North America Oncology Drugs market

North America Oncology Drugs Market Size (2023 to 2028)

The North America Oncology Drugs Market was worth USD 62.12 Billion in 2023 and is estimated to be growing at a CAGR of 8.44%, to reach USD 93.15 Billion by 2028.

Oncology helps study, diagnosis, and treatment of cancer. Cancer is a disease where abnormal cells grow uncontrollably and disrupt normal bodily functions. The North American oncology drugs market is predicted to be growing due to an increase in the incidence of various cancer disorders, rising healthcare expenditures, rise in popularity of advanced therapies and an increase in the geriatric population, a robust pipeline of medications, and changed FDA regulations to promote biologics drug development in the future. Furthermore, the increased awareness of cancer and the availability of cancer treatments are projected to drive market expansion. The North American oncology drugs market is also driven by technological advancements, rising incidence of various types of malignancies, increased demand for R&D activities in cancer, and growing concerns about high cancer-related death rates.

In addition, the market for oncology drugs in this region is likely to be driven by the launch of novel cancer drugs and therapies and government support to enhance healthcare conditions. New cancer drug and therapy advancements and increased knowledge of new drugs and therapies on the market are projected to open up new potential for the oncology drugs market in North America.

Personalized medications, an increase in mergers and acquisitions, new product releases, and an increase in collaborations and partnerships are some of the trends that have been seen in the pharmaceutical industry. Targeted therapy is less harmful than typical treatment alternatives in the oncology medicine industry; hence companies are investing in it. Targeted cancer therapies are medications or substances that stop cancer from spreading by interfering with molecules that are more engaged in cancer cell progression than normal cell activity.

The high expense of new medication development and the risk of failure and side effects associated with cancer drug therapies are projected to limit the market growth. Patent expiration of drugs, pricing demands from regulators, obstacles due to regulatory changes, and inadequate healthcare access were all factors that hampered expansion in the past. The high cost of cancer medicines, strict government regulations, significant investment in the development and clinical trials of therapies, and the adverse effects of cancer treatments are a few other major factors restricting the growth of the North American oncology drugs market.

This research report on the North American oncology drugs market has been segmented and sub-segmented into the following categories:

By Type:

• Lung Cancer
• Pancreatic Cancer
• Breast Cancer
• Prostate Cancer
• Ovarian Cancer
• Colorectal Cancer
• Gastric Cancer
• Kidney Cancer
• Brain Cancer
• Thyroid Cancer
• Skin Cancer
• Bladder Cancer
• Cervical Cancer
• Blood Cancer
• Others

By Drug Class Type:

• Chemotherapy
• Targeted Therapy
• Immunotherapy (Biologic Therapy)
• Hormonal Therapy

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies/Drug Stores

By Route of Administration:

• Oral
• Parenteral
• Others

By Drug Classification:

• Branded Drugs
• Generic Drugs

By Country:

• United States
• Canada
• Rest of North America

Geographically, the North American oncology drugs market is predicted to lead the global market during the forecast period. The region's cancer cases have been accelerated by a rapid increase in smokers combined with an increase in sedentary lifestyles. As a result, the demand for cost-effective and feasible cancer treatments, especially oncology medications, has increased significantly. Breast cancer, lung cancer, prostate cancer, colorectal cancer, bladder cancer, and skin cancer are the most frequent malignancies in the United States.

As a result, rising cancer incidence and increased research into targeted medicines are projected to drive market expansion in the future years. Every day, cancer is projected to be diagnosed in Canadians. As a result of the factors listed, the growth of the North American oncology drugs market is predicted over the forecast period.

KEY MARKET PLAYERS:

F. Hoffmann-La Roche Ltd, Genentech, Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, GlaxoSmithKline plc, Eli Lilly and Company, AstraZeneca, Sanofi, and Bayer AG are some of the notable companies in the North America oncology drugs market.