The Bone Cancer Drugs market is estimated to be valued at US$ 1,286.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bone cancer drugs are used in the treatment of primary bone cancers such as osteosarcoma, Ewing sarcoma, and chondrosarcoma. These drugs include chemotherapy drugs as well as targeted therapy drugs. Chemotherapy drugs commonly used in bone cancer treatment include cisplatin, ifosfamide, doxorubicin, high-dose methotrexate, and etoposide. Targeted therapies used include bisphosphonates, RANK ligand inhibitors, and anti-angiogenic drugs. Bone cancer most commonly affects children, adolescents, and young adults between the ages of 10-25 years. Bone cancer drugs are gaining increased acceptance as effective treatment alternatives.
Market Dynamics:
The growth of the bone cancer drugs market is driven by the rising prevalence of cancer globally. According to the World Cancer Research Fund International, in 2020, there were around 19.3 million new cancer cases and 10 million cancer deaths worldwide. Bone cancer represents a small proportion of total cancer cases. However, its incidence rate has been increasing in the US over the past few decades. Furthermore, increasing approval of novel drugs for bone cancer treatment is also boosting market growth. For instance, in July 2020, FDA granted accelerated approval to pembrolizumab for the treatment of certain types of advanced solid tumors with specific genetic features. Moreover, increasing healthcare expenditure in emerging economies also supports the market growth. However, high costs associated with bone cancer drug development and treatment poses a challenge to market growth.
SWOT Analysis
Strength: Bone cancer drugs market has seen significant investments in research and development which has led to the development of targeted therapies and immuno-oncology drugs over the past decade. Many new drugs in the pipeline are expected to receive regulatory approvals in the coming years.
Weakness: Drug development for rare cancers like bone cancer is challenging due to small patient pool for clinical trials and high development costs. Many drugs fail during clinical trials which results in huge financial losses for companies.
Opportunity: Rising incidence of bone cancer worldwide presents an opportunity for market growth. According to a report, around 3,150 new cases of primary bone cancer are diagnosed in the United States annually.
Threats: Strategic collaborations and mergers between large pharmaceutical companies increase competition in the market. Generic drug competition poses a major threat after key patent expiries of blockbuster drugs. Stringent regulatory pathways also delays market entry of new drugs.
Key Takeaways
The global Bone Cancer Drugs market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing research and development activities leading to launch of novel targeted therapies.
Regional analysis: North America dominated the global bone cancer drugs market in 2022 and is expected to remain the largest market during the forecast period. This is attributed to growing incidence of bone cancer cases, rising healthcare expenditure, presence of major market players, and availability of advanced treatment facilities. The Asia Pacific bone cancer drugs market size is anticipated to witness the fastest growth owing to increasing healthcare awareness, rise in research funding, and improving healthcare infrastructure.
Key players operating in the Bone Cancer Drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., Pfizer Inc., Amgen Inc., Novartis AG, Eli Lilly and Company, Debiopharm Group, Merck Co, Bayer AG, Bristol-Myers Squibb Company, Takeda Pharmaceutical, F. Hoffmann-La Roche Ltd and Teva Pharmaceutical. These key players are focusing on strategic agreements, collaborations, and new product launches to strengthen their market position and expand their geographic presence
