Oncology Drugs - United States

United States

The projected revenue for the Oncology Drugs market in the United States is expected to reach US$114.60bn in 2024.
This indicates a significant growth potential in the market.
Furthermore, it is anticipated that the revenue will continue to increase at an annual growth rate of 13.55% between 2024 and 2028.
As a result, the market volume is projected to reach US$190.50bn by 2028.
In global comparison, United States is expected to generate the highest revenue in the Oncology Drugs market, with an estimated US$114.60bn in 2024.
This highlights the dominant position of the United States in this market.
The United States is experiencing a surge in the development and adoption of targeted therapies in the field of oncology drugs.

Key regions: Germany, India, United Kingdom, China, Canada

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Analyst Opinion

The Oncology Drugs market in the United States has been experiencing steady growth over the past few years.

Customer preferences: One of the primary reasons for this trend is the increasing incidence of cancer in the country. As a result, there is a growing demand for effective and innovative oncology drugs that can help patients manage their condition and improve their quality of life. Additionally, patients are increasingly looking for personalized treatment options that are tailored to their specific needs and medical history. This has led to the development of targeted therapies and precision medicine, which are becoming increasingly popular among patients and healthcare providers.

Trends in the market: Another trend that is driving growth in the oncology drugs market in the United States is the increasing use of immunotherapy. Immunotherapy is a type of cancer treatment that uses the body's immune system to fight cancer cells. It has been shown to be effective in treating a variety of cancer types, including lung cancer, melanoma, and bladder cancer. As a result, there has been a growing demand for immunotherapy drugs, which are expected to become a major revenue generator for the oncology drugs market in the United States.

Local special circumstances: The United States is home to some of the world's leading pharmaceutical companies and research institutions. This has led to a highly competitive market for oncology drugs, with companies vying for market share and investing heavily in research and development. Additionally, the country has a well-developed healthcare system that provides patients with access to the latest treatments and technologies. However, this also means that the cost of cancer treatment in the United States can be very high, which can be a barrier to access for some patients.

Underlying macroeconomic factors: The United States is the world's largest economy and has a high per capita income. This means that patients in the country are able to afford more expensive cancer treatments, which has contributed to the growth of the oncology drugs market. Additionally, the country has a large and aging population, which is more susceptible to cancer. As a result, there is a growing demand for cancer treatments and oncology drugs. However, the high cost of healthcare in the United States has also led to calls for greater affordability and accessibility of cancer treatments, which could impact the future growth of the market.

Methodology

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.