U.S. Oncology Drugs Market Size, Share, Analysis, By Drugs Class (Cytotoxic Drugs {Alkylating Agents, Antimetabolites, and Others}, Targeted Drugs {Monoclonal Antibodies, and Others}, Hormonal Drugs, and Others), By Therapy (Chemotherapy, Targeted Therapy, and Immunotherapy), By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, and Others), By Dosage Form (Solid {Tablets and Capsules}, Liquid, and Injectable), By Distribution Channel (Hospital Pharmacies, and Retail and Online Pharmacies), and Country Forecast, 2024-2032

The U.S. oncology drugs market size was worth USD 87.04 billion in 2023 and is projected to grow at a CAGR of 9.9% during the forecast period.

Oncology drugs are therapeutics used for the treatment of cancer. These drugs work by either killing cancer cells or slowing down their spread and growth. The oncology drugs can be used alone or with other treatments, such as surgery or radiation therapy. The increasing prevalence of different cancer types among the country is the key factor driving the U.S. oncology drugs market growth.

• For instance, according to data published by the Centers for Disease Control and Prevention (CDC), 1,603,844 new cancer cases were reported in the U.S. in 2020 and the number is projected to reach 1,958,310 by the end of 2030.

In addition, increasing drug approvals and the emergence of biosimilar products for cancer treatment are other factors influencing market growth.However, in 2020, the market witnessed slow growth due to the outbreak of COVID-19. The pandemic directly affected the supply of oncology drugs to cancer patients.

LATEST TRENDS

Investment in Artificial Intelligence for Oncology Drugs 

Prominent players in this market are investing in technologies such as artificial intelligence to reduce research & development costs and save time. Artificial intelligence has the ability to surpass human intelligence levels. The technology helps to identify potential drug candidates by analyzing chemical and biological data with quicker space and higher success rate than human analysis. Manufacturers such as Pfizer, Inc., Tempus, F. Hoffmann-La Roche Ltd. have invested in Al technologies to advance oncology therapeutic development. For instance,

• In February 2023, Tempus, an artificial intelligence (AI) leader, announced a strategic collaboration with Pfizer, Inc. The two companies would work together to advance AI and machine learning-driven efforts in therapeutic development.


• In September 2022, CytoReason announced an extension of its multi-year partnership with Pfizer, Inc. to use CytoReason’s artificial intelligence technology for Pfizer’s drug development programs.

Such strategic initiatives will help deliver promising treatments to cancer patients, influencing the market during the forecast period.

DRIVING FACTORS

Growing Prevalence of Various Types of Cancer to Boost Market Growth

In the U.S., cancer incidence has increased due to the elements such as tobacco smoking, consumption of unhealthy food, extended post-reproductive lifespan, and urbanization. Breast cancer is the most common cancer in the U.S. with 300,590 new cases expected in 2023, according to data published by the National Cancer Institute. In addition, prostate cancer, colorectal cancer, and lung cancer are the other most prominent types of cancer in the U.S.

• For instance, according to data published by the American Cancer Society, Inc., colorectal cancer is the third most diagnosed cancer in the U.S. In addition, according to their estimate, around 46,050 new cases of rectal cancer and 106,970 new cases of colon cancer are estimated to occur by 2023.

Moreover, the rising cancer awareness among the population is anticipated to favor the global market over the forecast period.

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In the U.S. in 2020, 1,603,844 new cancer cases were reported, and 602,347 people died.

RESTRAINING FACTORS

Adverse Effects of Drugs May Hamper Market Growth 

Chemotherapy drugs include several side effects for the patients. Chemotherapy is a cancer cell treatment, but the drugs also damage normal body cells. Some common side effects of chemotherapy drugs are gastrointestinal disorders, bone marrow suppression, neuropathies, fatigue, hair loss, and skin disorders.

• For instance, in June 2022, the U.S. FDA announced results from a clinical trial for Copiktra (duvelisib), which showed an increased risk of treating a chronic blood cancer called leukemia and lymphoma as compared to another medicine. It was also noted that Copiktra includes higher risk of serious side effects, including diarrhea, infections, skin reactions, inflammation of the intestines and lungs, and high liver enzyme levels in the blood.

Hence, these adverse effects and high costs associated with oncology drugs limit the growth of the market to a certain extent. In addition, patent expiration and stringent government regulations are other factors hampering the global market expansion.

SEGMENTATION

By Drug Class Analysis

Based on drug class, the market is segmented into cytotoxic, targeted, and hormonal drugs.

In 2022, the targeted drugs segment held a significant U.S. oncology drugs market share in 2022 owing to increasingly adoption of these drugs. Furthermore, increasing number of clinical trials and product approvals is projected to drive the growth of this segment over the forecast period.

• For instance, in May 2023, AbbVie announced the approval of EPKINLYTM (epcoritamab-bysp) by the U.S. FDA as the first and only T-cell engaging bispecific antibody to treat relapsed or refractory (R/R) diffuse large B-cell lymphoma (DLBCL) in adults.

The cytotoxic segment accounted for a significant CAGR over the forecast period owing to increasing demand for affordable medicines and the expanding availability of generic alternatives. In addition, patent expiration of some branded medicines may drive the demand for generic drug alternatives. The growing prevalence of cancer, growing awareness about advantages of generic medicines, and the launch of new drugs are contributing to the segmental growth.

By Therapy Analysis

Based on therapy, the market is classified into chemotherapy, targeted therapy, and immunotherapy.

