Oncology Drugs - North America | Statista Market Forecast

The projected revenue in the Oncology Drugs market in North America is expected to reach US$108.70bn in 2024.
It is anticipated that the revenue will show 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 projected to generate the most revenue, with US$103.90bn in 2024.
In North America, there is a growing demand for targeted therapies in the field of oncology drugs.

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 North America has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing prevalence of cancer in North America. As a result, there is a growing demand for effective oncology drugs that can help treat and manage the disease. Additionally, there is a trend towards personalized medicine, which is driving the development of targeted therapies that can be tailored to individual patients.

Trends in the market: The North American market for oncology drugs is highly competitive and dynamic. There is a trend towards the development of immunotherapies, which are designed to boost the body's natural defenses against cancer. Additionally, there is a growing interest in combination therapies, which involve the use of multiple drugs to treat cancer. These trends are driving innovation in the market and leading to the development of new and effective treatments for cancer patients.

Local special circumstances: In North America, there are several factors that are driving the growth of the oncology drugs market. One of the main factors is the aging population, which is increasing the prevalence of cancer in the region. Additionally, there is a high level of investment in research and development, which is helping to drive innovation in the market. Finally, there is a strong regulatory environment that is helping to ensure the safety and efficacy of new drugs.

Underlying macroeconomic factors: The North American market for oncology drugs is also influenced by a range of macroeconomic factors. These include factors such as healthcare spending, government policies, and reimbursement policies. Additionally, there is a growing trend towards value-based healthcare, which is driving the development of drugs that provide better outcomes for patients at a lower cost. Overall, the oncology drugs market in North America is expected to continue to grow in the coming years, driven by a combination of demographic, technological, and economic factors.

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.