Fact.MR, a market research and competitive intelligence provider, has released a publication, which reveals that the global oncology small molecule drugs market is worth US$ 79 billion in 2022 and is set to expand at 5.5% CAGR from 2022 to 2032. The market is predicted to grow steadily due to remarkable sales channels and drug class offerings.
Rigorous technological advancements in cancer treatment have captured the attention of the global healthcare community towards manufacturing path specific drugs. Small molecule medications have made a significant contribution to cancer therapies, revolutionizing the field as a whole. One further important element driving the growth of the oncology small molecule pharmaceuticals market is the specificity of small molecule drugs, which has significantly reduced mortality rates by overcoming limitations of conventional cancer therapies such as radiation therapy and chemotherapy.
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The global oncology small molecule drugs market will be driven by new and efficient drug releases and a robust product pipeline, along with federal approvals and positive clinical trials, whereas high production and retail costs for medications can restrain the market to some extent.
Manufacturers may, however, face fierce competition as a result of the market’s excessive consolidation. On the other hand, acquiring licences and approvals for newly proposed small molecule medications used in oncology treatment may provide a considerable challenge for both established and emerging firms. However, after successfully completing the approval procedure, providers will experience steady revenue growth.
Key Takeaways from Market Study
- The global oncology small molecule drugs market is projected reach US$ 135.4 billion by 2032.
- The market exhibited 5.4% CAGR during the period of 2017-2021.
- Under drug class, targeted therapy drugs are anticipated to dominate and are valued at US$ 40.4 billion in 2022.
- North America led the worldwide market with 48.2% share in 2021.
- Consumption of oncology small molecule drugs is expected to increase at CAGRs of 5.4%, 2% and 4.8% respectively, in Europe and South Asia & Oceania.
“Increasing population’s need for innovative and safe medical developments will ensure rampant demand growth for oncology small molecule medications,” says a Fact.MR analyst.
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The market for oncology small molecule drugs is consolidated. Manufacturers leading the market include Novartis AG, Pfizer Inc., Amgen Plc., F. Hoffmann-La Roche Ltd., Eli Lilly and Company, Sanofi SA, Bristol-Myers Squibb Company, AbbVie Inc., Bayer AG, Incyte Corporation, Celgene Corporation, AstraZeneca Plc., Exelixis Inc., and Millennium Pharmaceuticals Inc. (Takeda).
Industry titans are making an efforts to enter the cancer small molecule medicines industry with new innovative approaches. To strengthen their distribution networks in underserved areas and broaden their worldwide reach, large companies are also employing inorganic expansion strategies such as mergers and acquisitions.
Segmentation of Oncology Small Molecule Drugs Industry Research
By Drug Class :
- Chemotherapy Drugs
- Alkylating Agents
- Other Drugs
- Immunomodulating Drugs
- Targeted Therapy Drugs
- Proteasome Inhibitors
- Tyrosine Kinase Inhibitors
- mTOR Inhibitors
- Hormonal Therapy
- Chemotherapy Drugs
By Indication :
- Renal Cell Carcinoma
- Breast Cancer
- Prostate Cancer
- Multiple Myeloma
By RoA :
By Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- Specialty Clinics
- Online Pharmacies
By Region :
- North America
- Latin America
- East Asia
- South Asia & ASEAN
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