Oncology Drugs - United Kingdom | Statista Market Forecast

The United Kingdom is expected to witness a significant growth in revenue within the Oncology Drugs market.
By the year 2024, the projected revenue is estimated to reach US$5.55bn.
This growth is anticipated to continue with an annual growth rate (CAGR 2024-2029) of 7.62%, resulting in a market volume of US$8.02bn by 2029.
In global comparison, United States is expected to generate the highest revenue, amounting to US$103.90bn in 2024.
"The United Kingdom is experiencing a surge in demand for personalized oncology drugs, with advancements in genetic testing and targeted therapies driving the market growth."

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 United Kingdom has been showing steady growth in recent years.

Customer preferences: The United Kingdom is known for having a high demand for innovative and effective cancer treatments. Patients in the UK are generally well-informed about their treatment options and seek the latest therapies available. Additionally, the National Health Service (NHS) provides access to cancer treatments for all patients, which has increased the demand for oncology drugs in the country.

Trends in the market: One of the major trends in the Oncology Drugs market in the UK is the shift towards personalized medicine. With advancements in technology, doctors can now identify specific genetic mutations in cancer cells that allow for targeted therapies. This trend has led to the development of new drugs that are more effective in treating certain types of cancer. Another trend is the increased use of immunotherapy drugs, which boost the body's immune system to fight cancer cells.

Local special circumstances: The UK has a strong pharmaceutical industry, which has contributed to the growth of the Oncology Drugs market. The country is home to several leading pharmaceutical companies that are actively involved in the development and manufacturing of oncology drugs. Additionally, the UK has a well-established clinical trial infrastructure, which has helped in the development of new cancer therapies.

Underlying macroeconomic factors: The aging population in the UK has led to an increase in the incidence of cancer, which has in turn driven the demand for oncology drugs. The UK government has also made significant investments in cancer research, which has led to the development of new therapies. The Brexit process has created some uncertainty in the market, but the UK government has made it clear that it is committed to maintaining the country's position as a global leader in life sciences.

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.