Oncology Drug Discovery & Development Market Size is predicted to witness a 18.2% CAGR during the forecast period for 2023-2031.
Oncology drug discovery and development involve identifying and validating targets in cancer cells, discovering potential drug candidates, optimizing their properties, and conducting preclinical and clinical testing. The global increase in cancer prevalence is leading to a substantial demand for new and enhanced cancer treatments. Ongoing cancer biology, genomics, and immunology research has deepened our understanding of the disease, enabling the development of more precise and individualized therapies.
Additionally, the healthcare sector in developing nations is expanding due to a growing need for high-quality medical services, significant investments in healthcare infrastructure by governments worldwide, and the emergence of medical tourism in these regions. In light of these circumstances, it is expected that the cancer drug market will offer substantial growth prospects. Numerous drugs in the pipeline, including promising medications currently in advanced stages of development, are poised to create attractive opportunities for market expansion. Regulatory bodies have established accelerated pathways for oncology drug approvals, facilitating faster entry of promising therapies into the market.
Furthermore, the development and approval of biosimilars and generic versions of established oncology drugs introduce competition and cost-saving opportunities in the market. Moreover, the healthcare sector in developing nations is expanding due to growing demand for top-notch medical services, substantial investments in healthcare infrastructure by governments worldwide, and the rise of medical tourism in these countries. Given these circumstances, it is anticipated that the cancer drug market will have significant growth opportunities.
Some Major Key Players In The Oncology Drug Discovery & Development Market:
- Merck & Co., Inc
- Bristol-Myers Squibb
- Eli Lilly and Company
- Gilead Sciences
- Regeneron Pharmaceuticals
- Takeda Pharmaceutical Company
- Bayer AG
- GlaxoSmithKline plc.
- Genentech, Inc.
- AbbVie Inc.
The oncology drug discovery & development market is segmented on the basis of drug therapy, cancer type and stage. Based on drug therapy, the market is segmented as chemotherapy, targeted therapy, immunotherapy, hormone therapy, and others. By cancer type, the oncology drug discovery & development market is categorized into lung cancer, breast cancer, colorectal cancer, prostate cancer, leukaemia cancer, lymphoma cancer, ovarian cancer, and others. By stage, the market is segmented into the discovery phase, preclinical phase, and clinical trials & others.
Based On Product, The Targeted Therapy Segment Is Accounted As A Major Contributor In The Oncology Drug Discovery & Development Market.
The targeted therapy category is expected to hold a major share of the global oncology drug discovery & development market in 2022. The predominance of targeted therapy can be primarily ascribed to its precision, decreased occurrence of side effects, and heightened effectiveness compared to conventional chemotherapy. Targeted therapies are meticulously designed to focus exclusively on the molecular and genetic anomalies within cancer cells, sparing healthy tissues and thereby minimizing side effects. This approach enhances patient tolerance and overall quality of life. By directly tackling the root causes of cancer while reducing the chances of organ damage and cancer reoccurrence, targeted therapy has evolved into a more patient-centred, efficient, and safer methodology.
The Breast Cancer Segment Witnessed Growth At A Rapid Rate.
The breast cancer segment is projected to grow rapidly in the global oncology drug discovery & development market. The expansion is linked to the rising incidence of reported breast cancer cases. Furthermore, the expanding population plays a role in the exploration and development of breast cancer medications. The rising occurence of breast cancer is a critical driver in oncology drug discovery and development, spurring research, innovation, and investment in the development of new therapies for breast cancer patients. It underscores the importance of addressing the specific needs of breast cancer patients within the broader oncology market.
In The Region, The North American Oncology Drug Discovery & Development Market Holds A Significant Revenue Share.
The North American oncology drug discovery & development market is anticipated to register a tremendous market share. One of the factors contributing to the increasing incidence of these diseases in Asia is the widespread use of tobacco, a known carcinogen linked to oral and laryngeal cancers and other health conditions. Regions such as Asia-Pacific, Latin America, and the Caribbean are poised for substantial growth in the near future. This growth is driven by improvements in healthcare infrastructure, increased affordability, and greater awareness regarding the significance of early cancer detection, particularly for oral cancer. In addition, the Asia Pacific region market is projected to develop faster than the global market. Moreover, the healthcare sector in developing nations is expanding due to growing demand for top-notch medical services, substantial investments in healthcare infrastructure by governments worldwide, and the rise of medical tourism in these countries. Given these circumstances, it is anticipated that the cancer drug market will have significant growth opportunities.
- In Sept 2023, Merck KGaA (Merck) and the Institute of Cancer Research (ICR) of the United Kingdom (ICR) recommitted to their strategic partnership to explore and create novel therapeutic interventions for cancer. Collaboration will be established between Merck and researchers from the institute's Centre for Cancer Drug Discovery in order to create small-molecule inhibitors of a novel class of cancer targets. Both parties will contribute personnel and financial resources to the multi-year, multi-goal partnership.
- In Nov 2022, Roche and Jnana Therapeutics established a second collaboration and license agreement. This agreement pertains to the identification of small molecule medications to treat cancer, immune-mediated, and neurological illnesses. The collaboration encompassed many targets from a wide array of target classes to tackle diseases that significantly lack effective treatments.
Oncology Drug Discovery & Development Market Report Scope
Growth Rate CAGR
CAGR of 18.2% from 2023 to 2031
Representation of revenue in US$ Million and CAGR from 2023 to 2031
2019 to 2022
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
By Application, Technology, Installation Type, Vessel Type
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Novartis, AstraZeneca, Merck & Co., Inc, Bristol-Myers Squibb, Pfizer, Eli Lilly and Company, Gilead Sciences, Regeneron Pharmaceuticals, Takeda Pharmaceutical Company, Sanofi, Bayer AG, GlaxoSmithKline plc., Genentech, Inc., AbbVie Inc and among others.
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