Oncology Drugs - GCC | Statista Market Forecast

The Oncology Drugs market in the GCC region is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$1.66bn by 2024.
Furthermore, it is anticipated that there will be an annual growth rate of 6.86% between 2024 and 2029, leading to a market volume of US$2.31bn by 2029.
When compared to the global market, United States is expected to generate the highest revenue in the Oncology Drugs market, with a projected revenue of US$103.90bn in 2024.
This highlights the significant market potential and opportunities United States.
The demand for oncology drugs in the GCC countries is surging due to an aging population and increasing prevalence of cancer.

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 GCC is a rapidly developing industry with increasing demand for innovative treatments and therapies.

Customer preferences: Customers in the GCC region are more inclined towards personalized treatment options and therapies that have minimal side effects. They also prefer treatments that are easily accessible and affordable. With the rising prevalence of cancer in the region, there is a growing demand for effective oncology drugs that can improve patient outcomes and quality of life.

Trends in the market: The GCC oncology drugs market is witnessing a shift towards targeted therapies and immunotherapies. These treatments offer more precise and effective options for cancer patients, with fewer side effects compared to traditional chemotherapy. The market is also seeing an increase in the number of biosimilars and generic drugs, which are more cost-effective alternatives to branded drugs. Additionally, there is a growing trend towards home healthcare services, which provide cancer patients with the convenience of receiving treatment in their own homes.

Local special circumstances: The GCC region has a high prevalence of certain types of cancers, such as breast, lung, and colorectal cancer. This has led to a greater focus on developing oncology drugs that can effectively treat these types of cancers. Additionally, the region has a large population of expatriates, who often require specialized cancer treatments that may not be available in their home countries. This has led to an increase in medical tourism for cancer treatments in the GCC region.

Underlying macroeconomic factors: The GCC region has a rapidly growing population, with an increasing number of people entering the age group that is at higher risk of developing cancer. This has led to a greater demand for oncology drugs and treatments. Additionally, the region has a high prevalence of risk factors for cancer, such as smoking, obesity, and genetic predisposition. The GCC countries are also investing heavily in healthcare infrastructure and technology, which has led to an increase in the availability of advanced cancer treatments and therapies. Finally, the region's favorable business environment and government support for the healthcare sector have attracted significant investments from global pharmaceutical companies, leading to a more competitive market and greater access to innovative oncology drugs.

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.