The bone cancer drugs market comprises drugs that are used for the treatment of primary bone cancers such as osteosarcoma and chondrosarcoma and secondary bone cancers that arise from the metastasis of other cancers to the bone. These drugs include chemotherapy drugs like doxorubicin, cisplatin, ifosfamide, and methotrexate. The demand for bone cancer drugs is increasing owing to the rising global incidence of bone cancer.
The global bone cancer drugs market is estimated to be valued at US$ 1,423.67 million in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key players operating in the bone cancer drugs market are Advaxis, Inc., Cellectar Biosciences, Inc., OPKO Health, Inc., copyright 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 players are actively involved in developing advanced therapeutics for bone cancer treatment. For instance, in 2021, Cellectar Biosciences received an orphan drug designation from the US FDA for its product CLR 131 for multiple myeloma bone metastases.
The Bone Cancer Drugs Market Size offers several lucrative opportunities for players. The increasing research on personalized medicine provides an opportunity to develop targeted therapies. Further, partnerships between pharmaceutical companies and clinical researchers helps in advancing the clinical research and development of novel bone cancer drugs.
The growing prevalence of bone cancer globally is driving the expansion of the bone cancer drugs market. As per estimates, over 3,000 new primary bone cancer cases are diagnosed in the United States each year. Further, epidemiological data suggests that there would be overall increase in the incidence of bone cancers globally owing to aging population and improved diagnostic capabilities.
Market drivers: The rising risk of bone metastasis in breast cancer and prostate cancer patients is a major market driver. Breast cancer and prostate cancer frequently metastasize to the bones. As per estimates, over 70% of advanced breast cancer and over 80% of advanced prostate cancer patients experience bone metastasis. Moreover, improved screening and diagnostic technologies enable early detection of bone metastases, thereby driving the demand for bone cancer drugs.
PEST ANALYSIS
Political: The government policies regarding healthcare expenditure and cancer drug approvals will influence the market. Governments provide funding for cancer research which positively impacts the market.
Economic: The rising healthcare expenditure and growing disposable income levels contribute to the market growth. However, the high cost of bone cancer drugs poses a challenge.
Social: Increasing public awareness about cancer and availability of treatment options drive the demand. The growing geriatric population also contributes as they are more prone to develop cancer.
Technological: Advancements in drug delivery mechanisms, targeted therapies, and personalized medicine have expanded treatment options. Researchers are working on developing novel formulations with fewer side effects.
GEOGRAPHICAL REGIONS BY VALUE
North America dominates the bone cancer drugs market in terms of value due to the growing incidence of bone cancer, high healthcare expenditure, and availability of advanced treatment facilities. Europe holds the second largest share owing to increasing government support for cancer research. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to rising healthcare standards, growing discretionary incomes, and expansion of key players in the region.
FASTEST GROWING REGION
Asia Pacific region is poised to register the highest CAGR during the forecast period owing to the rapidly developing pharmaceutical industry, increasing healthcare expenditure, rising public awareness about cancer treatment, and improving access to modern diagnostic technologies. India, China, and Japan are major contributors to the market growth due to their large population base and economic development. Investments by global pharmaceutical players have enhanced the availability of advanced treatment options in Asia Pacific.
Get more insights on Bone Cancer Drugs Market
Discover the Report for More Insights, Tailored to Your Language
French
German
Italian
Russian
Japanese
Chinese
Korean
Portuguese
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)