Singapore Oncology Drugs Market Analysis

Singapore Oncology Drugs Market Analysis


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Singapore's oncology market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. The market has been increasing over the past few decades, with the highest incidence rates. The market is segmented by drug class, therapy, indication, dosage form, and distribution channel. The key companies in the Singapore oncology drugs market are AstraZeneca, Raffles Medical Group, Wave Life Sciences, Sphaera Pharma, MSD Singapore, and others.

ID: IN10SGPH018 CATEGORY: Pharmaceuticals GEOGRAPHY: Singapore AUTHOR: Chandani Patel

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Singapore Oncology Drugs Market Executive Summary

Singapore's oncology market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. The country has one of the most business-friendly regulatory environments in the world for local entrepreneurs and is one of the most competitive economies in the world. Singapore’s healthcare market is expected to grow to $49.4 Bn by 2029. Healthcare spending, comprising both public and private healthcare expenditure, is expected to account for 5.9% of GDP and could go up to 9% by 2029. Government healthcare expenditure is estimated to grow to $36 Bn by 2029 while private healthcare expenditure is forecast to be $13.5 Bn.

The oncology drugs market is made up of sales of oncology drugs and related services by entities (organizations, sole traders, and partnerships) that produce oncology drugs and associated services for the diagnosis and treatment of all types of cancer. This sector of the economy consists of businesses that manufacture drugs for use in chemotherapy, surgery, and radiotherapy to treat various cancers, including pancreatic, breast, ovarian, gastric, kidney, brain, and other types of cancer. Drugs are developed by the pharmaceutical industry to identify, cure, or prevent diseases. Pharmaceutical medications must go by a number of laws and rules regarding testing, safety, efficacy, marketing, and patenting. Pharmaceutical medications made from active pharmaceutical ingredients (API) and excipients are created by oncology drug manufacturers.

In Singapore cancer cases have been rising over the years, and the number of people living with cancer will continue to increase. During the period from 2014-2018, 74,536 cancer cases were reported in Singapore and 48.5% and 51.5% of those cases were reported in males and females respectively. Thus, growing the incidence of cancer cases is likely to drive the growth of the Singapore oncology drugs market.

Market Dynamics

Market Growth Drivers

The number of cancer cases in Singapore increased nearly 6 times from 12,072 in 1968-1972 to 71,265 in 2013-2017. This meant that an average of 14,253 cancer diagnoses are reported every year, equating to around 39 Singaporeans being diagnosed with cancer every single day. Consequently, these factors are likely to drive the growth of the Oncology market in Singapore during the forecast period.

The increasing aging population is expected to increase the prevalence of cancer cases contributing to the growth of the oncology drugs market. Within the next 20 years, Singapore will experience what is known as ‘hyper-aging.’ Over a quarter of the population will be 65 years and older by 2030 and it is expected to continue over the forecast period.

Market Restraints

The high cost of pharmaceuticals is a significant problem that many nations' inhabitants encounter. There is a lot of pressure to keep expenses down and show value. The sustainability of public health care funding is under threat from global political unpredictability and ongoing economic strain. The absence of affordable medications has affected the health of the populace and reduced average life expectancy in less developed nations.

Oncology Drugs Trends

Investment in Artificial Intelligence for Oncology Drugs

In order to save costs and time spent on R&D, companies that offer oncology treatments are investing more and more in cutting-edge technology, such as artificial intelligence (AI). AI is the mimicking of human intellectual capacities by computers, particularly computer systems, and has the potential to be smarter than humans. This technique speeds up the assessment of huge databases of chemical and biological data to identify potential drug candidates with higher success rates than human analysis.

Competitive Landscape

Key Players

  • AstraZeneca (SGP)
  • Raffles Medical Group (SGP)
  • Wave Life Sciences (SGP)
  • Sphaera Pharma (SGP)
  • MSD Singapore (SGP)
  • GlaxoSmithKline
  • F. Hoffmann-La Roche Ltd
  • Novartis AG
  • Takeda Pharmaceuticals
  • Gilead Sciences Inc.
  • Bristol-Myers Squibb (Celgene)

Notable Recent Deals

November 2022: AstraZeneca today announced an agreement to acquire Neogene Therapeutics Inc. (Neogene), a global clinical-stage biotechnology company pioneering the discovery, development, and manufacturing of next-generation T-cell receptor therapies (TCR-Ts) that offer a novel cell therapy approach for targeting cancer.

Healthcare Policies and Regulatory Landscape

The Government has accepted the MediShield Life Council’s recommendations to create a list of clinically proven and cost-effective outpatient cancer drug treatments, allow these cancer drug treatments to be claimable under MediShield Life, and set more granular claim limits to provide better coverage based on the cost of each treatment.

Subsidized patients in public healthcare institutions currently receive up to 75% subsidy for drugs under the Standard Drug List (SDL) and MAF. Following price negotiations with drug manufacturers to achieve better drug prices and cost-effectiveness, 55 more cancer drugs will be listed under the SDL/MAF, which will increase support for around 150 cancer drug treatments. The new MediShield Life claim limits for cancer drug treatments will be set based on post-subsidy bills.

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Singapore Oncology Drugs Market Segmentation

By Drug class

  • Cytotoxic drugs
    • Alkylating agents
    • Antimetabolites
    • Others
  • Targeted drugs
    • Monoclonal antibodies
    • Others
  • Hormonal drugs
  • Others

By Therapy

  • Chemotherapy
  • Targeted therapy
  • Immunotherapy

By Indication

  • Lung cancer
  • Stomach cancer
  • Colorectal cancer
  • Breast cancer
  • Prostate cancer
  • Others

By Dosage form

  • Solid
    • Tablets
    • Capsules
  • Liquid
  • Injectable
    • Prefilled syringes
    • Others

By Distribution channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 14 June 2023
Updated by: Vidhi Upadhyay

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