Oncology Small Molecule Drugs Market is Poised to Grow at 6% CAGR Through 2029
Oncology Small Molecule Drug Sales to Inflate in Line with Growing Preference for Easily Absorbable & Effective Oral Treatments: Fact.MR
[UKPRwire, Tue Aug 27 2019] According to a recent study by Fact.MR, sales of oncology small molecule drugs are envisaged to surpass US$ ~66 Bn in 2019, up from revenues worth US$ ~63 Bn attained in 2018. Gains are prominently underpinned by spectacular rise in cancer prevalence, rapid proliferation of oncology centers, and improving availability of oral small molecule drugs for cancer treatment. The report suggests that a number of oncology small molecule drugs are getting approvals, which are potentially effective in treating unresectable cancers, which clearly points to a positive growth outlook for the oncology small molecule drugs market.
The oncology small molecule drugs market is growing in parallel with the increasing collaborative efforts and initiatives of biopharma companies, investing in early cancer diagnosis and therapeutics. Increasing number of pipeline studies and rising R&D funding for healthcare industry will continue to create fresh growth avenues in the form of NPDs, thereby driving the growth of oncology small molecule drugs market.
As per the study, biopharma companies are likely to renew their focus on drugs that drive the visibility of tumors to the immune system, when used along with medications that reinforce the immune system for multiple myeloma management. The study highlights that immune-modulators and tumor-specific cell-surface antigens will emerge as significant areas of focus for future treatments in multiple myeloma, which contributed revenues worth US$ 13Bn in the oncology small molecule drugs market, in 2018. The study also indicates that the demand for oncology small molecule drugs for the treatment of Non-Small Cell Lung Cancer (NSCLC) is highly likely to soar in the years to come.
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According to the report, targeted therapy drugs will remain the most lucrative drug class in the oncology small molecule drugs landscape, commanding over 50% sales in the market during the foreseeable future. Increased focus of pharmaceutical and biopharmaceutical companies on developing targeted therapy small molecule drugs on account of their superior and more precise nature of the treatment will continue to sustain revenues in the market. With targeted therapy small molecules garnering increased traction as one of the leading entities that are being evaluated for the future cancer treatment over other treatment options, such as immunomodulation drugs, their adoption is set to grow through 2029.
50% of Sales Remain Concentrated in North America
According to the Fact.MR study, sales of oncology small molecule drugs will remain concentrated in North America, primarily driven by the high prevalence of cancers and advanced treatment infrastructure in the region. Increasing funds from governments as well as private organizations for the development of advanced and improved cancer treatments, will remain the key growth influencers associated with the growth of oncology small molecule drugs market in North America.
In 2018, North America accounted for half the sales of oncology small molecule drugs, and will continue to remain the most lucrative market for stakeholders. Stringent approval regulations, especially in developing countries, such as Japan, will continue to limit the penetration of oncology small molecule drugs in these regions to an extent. Furthermore, Japan, peculiarly having one of the most difficult approval processes for new drug molecules, holds an impressive opportunistic potential for market leaders that are striving for quicker drug approvals by improving R&D processes and expansion strategies, targeting developing countries.
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The study opines that advanced and orally viable cancer drugs are adding value to the attractive market potential of oncology small molecule drugs, among an ever-growing pool of patients. Broader factors concerning cancer treatment, especially the unavailability of proper drugs in several regions and laser-sharp focus on increasing drug absorption in cells by leveraging small molecule drugs, are likely to shape revenue generation in the oncology small molecule drugs market.
The demand for oral oncology small molecule drugs market will continue to accelerate at a steady pace, with global adoption through this route of administration estimated to exceed US$ ~56 Bn in 2019. With higher convenience and effectiveness comparable to injectable oncology small molecule drugs, growing demand for oral variants is pacing up gains in the market.