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Oncology Therapeutics Market - Forecast(2024 - 2030)
Oncology Therapeutics Market Overview
The Oncology Therapeutics Market size is
estimated to reach $360 million by 2026, growing at a CAGR of 10.4% during the
forecast period 2021-2026. Oncology Therapeutics is an integrated discipline of
medical oncology, that can be defined as the non-surgical, non-radiotherapeutic
administration of patients with sturdy cancers and clinical pharmacology, on
the basis of typical cytotoxic chemotherapy and the novel signal transduction
inhibitors. The global predominance of cancer instances among communities and
heightening demand for personalized medicine is fuelling the demand for the Oncology
Therapeutics Market. Cancer treatment is
the application of surgery, radiation, medicines, and other therapies to heal cancer, decrease cancer or halt the advancement of cancer. While oncology
therapeutics may be largely non-surgical, cancer treatment involves surgery.
Targeted therapy is a novel kind of cancer healing that utilizes medications or
added substances to more accurately recognize and invade cancer cells.
Immunotherapy is a kind of therapy that utilizes substances to excite or
restrain the immune system to assist the body combat cancer, infection, and additional
ailments. Immunotherapy and Oncology Therapeutics have a good partnership in
healing cancer. Cancer is handled by surgery, radiation therapy, and integral medication
therapies. Stem cell transplants do not normally
function against cancer directly. Instead, they assist in restoring the
capability to generate stem cells consequent to treatment with soaring high
doses of radiation therapy, chemotherapy, or both. The large application of
Oncology Therapeutics for anesthesia at the time of surgery, the forward
progression in Artificial Intelligence, boost in mobile-based platforms, and an upsurge
in the utilization of wearable devices is set to propel the growth of the Oncology
Therapeutics Market during the forecast period 2021-2026. This represents the Oncology
Therapeutics Industry Outlook.
Report Coverage
The report: “Oncology Therapeutics Market Forecast (2021-2026)”, by
Industry ARC, covers an in-depth analysis of the following segments of the Oncology Therapeutics Market.
By Therapy Type: Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy, Others.
By Cancer Type: Blood Cancer, Breast Cancer, Prostate Cancer,
Gastrointestinal Cancer, Gynecologic Cancer, Respiratory/Lung Cancer, Others.
By Geography: North America (U.S, Canada, and Mexico), Europe (UK, Germany,
France, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, India,
Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific),
South America (Brazil, Argentina, Rest of South America) and Rest Of The World
(Middle East, Africa).
Key Takeaways
- Geographically, the North America Oncology Therapeutics Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the increasing count of cases of cancer requiring different treatments like immunotherapy and targeted therapy and the boost in the acceptance of cancer therapy in the North American region.
- Oncology Therapeutics Market growth is being driven by the rising patient assistance programs (PAPs), augmented government initiatives for cancer awareness, the growing predominance of cancer globally requiring treatments like radiation therapy, and powerful R&D initiatives by key players. However, the state of ongoing launches for a particular product and competitive launches and the complicated oncology audience comprising different and sophisticated collaborators overburdened with information hard to “breakthrough” is one of the major factors hampering the growth of the Oncology Therapeutics Market.
- Detailed Analysis on the Strength, Weaknesses, and
Opportunities of the prominent players operating in the market will be provided
in the Oncology Therapeutics Market report.
Oncology Therapeutics Market Share, By Therapy Type, 2020(%)
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Oncology Therapeutics Market Segment Analysis – By Therapy Type:
The Oncology Therapeutics Market based on therapy type can be further segmented into Chemotherapy, Targeted Therapy, Immunotherapy, Hormonal Therapy, and Others. The Targeted Therapy Segment held the largest market share in 2020. This growth is owing to the increasing certifications of the Food And Drug Administration (FDA) of medications that can be used as part of targeted therapy. Tabrecta (capmatinib) is a kinase inhibitor recommended for the healing of mature grown-up patients with metastatic non-small cell lung cancer (NSCLC) whose cancers possess a mutation that results in mesenchymal-epithelial transition (MET) exon 14 skipping as disclosed by an FDA-certified test. capmatinib is a targeted therapy. Furthermore, the Immunotherapy segment is estimated to grow with the fastest CAGR of 12.6% during the forecast period 2021-2026 owing to the lesser side-effects when compared to other treatment techniques as it only aims at the immune system and not the remaining portion of the body together with the greater success rate of whether cancer will occur again or not.
Oncology Therapeutics Market Segment Analysis – By Cancer
Type:
The Oncology Therapeutics Market based on Cancer Type can be further segmented into Blood Cancer, Breast Cancer, Prostate Cancer, Gastrointestinal Cancer, Gynecologic Cancer, Respiratory/Lung Cancer, and Others. The Lung Cancer Segment held the largest market share in 2020. This growth is owing to the increased use of tobacco and cigarette smoking worldwide. As per the Centers For Disease Control And Prevention (CDC), lung cancer is the third most typical cancer in the U.S. Lung cancer can occur in individuals who do not smoke by exposure to radon, second-hand smoke, air pollution, or other factors. Workplace exposures to asbestos, diesel exhaust, or some additional chemicals may also result in lung cancers in certain non-smokers. Gene alterations can also lead to lung cancer. Stereostatic body radiation therapy is frequently utilized to treat early-stage lung cancers when surgery cannot be used. Furthermore, the Blood Cancer segment is estimated to grow with the fastest CAGR of 13.1% during the forecast period 2021-2026 owing to the increased mutations in DNA of blood cells brought about by some factors, not in control.
