Oncology Drugs - Australia | Statista Market Forecast

The Oncology Drugs market in Australia is expected to witness a significant increase in revenue, with projections indicating a reach of US$1.82bn in 2024.
This growth is anticipated to continue at a compound annual growth rate (CAGR 2024-2029) of 6.98%, resulting in a market volume of US$2.56bn by 2029.
In comparison to other countries, United States is predicted to generate the highest revenue in the global Oncology Drugs market, with an estimated value of US$103.90bn in 2024.
Australia's oncology drug market is experiencing a surge in research and development, with several innovative therapies in the pipeline.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The Oncology Drugs market in Australia has been showing steady growth in recent years.

Customer preferences: Australian customers have shown a growing preference for targeted therapies and immunotherapies over traditional chemotherapy. This shift in preference is largely due to the lower toxicity of these treatments and their ability to target specific cancer cells, resulting in higher efficacy rates and fewer side effects.

Trends in the market: The Oncology Drugs market in Australia has been driven by the increasing prevalence of cancer, particularly in the aging population. Additionally, the approval of new drugs and therapies, as well as the ongoing development of personalized medicine, have contributed to the growth of the market. The rising demand for oncology drugs has also led to an increase in research and development activities in the country.

Local special circumstances: Australia has a well-established healthcare system that provides universal access to medical services, including cancer treatments. This has contributed to the high demand for oncology drugs in the country. Additionally, the Australian government has implemented policies to encourage innovation and investment in the healthcare sector, further supporting the growth of the Oncology Drugs market.

Underlying macroeconomic factors: The Australian economy has been growing steadily in recent years, with a strong focus on innovation and technology. This has led to increased investment in the healthcare sector, particularly in the development of new drugs and therapies. Additionally, the aging population and increasing prevalence of cancer have created a growing demand for oncology drugs, driving the growth of the market.In conclusion, the Oncology Drugs market in Australia has been driven by the increasing demand for targeted therapies and immunotherapies, as well as the rising prevalence of cancer in the aging population. The country's strong healthcare system and supportive government policies have also contributed to the growth of the market, which is expected to continue in the coming years.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.