Oncology Drugs - Singapore | Statista Market Forecast

The Oncology Drugs market in Singapore is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach SGD US$305.20m by 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 7.79%.
This growth is expected to result in a market volume of SGD US$444.10m by 2029.
When compared globally, it is worth noting that United States is set to generate the highest revenue in the Oncology Drugs market.
It is projected that United States will generate US$103.90bn in revenue by 2024.
Singapore is emerging as a leading hub for oncology drug research and development, attracting top pharmaceutical companies and talent from around the world.

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 Singapore has been steadily developing over the years and is expected to continue to grow in the future.

Customer preferences: Singaporeans are becoming increasingly health-conscious and are willing to invest in their well-being. As a result, there is a growing demand for oncology drugs in the country. Patients are also becoming more informed about the latest treatments available, leading to a higher demand for innovative drugs.

Trends in the market: The Oncology Drugs market in Singapore is growing due to several factors. One of the main drivers is the aging population, which is more susceptible to cancer. Additionally, there is a growing demand for targeted therapies and immunotherapies, which are becoming more widely available in the market. Another trend is the increasing use of biosimilars, which are cheaper alternatives to biologic drugs.

Local special circumstances: Singapore has a well-developed healthcare system and is a hub for medical tourism in the region. This has led to a growing demand for oncology drugs in the country. Additionally, the government has been investing in research and development, which has led to the development of new drugs and therapies.

Underlying macroeconomic factors: Singapore has a strong economy and is a hub for business in the region. The country has a stable political environment and a well-developed infrastructure. These factors have helped to attract investment into the healthcare sector, leading to the development of new drugs and therapies. Additionally, the government has been investing in healthcare and has implemented policies to improve access to healthcare for its citizens.

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.