Targeted Therapy Drugs to be Flag Bearer for Cancer Treatment: Fact.MR Study
Published : 26 Aug 2021 Industry: Healthcare
Latest market intelligence published by Fact.MR established that the oncology small molecule drugs market is anticipated to surpass US$ 120 Bn by 2031, registering a strong incline of over 6% CAGR throughout the forecast period. Growth will be majorly influenced by extensive focus on targeted drug therapy to achieve more accurate results.
Historically, the market experienced substantial growth, expanding at around 3% CAGR. Revenues amounted to around US$ 63 Bn in 2018, surging to US$ 66 Bn in 2019 and beyond in 2020. Prospects somewhat contracted during COVID-19, as pharmaceutical companies relegated oncology drug development in favor of developing antiviral vaccines and drugs.
Manufacturers are likely to emphasize more on oral drug administration, given the slow and steady pace of cancer treatment in order to reduce patient trauma. Numerous start-ups are spawning across global and regional landscapes, engaged in extensive research & development activities to develop potential small molecule oncology drugs, a trend which will remain pronounced throughout the upcoming decade.
Key Takeaways from the Market Study:
- The global oncology small molecule drugs market is anticipated to add 1.8x value by 2031
- Oral oncology small molecule drugs generated over US$ 56 Bn in revenue as of 2019
- By drug class, targeted therapy drugs to reign supreme, capturing nearly 50% revenue
- Immunomodulating drugs to hold noteworthy share, surpassing US$ 13 Bn by 2031
- Non small-cell lung cancer (NSCLC) remains core indication area through 2031
- U.S to account for 50% of global demand, surpassing US$ 30 Bn in 2019
- China to contribute 55% of overall market revenue across the forecast period
“Incorporation of next-generation technology such as artificial intelligence (AI) to optimize time and reduce development cost of cancer drugs will significantly affect the oncology drugs market in forecasting period.” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In June 2021, Swiss drugmaker Novartis AG has received breakthrough therapy designation from the U.S. Food and Drug Administration for an experimental treatment for advanced castration-resistant prostate cancer-Novartis’ Lu-PSMA-617 - a tumour-targeting radiation therapy.
- In December 2019, Sanofi and Synthorx, Inc. (NASDAQ: THOR), a clinical-stage biotechnology company focused on prolonging and improving the lives of people suffering from cancer and autoimmune disorders, entered into a definitive agreement of approximately $2.5 Bn (on a fully diluted basis).
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the oncology small molecule drugs market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on the route of administration (oral and injectable), distribution channel (hospital pharmacies, retail pharmacies, specialty clinics and online pharmacies), drug class (chemotherapy drugs, targeted therapy drugs, immunomodulating drugs and hormonal therapy) and indication (non-small cell lung cancer, renal cell carcinoma, breast cancer, prostate cancer, multiple myeloma, melanoma, leukemia and others) across seven major regions (North America, Latin America, Europe, South Asia, Oceania and MEA).
About the Healthcare Division at Fact.MR
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare