Anticancer Drugs Market Report

Cancer has become the world's second leading cause of death, after cardiovascular disease. This condition is caused by environmental factors such as cigarette use, changing dietary patterns, growing urbanisation and an extended post-reproductive lifespan. According to Our World in Statistics, almost one-quarter such as 23% of individuals worldwide smoke tobacco. As per the World Health Organisation, cancer is an increasing burden, with the number of new cancer cases expected to climb from 18.1 million in 2018 to 29.4 million by 2040. The most prevalent cancers is lung cancer accounting for 1.69 million fatalities, breast causing 571,000 deaths and colorectal cancer led to 774,000 deaths. As a result, increased cancer prevalence is expected to push up demand for global anticancer drugs throughout the forecast period. On the global market for anticancer drugs, the vendor landscape is very competitive. Due to the presence of some of the world's biggest pharmaceutical firms, the market is fragmented. Leading companies compete in the market with innovative products and strong pipelines that promise great efficacy and efficiency. The number of small players is rapidly expanding as a result of their concentration on cutting-edge treatment techniques. As a result of the aforementioned factors, the anticancer drugs market will expand significantly throughout the forecast period.

High expenses associated with research and development capabilities, as well as the high costs required in new drugs development are major restraining factors for growth of anticancer drug market. Regulatory agencies such as the FDA and EMA have rigorous requirements for drug approval, which can delay the approval and launch of new drug products. Navigating the complex regulatory environment for new drug approvals can be challenging and time-consuming. Additionally, the risk of failure and adverse effects, will emerge as major market restrictions. Chemotherapy medications kill cancer cells while also causing damage to normal bodily cells. As a result, the patients experience several kinds of negative effects. Bone marrow suppression, gastrointestinal problems, neuropathies, hair loss, fatigue and skin diseases are among the most prevalent adverse effects.

The lack of knowledge and necessary infrastructure in developing and backward nations, as well as tight government regulations towards biosimilar approval, may further stymie market expansion. The anticancer drug market is highly competing with both established players and new entrants that carry out clinical trials and launch new products lead to intense competition and pricing pressure.

The targeted drugs therapy segment dominates the global anticancer drugs market. Chemotherapy or targeted treatment targets the disease while minimising off-target negative effects on normal cells. Due to its greater acceptance rate compared to other drugs on the market, it establishes dominance. Furthermore, the increasing number of candidates for targeted therapy segment, as well as the increasing number of product approvals, are expected to fuel the segment's expansion. For instance, in June 2024, Bristol Myers Squibb, a cancer treatment provider announced the FDA approval of Augtyro (repotrectinib) for the treatment of adult and paediatric patients those having solid tumours of neurotrophic tyrosine receptor kinase (NTRK) gene fusion.

The breast cancer segment held the largest market share in the global anticancer drugs market. Growing breast cancer prevalence, greater breast cancer therapies launches and significant R&D investments by leading market participants are some of the reasons driving its faster expansion over the forecast period. According to the World Health Organisation, there were 2.3 million women diagnosed with breast cancer in 2022, with 670,000 deaths, which make this cancer the most frequent kind of cancer. In addition, more than 35 million new cancer cases are predicted in 2050. For this reason, majority of key players are launching new drugs for treatment of breast cancer. For instance, in August 2022, Enhertu, an IV infusion for the treatment of patients with unresectable or metastatic HER2-low breast cancer, received approval by the US FDA.

The region's dominance is due to the increased incidence and prevalence of cancer in the United States, as well as new product launches in the region. Due to increased R&D spending, rapid expansion in the market for cancer supportive care products and an increase in the development and authorization of new medications, the country's anticancer drug market share will expand in the future years. According to the American Cancer Society, more than 2 million new cancer cases were identified in the United States in 2024 with over 611,000 cancer deaths. Europe is expected to account for the second-largest proportion of the global market, after North America. Owing of the rising cancer burden, high-growth countries such as the UK, Germany, Spain and France will contribute to the expansion of the European market.