Singapore Oncology Drugs Market Insights Forecasts to 2033

• The Singapore Oncology Drugs Market Size was valued at USD 283.2 Million in 2023.
• The Market Size is growing at a CAGR of 7.75% from 2023 to 2033
• The Singapore Oncology Drugs Market Size is expected to exceed USD 597.5 Million by 2033

The Singapore Oncology Drugs Market Size is anticipated to exceed USD 597.5 Million by 2033, growing at a CAGR of 7.75% from 2023 to 2033. The increasing incidence of cancer and the presence of strong pipeline candidates are driving the growth of the oncology drugs market in the Singapore.     

Market Overview

Oncology drugs comprise different types of medications including chemotherapy agents, targeted therapies, immunotherapies, and hormone therapies. The main goals of oncology medications are to decrease the overall quantity of cancer cells in the body, decrease the size of the tumor, and lessen its symptoms. Cancer, which is defined by the uncontrolled growth and dissemination of abnormal cells, poses significant challenges for healthcare systems and encourages the ongoing development of therapeutic approaches. The surging investment in the research and development of immunotherapy by the key market players is expected to offer lucrative market growth opportunities for oncology drugs. Further, the introduction of personalized medication, a tailored therapy approach towards oncogenic drivers of the tumor, and modulating tumor immune environment are significantly contributing to escalating the oncology drugs market.

Report Coverage

This research report categorizes the market for the Singapore oncology drugs market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore oncology drugs market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore oncology drugs market.

Driving Factors

During the period from 2018-2022, 87,716 cancer cases were reported in Singapore. There have been rising cancer cases over the years and the number of people living with cancer is expected to increase. The increased number of cancer cases in the country is responsible for driving the market demand. Further, the presence of strong pipeline candidates including biologics, small molecules, immunotherapies, and biosimilars with a wide array of approaches for treating many types of tumors are propelling the market growth.

Restraining Factors

Several factors responsible for restraining the market growth include regulatory approval procedures, high drug development costs, patent expirations that result in generic competition, difficulties with reimbursement, drug resistance, safety issues, restricted access to medical care, the complexity of cancer, and economic uncertainties.

Market Segmentation

The Singapore Oncology Drugs Market share is classified into drug class, therapy, indication, dosage form, and distribution channel.

• The targeted drugs segment accounted for the largest revenue share of the Singapore oncology drugs market in 2023.

The Singapore oncology drugs market is segmented by drug class into cytotoxic drugs, targeted drugs, hormonal drugs, and others. Among these, the targeted drugs segment accounted for the largest revenue share of the Singapore oncology drugs market in 2023. Targeted drugs with anti-tumor drugs are frequently administered with biological agents. The increasing number of drug approvals for cancer by regulatory authorities is contributing to driving the market growth in the targeted drugs segment.

• The targeted therapy segment accounted for the largest revenue share of the Singapore oncology drugs market in 2023.

The Singapore oncology drugs market is segmented by therapy into chemotherapy, targeted therapy, and immunotherapy. Among these, the targeted therapy segment accounted for the largest revenue share of the Singapore oncology drugs market in 2023. In addition to improving treatment effectiveness, targeted therapies are designed to address the nonspecific toxicity linked to conventional chemotherapy medications. The rising adoption and preference for targeted drug therapy among consumers augment the market growth in the targeted drugs segment.

• The breast cancer segment is anticipated to grow at the fastest CAGR during the forecast period.

The Singapore oncology drugs market is segmented by indication into lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, and others. Among these, the breast cancer segment is anticipated to grow at the fastest CAGR during the forecast period. One in twelve women is expected to get breast cancer in their lifetime, making it the most prevalent malignancy among Singaporean women. The increasing incidence of breast cancer, improved awareness, the introduction of more breast cancer treatments, and significant R&D expenditures are the factors responsible for propelling the market growth.

• The injectable segment is anticipated to dominate the Singapore oncology drugs market during the forecast period.

The Singapore oncology drugs market is segmented by dosage form into solid, liquid, and injectable. Among these, the injectable segment is anticipated to dominate the Singapore oncology drugs market during the forecast period. Injectable chemotherapy are comprised of intravenous (IV) chemo, intrathecal (IT) chemo, intra-arterial chemo, intracavitary chemo, intramuscular (IM) chemo, intralesional chemo, and intravesical chemo. The growing number and use of biologics for the treatment of cancer are responsible for driving the market in the injectable segment.

• The hospital pharmacies segment is anticipated to dominate the Singapore oncology drugs market during the forecast period.       

Based on the distribution channel, the Singapore oncology drugs market is divided into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the hospital pharmacies segment is anticipated to dominate the Singapore oncology drugs market during the forecast period. Hospital pharmacies have quickly become the go-to source for compounded medications due to the availability of qualified personnel in hospitals. The increased number of diagnoses at hospitals is responsible for the rise in drug prescriptions in hospitals which in turn drives the market in the hospital pharmacies segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore oncology drugs market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Abbvie
• GlaxoSmithKline
• Merck & Co.
• Amgen
• Novartis
• Pfizer
• Eli Lilly
• Johnson & Johnson
• Hoffmann-La Roche Ltd
• Sanofi
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2024, PharmaEssentia Corporation, a global biopharmaceutical innovator leveraging deep expertise and proven scientific principles to deliver new biologics in haematology and oncology, announced the availability of BESREMi (ropeginterferon alfa-2b) in Singapore.
• In May 2024, Pharmaceutical giant AstraZeneca is to open a $1.5 billion (€1.38 billion) cancer manufacturing plant in Singapore, as part of a plan to develop and strengthen its presence around the world.
• In February 2024, Daiichi Sankyo, an innovative global healthcare company, launched its subsidiary Daiichi Sankyo Singapore Pte. Ltd. to bridge unmet needs in oncology.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Oncology Drugs Market based on the below-mentioned segments:

Singapore Oncology Drugs Market, By Drug Class

• Cytotoxic Drugs
• Targeted Drugs
• Hormonal Drugs
• Others

Singapore Oncology Drugs Market, By Therapy

• Chemotherapy
• Targeted Therapy
• Immunotherapy

Singapore Oncology Drugs Market, By Indication

• Lung Cancer
• Stomach Cancer
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Others

Singapore Oncology Drugs Market, By Dosage Form

• Solid
• Liquid
• Injectable

Singapore Oncology Drugs Market, By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies