July 20, 2024

Projected rise in bone cancer cases to boost the growth of Bone Cancer Drugs Market

The global Bone Cancer Drugs Market is estimated to be valued at US$ 1,286.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bone cancer refers to rare types of cancers that start in the bones. The common types of primary bone cancer include osteosarcoma, chondrosarcoma and Ewing’s sarcoma. Bone cancer drugs work by slowing or stopping the growth of cancer cells. They include anticancer drugs such as chemotherapy drugs, targeted therapy drugs and hormonal therapy drugs. Bone cancer treatment involves surgery, radiation therapy and chemotherapy. The rising prevalence of bone cancer and increasing R&D investments for development of innovative bone cancer drugs are major factors fueling the growth of this market.

Market key trends:
The key trends in the bone cancer drugs market include rising research on combination therapies, growing focus on targeted therapies and surge in pipeline drugs. Combination therapies involving new drugs along with conventional chemotherapy regimens are being studied to improve treatment outcomes. Several targeted therapies like BAY 86-9766 and AMG 386 that inhibit specific cancer cell growth pathways are in various stages of clinical trials. The pipeline for bone cancer drugs is also growing with many candidates in preclinical and clinical development stages. For instance, Cellectar Biosciences is evaluating CLR 131 in Phase 2 study for multiple myeloma and solid tumors including osteosarcoma and chondrosarcoma. Such ongoing advancements are expected to drive the bone cancer drugs market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the bone cancer drugs market requires huge R&D investments and lengthy clinical trials for drug development. However, large pharmaceutical companies can enter the market by acquiring smaller companies.
Bargaining power of buyers: The bargaining power of buyers is relatively high due to the presence of many established bone cancer drugs manufacturers. Buyers can negotiate for lower prices by approaching alternative suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material suppliers face a moderate threat of forward integration by drug manufacturers. Suppliers also have a threat of new entrants in the supply market.
Threat of new substitutes: The threat of new substitutes is low since the treatment options for bone cancer are limited and there are no cost-effective substitutes available.
Competitive rivalry: The competitive rivalry is high among key players to gain higher market share by launching new drugs with better efficacy and novel mechanisms of action.

Key Takeaways
The global Bone Cancer Drugs market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing incidence of bone cancer and rapidly aging population.

Regional analysis: North America dominated the global bone cancer drugs market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the growing prevalence of bone cancer in the US and presence of well-established healthcare infrastructure and key market players in the region. However, Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to increasing healthcare investments, rising awareness regarding bone cancer treatment and growing geriatric population in the region.

Key players: Key players operating in the bone cancer drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck & Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceutical.