Oncology drugs market projected to reach $274.40 billion by 2030
The global oncology drugs market is expected to reach $274.40 billion by 2030, growing at a compound annual growth rate of 7.5% from 2021 to 2030, according to Allied Market Research. Increased cancer prevalence and awareness are key drivers.
Portland, OR – The global market for oncology drugs is projected to grow significantly, reaching an estimated $274.40 billion by 2030. Allied Market Research reported that the market was valued at $135.50 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2030. This growth is driven by several factors, including rising cancer prevalence, increasing awareness of treatment options, and a growing geriatric population.
Targeted therapy is expected to dominate the market due to advancements in understanding cancer cell mechanisms and the development of drugs with fewer side effects compared to traditional chemotherapy. Immunotherapy is also anticipated to see rapid growth due to its effectiveness and upcoming pipeline drugs. Breast cancer remains the largest indication segment, while lung cancer is projected to grow the fastest.
The market expansion is supported by increased research and development activities and improvements in healthcare infrastructure. However, adverse effects associated with cancer drugs pose a challenge to market growth. The COVID-19 pandemic caused temporary disruptions to clinical trials and drug supply chains, impacting the market significantly, although recovery is expected.
North America held the largest market share in 2020, benefiting from a large patient population and well-developed healthcare systems. However, the Asia-Pacific region is anticipated to exhibit the highest CAGR, driven by the increasing number of cancer patients and rising awareness.