April 18, 2024
Oncology Drug Pipeline Analysis Market

Oncology Drug Pipeline Analysis Market Witnesses High Growth Owing to Increasing Cancer Incidence

Oncology drug pipeline analysis involves the study of potential new drugs being created and tested by pharmaceutical companies and laboratories to treat cancers. The pipeline helps provide a detailed overview of new cancer medicines under development and their current stage of research. It gives important insights about innovation in cancer drug development. The demand for oncology drugs and associated pipeline analysis is expected to rise significantly owing to the increasing incidence of various cancer types worldwide. According to the Global Cancer Observatory, cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020.

The global oncology drug pipeline analysis market is estimated to be valued at US$ 216.81 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period between 2024 to 2031.

Key Takeaways

Key players: Key players operating in the oncology drug pipeline analysis market are B. Braun SE, Stryker Corporation, Adeor Medical Ag, Medtronic, Allotech Co. Ltd., Arthrex Inc., Brasseler USA, ClearPoint Neuro, Inc., ConMed Corporation, De Soutter Medical Ltd., GPC Medical Ltd., Johnson & Johnson, Joimax Inc., Marver Med, MicroAire Surgical Instruments, LLC., Sofemed, Zimmer Biomet Holdings, Inc., and Manman Manufacturing Company Private Limited.

Key opportunities: Growing R&D investments by pharmaceutical companies, increasing demand for personalized medicine, and favourable government policies are expected to create lucrative opportunities for players in the oncology drug pipeline analysis market.

Global expansion: Leading players are focusing on expanding their presence globally through collaborations and acquisitions to tap opportunities in emerging markets including Asia Pacific and Latin America.

Market drivers

The key driver for the oncology drug pipeline analysis market is the rising prevalence of cancer across both developed and developing regions. According to WHO, cancer burden has nearly doubled since 2000 and is expected to further grow in the coming years. This is positively impacting the demand for new and effective drugs as well as analysis of Oncology Drug Pipeline Analysis Market Size. Growing initiatives by governments and non-profit organizations to enhance cancer research is another major factor positively influencing the market.

PEST Analysis

Political: The oncology drug pipeline market is regulated by various government agencies that approve new drugs and set pricing regulations. Changes in government policies can impact the research and development of new drugs.

Economic: Economic growth and availability of healthcare funding influence the market. A slowdown in the economy can affect spending on cancer treatment and research.

Social: Increase in cancer prevalence along with greater awareness and focus on patient quality of life are major social factors driving market growth. Aging population also contributes to rising cancer cases.

Technological: Advancements in fields such as genomics, molecular biology and AI are allowing for more personalized medicines and accelerated development of novel cancer therapies. New technologies help identify drug targets and discover pathways crucial for tumor growth.

North America currently holds the largest share of the oncology drug pipeline market in terms of value due to presence of major pharmaceutical companies, high healthcare spending, and increasing cancer incidence rates. Availability of favorable regulations also support market growth.

The Asia Pacific region is estimated to be the fastest growing market over the forecast period owing to rising healthcare expenditures, large patient pool, and growing medical research initiatives. countries like China and India are emerging as focal points for conducting clinical trials due to low costs and high patient volumes. Awareness about new treatment options is increasing in Asia Pacific economies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it