Increased Flexibility Through FDA Regulations Drives The Oncology Drugs Market

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LONDON, June 22, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company's oncology drugs market report, the US Food and Drug Administration (FDA) has revised its regulations to eliminate outdated biologics requirements, thus allowing oncology drug manufacturers to employ new manufacturing technologies and testing capabilities. Standard preparations (standard solutions containing a precisely known concentration of an element), which help to ensure safety, purity and potency of biologics, can now be obtained from sources other than FDA's Center for Biologics Evaluation and Research (CBER), or can be developed internally by the biologics license applicant. The FDA has also removed a rule (Section 610.21 of FDA code) which specifies minimal potency limits to be met for certain antibodies and antigens.

For instance, in April 2021, the FDA oncologic drugs advisory committee reviewed status of six indications granted accelerated approvals. In addition, FDA is also updating regulations (section 610.53 of FDA code) regarding storage periods and storage conditions for biologics. These amendments in regulations are expected to increase regulatory flexibility by allowing the pharmaceutical industry and the FDA to incorporate current scientific technologies in the manufacture of licensed biological products.

This increased autonomy allows for improved manufacturing capabilities. A strong pipeline of oncology drugs is predicted to drive the revenues for the oncology drugs market in the near future. For instance, Pfizer, an American multi pharmaceutical corporation, had a total of 91 projects in the pipeline including 39 projects for oncology, as of 28 April 2020. Moreover, AstraZeneca plc, multinational pharmaceutical and Biopharmaceutical Company based in the UK, had 167 projects in the pipeline including oncology, respiratory & immunology, and others as of 29 April 2020. Therefore, such strong pipeline projects are expected to generate higher revenues for companies in the future, thereby driving the oncology drugs market through the forecast period.

The oncology drugs market is concentrated, with a small number of large players in the market. The top ten competitors in the market had up to 83.09% of the total cancer drugs market share in 2020. Major players in the market include Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis AG, Johnson & Johnson, and Pfizer Inc.

The Business Research Company's report titled Oncology Drugs Market - Opportunities And Strategies - Global Forecast To 2030 covers major oncology drugs companies, oncology drugs market share by company, oncology drugs manufacturers, oncology drugs market size, and oncology drugs market forecasts. The report also covers the global oncology drugs market and its segments.

Request For A Sample Of The Global Oncology Drugs Market Report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=3440&type=smp

The oncology drugs market was particularly prone to disruption from the coronavirus outbreak, as patients with cancer are more susceptible to viral infections – especially after chemotherapy, stem cell transplants, or surgeries. COVID-19 caused clinical trial delays for oncology drugs and resulted in low usage of cancer drugs. Due to the worldwide lockdowns, production was also being halted, causing supply chain issues.

The global oncology drugs market is now expected to grow from $80.92 billion in 2020 to $84.38 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oncology market size is expected to reach $112.14 billion in 2025 at a CAGR of 7%.

Oncology Drugs Market - By Type (Blood Cancer, Breast Cancer, Lung Cancer, Prostate cancer, Colorectal Cancer, Cervical cancer, Kidney Cancer, Gastric Cancer, Brain Tumor, Skin Cancer, Ovarian Cancer, Bladder Cancer, Pancreatic Cancer, Thyroid Cancer, Others), By Drug Class Type (Targeted Therapy, Immunotherapy (Biologic Therapy), Chemotherapy, Hormonal Therapy), By Distribution Channel (Retail Pharmacies/Drug Stores, Hospital Pharmacies, Others), By Route Of Administration (Oral, Parenteral, Others), By Drug Classification (Branded, Generic), And By Region, Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Cancer Diagnostics Global Market Report 2021: COVID-19 Growth And Change To 2030

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CAR-T Therapy Market - By Target Antigen (CD19 Therapy, CD22 Therapy, BCMA Therapy, Others), By Application (Acute Lymphoblastic Leukemia, Diffuse Large B-Cell Lymphoma, Follicular Lymphoma, Chronic Lymphocytic Leukemia, Multiple Myeloma, Others), And By Region, Opportunities And Strategies - Global Forecast To 2030

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