Oncology Small Molecule Drugs Market Projected to Witness a Single-Digit CAGR During 2019 to 2029
The market for oncology small molecule drugs is envisaged to register ~6% CAGR through 2029.
[UKPRwire, Fri Jul 26 2019] In order to dissert the market scenario prevailing across the oncology small molecule drugs market sector, FactMR has evenly presented a comprehensive analysis report on oncology small molecule drugs market to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the oncology small molecule drugs market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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Oncology Small Molecule Drugs Market in Numbers
- Global sales of oncology small molecule drugs were valued at ~US$ 63 Bn in 2018, in line with the widespread prevalence of cancer and subsequent need for oral, easily absorbable, and effective medicines.
- The market for oncology small molecule drugs is envisaged to register ~6% CAGR through 2029, primarily driven by rapid technological advancement in healthcare sector that continues to pave way for new and improved product development.
- North America, spearheaded by the U.S., is anticipated to remain the leading as well as high growth market for oncology small molecule drugs during the foreseeable period. With high treatment seeking rate and favorable reimbursement scenarios for cancer treatment, the US is estimated to witness revenues worth ~US$ 30 Bn in 2019.
- Addition of new products to portfolios through partnerships, and increasing the number of molecules in early phase of drug development will remain among the key trends shaping the competition landscape of oncology small molecule drugs market.
According to the FactMR study, the oncology small molecule drugs market will continue to remain consolidated with top five players, including Novartis Ag, Astrazeneca, Genentech, Pfizer, and Abbvie, accounting for ~47% market value share. These players are emphasizing strong regional presence, robust R&D, new launches, and diverse offerings to stay ahead of the competition in oncology small molecule drugs market, which compels companies to enter strategic collaborations with recognized biopharma companies. For instance, recently in June 2019, Pfizer announced the decision to buy the oncology specialist Array BioPharma, marking an important acquisition beefing up the former’s oncology offerings with two marketed drugs - BRAF inhibitor Braftovi, and MEK inhibitor Mektovi. These two drugs have been approved as a part of the combination treatment for melanoma, and have delivered proven positive results in case of colon cancer.
Mid-level players, such as Roche, Bayer, Genzyme Corporation (Sanofi), and Eli Lilly and Company, are focusing on penetration into developing economies, looking at their market attractiveness. Development of novel treatment options to appeal a wider patient pool will be a priority strategy adopted by prominent players in this category. The market entrants, on the other hand, are likely to remain focused on expansion of the manufacturing capacities to better their foothold in local and regional markets. Amid the growing competition in the oncology small molecule drugs market, partakers are vying to squeeze profit margins by developing low-cost variants, with an objective to firm up in developing regions.
Key Factors Shaping Growth of the Oncology Small Molecule Drugs Market
- High prevalence of cancer, coupled with the notable preference for more effective drugs that can easily enter and get absorbed in the cells is primarily boosting sales of oncology small molecule drugs.
- Increasing awareness about the availability of novel and easily absorbable drugs for cancer treatment is providing an impetus to oncology small molecule drugs sales.
- Modulating the immune system via a small-molecule approach offers several unique benefits that are complementary to, and potentially synergistic with, biologic modalities. An increasing number of biopharma companies are thus utilizing ‘selective targeting small molecules’ that accurately exploit the vulnerabilities in cancer cells. Such a pragmatic approach towards cancer is likely to create a plethora of opportunities in terms of new product developments in the oncology small molecule drugs market.
- While small molecules account for ~70% of the newly developed molecular entities (NME), as approved by the FDA in 2018, it is highly likely that industry giants will refocus their oncology drug development strategies around the use of these small molecules. Subsequent approvals of oncology small molecule drugs are also creating a steady stream of opportunities in the market. For instance, Pfizer’s Daurismo (glasdegib) received an approval for the treatment of newly diagnosed acute myeloid leukemia (AML) in adult patients.
- Availability of multiple immunomodulatory (IMD) agents, with comparable mechanism of action and different routes of administration or structures, can potentially provide useful alternative modalities for personalized cancer treatment. Such advances are likely to spur the demand for oncology small molecule drugs in the forthcoming years.
- Pharma researchers are increasingly pushing the envelope to find novel therapies, and leveraging next-generation technology to introduce advanced oncology small molecule drugs in market, promising reliability of the treatment.
An accurate methodology and holistic approach forms the foundation of the valuable information presented in the oncology small molecule drugs market. The FactMR study offers thorough information about the growth forecast of oncology small molecule drugs sector, along with a systematic breakdown of the determinants impacting the growth of the market.
In-depth primary as well as secondary research has been performed to accumulate and present incisive insights into the forecast analysis of oncology small molecule drugs market. The report on oncology small molecule drugs market has also undergone numerous validation tunnels to ensure that that information mentioned in the report is unique and one of its kind.
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