.