Cancer treatments have been advancing at an accelerated pace in recent years, offering notable improvements in clinical benefit to patients. The number of approved cancer therapies continues to rise, with around 63 oncology drugs launching within the past five years.
Jan 2019: Axiom Market Research & Consulting™ added a report on global oncology drugs market. The global oncology drugs market was projected to grow at a CAGR of 7.66% for the forecast period 2019 to 2025. The global market is estimated and forecasted in terms of revenue (USD billion) generated by the oncology drugs market.
The market was studied for therapeutic modules of oncology drugs, such as chemotherapy, targeted therapy, immunotherapy, hormonal therapy and others. Based on cancer type, the oncology drugs industry was segmented into blood cancer, breast cancer, gastrointestinal cancer, prostate cancer, lung cancer, skin cancer and others. Moreover, the key regions considered for the study were North America, Europe, Asia-Pacific and Rest of the World.
Increasing demand of biological and targeted drug therapies is driving the market growth
Cancer treatments have been advancing at an accelerated pace in recent years, offering notable improvements in clinical benefit to patients. The continued rise and impact of immuno-oncology has been largely centered on the PD-1 and PD-L1 checkpoint inhibitors, which have broad efficacy across solid tumors and are used across 23 different tumor types. Of the 14 New Active Substance cancer therapeutics launched in 2017 alone, all of them were targeted therapies and 11 of them were granted breakthrough therapy designations by the FDA.
Chemotherapy dominated the oncology drugs market in 2018
Chemotherapy has dramatically improved in the last decade in ability to minimize side effects over the last few decades. However, modern chemotherapy drugs are more effective and generally less toxic. Newer therapies typically aim for targets that are specific to cancer cells and do not occur in healthy cells. Multiagent, or combination chemotherapy, the major approach used in advanced cancer today, has been influenced by a better comprehension of the cell cycle.
Immunotherapy is the fastest growing market during the forecast period
Immunotherapy is expected to grow at the fastest CAGR due to its high efficacy and less side effects. Monoclonal antibodies such as trastuzumab, bevacizumab and rituximab are potential immunotherapeutic agents that have achieved magnanimous sales. The cancer immunotherapy market is primarily driven by huge research investments from multinational companies along with research collaborations for the development of cancer immunotherapeutic.
Blood cancer dominated the global oncology drugs market in 2018
Biopharmaceutical research companies are currently developing 247 medicines targeting leukemia, lymphoma, myeloma and other blood cancers. These medicines are either in human clinical trials or under review by the U.S. Food and Drug Administration (FDA).
North America accounted for the largest share in 2018, followed by Europe and Asia-Pacific
North America dominated the market for oncology drugs in 2018, as the region houses companies engaged in the development of oncology drugs. Additionally, the disposable incomes of consumers and health insurance cover for life-threatening diseases in North America are very high which increases the affordability of cancer treatment. In recent years, US Food and Drug Administration (USFDA) has taken initiatives to support the growth of oncology drugs market by providing pre-market approval to the drugs, which are in the clinical phase; thus, accelerating the clinical development.
The key competitors of this market include Roche Holding AG (Switzerland), Amgen Inc. (United States), Takeda Pharmaceutical Company Limited (Japan), Bayer AG (Germany), Boehringer Ingelheim GmbH (Germany), Bristol-Myers Squibb Company (United States), Celgene Corporation (United States), Eli Lilly and Company (United States), Johnson & Johnson (United States), Merck & Co., Inc. (United States), Novartis AG (Switzerland), Pfizer Inc. (United States), Sanofi (France) and Teva Pharmaceutical Industries Limited (Israel).
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