Cancer drug sales expected to increase dramatically by 2024

Several recent reports have indicated that oncology drugs are on track to dramatically increase sales in the coming years. Sales of drugs related to cancer are already well ahead of other pharmaceuticals.

Via a report from German statistics company Statista, pharmaceutical industry consultancy Evaluate has predicted that oncology drugs will hit more than $236 billion by 2024. This is nearly double the sales amount for 2018, a time during which oncology drugs reached $123.8 billion in sales. The second overall highest-selling drugs – those for diabetes – achieved $48.5 billion in sales over the same time period.

"Cancer drugs are extremely pricey and therefore generate high revenues, with costs of a cancer treatment at above $100,000 per patient,” the Statista report states. “Cancer rates themselves are also rising with humans increasing their lifespans. Money funneled into cancer research means new medications coming out, which improves cancer treatment but might also increase its price as pharmaceutical companies charge a premium for the newly researched and released drugs."

Additionally, a report from global market research firm Allied Market Research has revealed that cancer’s prevalence, along with a rise in geriatric population and cancer research, as well as an increase in inter-pharmaceutical company collaborations, are all components of oncology drug sale growth.

“In addition, rise in healthcare expenditure worldwide is expected to boost the market expansion,” the report states. “Moreover, high market growth potential in developing nations, rise in number of pipeline products, and upsurge in demand for personalized medicines are expected to create new opportunities for the market players during the forecast period. However, adverse effects associated with the use of cancer drugs and high costs related with cancer drug development are the major factors that impede the growth of the market." 

Moleculin Biotech, a pharmaceutical company which specializes in clinical stage drugs, is one company that aims to ride the wave of the growing market. The company recently announced that a clinical trial for its topical treatment of cutaneous T-cell lymphoma, has reached full enrollment. Other pharmaceutical companies offering oncology drugs, such as AMAG Pharmaceuticals and Nektar Therapeutics, have both released financial reports that reveal revenue growth, thanks in part to the oncology drug market.