July 16, 2024

Bone Cancer Drugs is Fastest Growing Segment Fueling Growth of Bone Cancer Drugs Market

The global Bone Cancer Drugs Market is estimated to be valued at US$ 1,286.4 Mn or Million in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bone cancer drugs are primarily used for treatment of bone cancer such as osteosarcoma and Ewing’s sarcoma. Bone cancer drugs inhibit tumor growth by stopping or slowing the growth of cancer cells. These drugs act through different mechanisms such as inhibiting DNA synthesis, cell division or inducing cell death.

Market key trends:
Bone cancer is one of the rare types of cancers. According to World Health Organization (WHO), osteosarcoma account for approximately 60% of primary bone cancers diagnosed globally each year, with 3,000 new cases reported annually in the United States. Rising prevalence of bone cancer is majorly fueling the growth of the bone cancer drugs market. For instance, according to Cancer Research UK, in 2018 there were 1,162 new bone cancer cases in the UK. Moreover, development of novel targeted therapies for treatment of bone cancer is also contributing to the market growth. For example, in 2017, FDA approved innovative drug Larotrectinib, under brand name Vitrakvi, to treat solid tumors with NTRK gene fusions without a known acquired resistance mutation, including bone sarcoma.

Segment Analysis
The global bone cancer drugs market is segmented based on type, therapy, end user, and geography. By type, the market is segmented into multiple myeloma, osteosarcoma, chondrosarcoma, Ewing’s sarcoma, and others. The osteosarcoma segment accounts for the largest share owing to its higher prevalence as it is one of the most common types of bone cancer affecting children and young adults. By therapy, the market is segmented into targeted therapy, chemotherapy, and others. The targeted therapy segment dominates the market as precision medicines are proven to be more effective with lower side effects compared to conventional chemotherapy. By end user, the market is divided into hospitals, specialty clinics, and others. Hospitals represent a major share of the end-user segment due to availability of advanced treatment facilities.

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 prevalence of bone cancer worldwide. The market size for 2023 is US$ 1,286.4 Mn. Regionally, North America is largest and fastest growing market for bone cancer drugs owing to developed healthcare infrastructure and high healthcare spending in the US and Canada. 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.