In 2022, the targeted therapy segment accounted for a significant share in the U.S. market. Targeted therapy can treat certain advanced cancers, such as metastatic breast cancer. Furthermore, targeted therapy is more efficient and less toxic than chemotherapy. Therefore, it has gained traction at a rapid pace among cancer patients.  Furthermore, strategic steps by key players, such as partnerships, collaborations, mergers, and acquisitions to strengthen their market position, are set to drive segmental growth in the near future.

• For instance, in May 2021, Xilio Therapeutics announced a clinical trial collaboration with Merck & Co., Inc. to evaluate the safety and efficacy of XTX101 as a monotherapy and in combination with KEYTRUDA in patients with solid tumors.

The immunotherapy segment is anticipated to exhibit a substantial growth rate over the forecast period. Factors such as increased healthcare expenditure, surge in access to medical insurance, technological advancements in cancer treatment therapies, and rise in incidence of cancer are expected to drive the market growth.

By Indication Analysis

Based on indication, the market is classified into stomach cancer, lung cancer, colorectal cancer, prostate cancer, breast cancer, and others.

The breast cancer segment registered a highest CAGR in 2022, owing to the growing number of breast cancer patients and increasing therapeutic launches for breast cancer in the U.S. For instance, according to data published by the CDC, in 2023, every year in the U.S., nearly 2,400 breast cancer cases are diagnosed in men and around 264,000 in women.

Moreover, lung cancer segment held the largest market share in 2022 due to the higher incidence rate, increase in geriatric population, changes in lifestyle of people, and rise in smoking of tobacco, which may lead to lung cancer.

By Dosage Form Analysis

Based on dosage form, the market is segmented into solid, liquid, and injectable.

The injectable segment held the largest share in 2022 owing to the rising demand for effective and convenient systems for drug delivery. The segment poses lucrative opportunities for manufacturers to develop consumer-friendly, sophisticated, and effective devices. Recent advancements in the needle-free injector market include auto-injectors, pen-injectors, pre-filled syringes, and wearable. 

Furthermore, the injectable segment is sub-divided into prefilled syringes and others. The pre-filled syringes dominated the injectable segment in 2022. The rapid growth in the usage of pre-filled syringes for biologics and a growing number of injectable product launches for various cancer treatments are other factors influencing segmental growth.

• For instance, in May 2022, Gland Pharma Limited launched the injectable cancer treatment drug Bortezomib in the U.S. market.

Furthermore, the solid dosage form is projected to grow at a fastest CAGR during the forecast period. The oncology drugs in the solid dosage form are available in tablets and capsules.

By Distribution Channel Analysis

Based on distribution channel, the market is classified into retail and online pharmacies, and hospital pharmacies.

In 2022, the hospital pharmacies segment held the highest market share in 2022 due to the high prescription of medications at hospitals due to more frequent diagnoses at these institutions. Furthermore, the market has been positively affected by the structural and geographic expansion of existing hospital pharmacies. Hospital pharmacies are rapidly adopting various automation devices to provide accurate patient services and increase patient safety. For instance, in October 2021, KSP Specialty Pharmacy in the U.S. announced the launch of new services and a new website that provides information for payers and pharmaceutical companies.

Besides, the online pharmacy segment is projected to expand with the highest CAGR over the study period. This is owing to its rising popularity and convenience and ease. A considerable rise in internet users is among the leading factors contributing to segmental expansion.

KEY INDUSTRY PLAYERS

The U.S. oncology drugs market is moderately fragmented, with several established and emerging players. F. Hoffmann La Roche Ltd, Novartis AG, and Genentech, Inc. are the prominent players in the market due to their strong oncology product portfolio and robust product pipelines. For instance, in December 2022, Novartis AG announced phase III positive results of Pluvicto for patients with PSMA–positive metastatic castration-resistant prostate cancer (mCRPC).

Some other players, such as Pfizer Inc., Bristol Myers Squibb Company, GlaxoSmithKline plc, Eli Lilly and Company (U.S.), and others, are striving to gain higher market share. In addition, GlaxoSmithKline PLC is focused on expansion of its product portfolio in oncology by adopting strategic initiatives such as acquisitions.  For instance, in July 2022, GlaxoSmithKline PLC acquired U.S.-based Sierra Oncology to expand its product portfolio and commercial capability in oncology.

LIST OF KEY COMPANIES PROFILED:

• Genentech, Inc.  (U.S.)


• F. Hoffmann-La Roche Ltd. (Swizerland)


• Novartis AG (Switzerland)


• Pfizer Inc. (U.S.)


• Bristol Myers Squibb Company (U.S.)


• GlaxoSmithKline plc. (U.K.)


• Eli Lilly and Company (U.S.)


• AstraZeneca (U.K.)


• Sanofi (France)


• Bayer AG (Germany)


• Merck & Co., Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS: 

• June 2023 – A new voluntary pilot program was announced by the U.S. FDA for certain oncology drug products used to help doctors to select appropriate cancer treatments for patients.


• March 2023 – Pfizer, Inc. announced the acquisition of Seagen, Inc. a worldwide biotechnology company that manufacturers and commercializes transformative cancer medicines. The acquisition aims to strengthen Pfizer’s product portfolio in oncology medicines.


• December 2022 – Merck & Co., Inc. and KLUS Pharma Inc. announced that they collaborated to develop seven investigational preclinical antibody-drug conjugates (ADC) for cancer treatment.

REPORT COVERAGE

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The U.S. oncology drugs market report provides a detailed analysis of the industry. It focuses on key aspects such as an overview of technological advancements, the prevalence of cancer in the U.S., and pricing analysis. In addition, it includes new product launches, key industry developments such as mergers, partnerships, & acquisitions, and the impact of COVID-19 on the market. Besides this, the report offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

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