Oncology Therapeutics Market Segment Analysis – By Geography:
The Oncology Therapeutics Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Oncology Therapeutics Market) held the largest share with 31% of the overall market in 2020. The growth of this region is owing to the increasing predominance of cases of cancer requiring radiation therapy and other treatment options and the soaring concentration of key players like Pfizer in the region. The rising FDA approvals together with key alliances, and immense investment in R&D activities are expected to boost the market in the North American region Furthermore, the Europe region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like an effortless regulatory endorsement for new cancer therapies in Europe, a boost in healthcare expenditure for cancer, increasing predominance of cancer, and powerful R&D initiatives from key players like AstraZeneca which is fuelling the progress of the Oncology Therapeutics Market in the European region.
Oncology Therapeutics Market Drivers
Global Prevalence Of Cancer Is Projected To Drive The Growth Of Oncology Therapeutics Market:
As per World Health Organization (WHO), nearly 70% of demises from cancer, happen in low- and middle-income countries, and cancer-causing ailments like hepatitis and human papillomavirus (HPV), account for nearly 30% of cancer cases in low- and lower-middle-income countries. Furthermore, WHO figures indicate that the total yearly cost of cancer in 2010 was approximated at the U.S. $1.16 trillion. The increasing count of cancer cases is resulting in the greater application of treatment techniques like targeted therapy, immunotherapy, and radiation therapy which is fuelling the growth of the Oncology Therapeutics Market during the forecast period 2021-2026.
Technological Innovations Are Expected To Boost The Demand Of Oncology Therapeutics:
Apart from treatment options like radiation
therapy and immunotherapy, technological innovations are driving the growth of
the Oncology Therapeutics market. Nanotechnology provides hopeful instruments
in interdisciplinary research areas like cancer therapeutics. Organic and
inorganic nanomaterials deliver progressive up-gradation in the cancer elimination
process. Oncology is attaining novel heights under a nanotechnological platform
by accelerating chemotherapy, radiotherapy, photo thermodynamic therapy, bioimaging, and gene therapy. Different nanovectors have been established for
targeted therapy which serves as “Nano-bullets” for cancer cells with discrimination.
Moffitt’s curbside clinic allows patients the capability to commute up to the
clinic and accept some treatments without moving foot out of their vehicles.
This offers patients peace of mind and restricts exposure for those who are
immunocompromised. Therefore, with the support of progressive technology and a multidisciplinary team, treatments can be
administered to patients in the comfort of their cars. These technological
advancements are driving the growth of the Oncology Therapeutics Market during
the forecast period 2021-2026.
Oncology Therapeutics Market Challenges
Commercial Challenges Are Hampering The Growth Of The Oncology Therapeutics Market:
In an enormous number of oncology ailment settings, necessarily targeted therapeutics have evolved or are evolving into very powerful establishments, with transformational clinical data and powerful loyalty from oncologists. Examples of this are Herceptin in 1L HER2+ metastatic breast cancer and Keytruda in 1L non-squamous NSCLC. In these circumstances, there is a soaring high bar for novel market entrants. Manifold firms are therefore looking to plan clinical studies in combination with the established incumbent instead of looking to displace them. This provides a favorable chance to tackle the potential of these backbone agents and increase clinical efficiency. For smaller firms specifically, it is frequently impractical to force out these incumbent agents, considering the challenges. These kinds of commercial challenges are hampering the growth of the Oncology Therapeutics Market.
Oncology Therapeutics Market Landscape:
Strategic partnerships, collaborations,
innovative product launches, and heightening investment in R&D are key
strategies adopted by players in the Oncology Therapeutics Market. Key
companies of this market include:
- Amgen Inc.
- AstraZeneca plc
- Bayer AG
- Bristol-Myers Squibb Company
- Pfizer Inc
- Novartis AG
- Johnson and Johnson
- Merck and Co. Inc.
- Genentech (F. Hoffmann-La Roche Ltd)
- Eli Lilly And Company
Acquisitions/Product Launches:
- In April 2021, Pfizer Inc. declared that it has
acquired Amplyx Pharmaceuticals, Inc., a privately-held company committed to
the advancement of therapeutics for incapacitating and critical ailments that influence
people with weakened immune systems. Amplyx’s lead compound, Fosmanogepix
(APX001), is a new observational resource under development for the treatment
of intrusive fungal ailments.
- In March 2021, The FDA endorsed a Bristol Myers Squibb (BMS) cell therapy prepared by engineering the immune cells of a patient to aim at a cancer protein called BCMA. The regulatory decision for Abecma in multiple myeloma provides BMS its second certified CAR-T therapy.
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