Oncology Drug Pipeline Analysis Market Is Estimated To Witness High Growth
The oncology drug pipeline analysis market is estimated to be valued at US$ 188.20 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The oncology drug pipeline analysis market comprises products used in the treatment of various types of cancers. The growing prevalence of cancer across the globe has increased the demand for advanced drugs and therapies for its effective treatment. Pharmaceutical companies are increasingly investing in R&D to develop novel drugs with improved efficacy and safety.
Market key trends:
One of the key trends witnessed in the oncology drug pipeline analysis market is growing investment in R&D of cancer drugs. Pharmaceutical giants are focusing on developing innovative targeted therapies, immunotherapies, and combination therapies to enhance cancer treatment outcomes. For instance, in 2021, F. HOFFMANN-LA ROCHE AG invested CHF 12.9 billion in R&D, a major portion of which was utilized for oncology drug development. Likewise, BRISTOL-MYERS SQUIBB COMPANY invested $6.1 billion in R&D, with a focus on developing next-generation cancer drugs. This rising focus on developing advanced cancer treatments is expected to drive the oncology drug pipeline analysis market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The oncology drug pipeline market requires heavy investment in R&D for developing new drugs which acts as a barrier for new companies.
Bargaining power of buyers: Large pharmaceutical companies have high bargaining power over smaller biotech firms developing new drugs as buyers can negotiate for lower prices.
Bargaining power of suppliers: Suppliers of raw materials have moderate power as presence of substitutes limits their control over prices.
Threat of new substitutes: Advancement in targeted therapies poses threat of substitution.
Competitive rivalry: Intense as large players continuously invest in R&D to develop novel therapies.
SWOT Analysis
Strength: Strong pipeline of drug candidates, increasing demand for cancer treatments.
Weakness: High R&D costs, regulatory approvals are stringent and lengthy.
Opportunity: Rising cancer incidence worldwide, emergence of personalized medicine.
Threats: Patent expiries of blockbuster drugs, biosimilars eating into markets of innovator drugs.
Key Takeaways
The Global Oncology Drug Pipeline Market Growth is expected to witness high, exhibiting CAGR of 13% over the forecast period, due to increasing incidence of cancer worldwide. Asia Pacific is projected to be the fastest growing region owing to rising healthcare expenditure and large patient pool.
The North American region currently dominates the market and is expected to retain its dominance over the forecast period owing to high adoption of premium-priced oncology drugs and presence of major players. Europe is also expected to hold a significant share in the global market.
Key players operating in the oncology drug pipeline market are F. HOFFMANN-LA ROCHE AG, PFIZER, INC., ASTELLAS PHARMA INC., NOVARTIS INTERNATIONAL AG, ASTRAZENECA PLC, BRISTOL-MYERS SQUIBB COMPANY, ABBVIE INC., AMGEN, INC., MERCK & CO., INC., JOHNSON & JOHNSON. Major players are engaged in partnerships and collaborations with biotech companies to boost their product pipelines.
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