Oncology Drugs - NAFTA | Statista Market Forecast

The projected revenue for the Oncology Drugs market in NAFTA is expected to reach US$108.70bn by 2024.
Furthermore, the market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.45%, leading to a market volume of US$148.60bn by 2029.
When compared globally, United States is expected to generate the highest revenue in the Oncology Drugs market, with an estimated value of US$103.90bn in 2024.
The United States, being a leader in pharmaceutical innovation, continues to dominate the NAFTA oncology drug market with advanced treatments and breakthrough therapies.

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 NAFTA has been experiencing significant growth due to various factors.

Customer preferences: Customers in the NAFTA region have a high demand for oncology drugs due to the increasing prevalence of cancer. Additionally, the aging population in the region has resulted in an increase in cancer incidence, leading to a higher demand for cancer treatments.

Trends in the market: One of the trends in the Oncology Drugs market in NAFTA is the increasing use of immunotherapy. This treatment method harnesses the body's immune system to fight cancer cells, resulting in fewer side effects and better outcomes for patients. Another trend is the development of targeted therapies, which are designed to attack specific cancer cells, resulting in more effective treatments with fewer side effects.

Local special circumstances: The United States is the largest market for oncology drugs in the NAFTA region, with a wide range of cancer treatments available. Canada also has a well-developed oncology drugs market, with an emphasis on improving patient outcomes and reducing healthcare costs. Mexico, on the other hand, has a less developed oncology drugs market, with limited access to cancer treatments in some regions.

Underlying macroeconomic factors: The increasing prevalence of cancer in the NAFTA region is one of the main macroeconomic factors driving the growth of the oncology drugs market. Additionally, the high cost of cancer treatments has resulted in a significant market for generic cancer drugs, which are more affordable for patients. The increasing investment in research and development by pharmaceutical companies has also contributed to the growth of the oncology drugs market in NAFTA.

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.