Oncology Drugs Market Insights – Cancer can be cured
Cancer is a class of chronic disease that is characterized by uncontrolled growth of cells. The most common cancer types are breast cancer, lung cancer, colorectal cancer, uterine cancer, and thyroid cancer. The three main types of drugs used for cancer, based on their mechanism of action, are cytotoxic drugs, targeted drugs, and hormonal drugs. Oncology drugs market has witnessed tremendous growth in the recent past, owing to increasing drug approvals and emergence of biosimilar products for cancer treatment. Furthermore, increasing healthcare expenditure for cancer has led to growing research and development activities for developing new cancer drugs that are highly effective and with least side-effects.
The global oncology drugs market size is estimated to be valued at US$ 77.3 billion in 2018 and is expected to witness a CAGR of 12.3% over the forecast period (2018 – 2026).
Figure 1. Global Oncology Drugs Market Share, By Region
Source: Coherent Market Insights Analysis (2018)
Increasing preference of immunotherapy for the treatment of cancer is driving the oncology drugs market growth
Key companies in the oncology drugs market are focused on targeting cancer treatment based on personalized medicines. According to Tufts Center for the Study of Drug Development (CSDD), 2015 report, 73% of the cancer medicines in the development have potential to be personalized medicine. Several researches are focused on targeting cancer at molecular level to offer new cancer treatments. According to an article published in The Biopharmaceutical Pipeline, 2013, new molecular entity for cancer treatment holds 80% share in the total pipeline products for cancer treatment. According to same source, the total number of potential first-in-class projects for cancer are 4,358 out of total 5,473 cancer projects.
However, several blockbuster oncology drugs are expected to lose their patent during 2018-2020, which in turn is expected to hamper the market growth during the forecast period. For instance, Roche’s Avastin, which is a humanized monoclonal antibody for the indication of colorectal, lung, breast, glioblastoma, kidney, and ovarian cancer is expected to lose its patent in July 2019 in the U.S. and in January 2022 in Europe. Some of the other drugs that are under patent expiration include, Bristol-Myers Squibb and Eli Lilly and Company’s Erbitux (cetuximab) by 2018; Roche’s Herceptin (trastuzumab) by 2019 and MabThera (Rituximab) by 2018; and Sanofi’s Zaltrap by 2020.
Presence of key market players and increasing drug approvals are attributing to the highest share of North America market in the global oncology drugs market
Regional oncology drugs market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America oncology drugs market holds dominant position in the global oncology drugs market. Advanced medical treatment options available for cancer in economies such as the U.S. and increasing survival rate are key factors driving the market growth. For instance, according to the American Association for Cancer Research’s 2015 report, the number of survivors suffering from cancer increased from 9.8 million in 2001 to 14.5 million in 2014, owing to increasing adoption of better medical facilities. Moreover, increasing R&D activities by local players such as Spark Therapeutics, Inc. and Kite Pharmaceuticals and increasing product approvals by the U.S. FDA are boosting the market growth in North America.
Furthermore, Asia Pacific is expected to witness significant growth in the market, owing to increasing focus of international player on strategies such as mergers and acquisitions. For instance, in February 2018, Merck acquired Viralytics Limited, a Sydney-based immune-oncology drug developer, to strengthen its immune-oncology drug pipeline. Moreover, increasing prevalence of various types of cancer in economies such as India and China is also expected to propel growth of the market. For instance, according to the American Cancer Society, 2015, around 4.3 million new cancer cases and over 2.8 million cancer deaths were recorded in China, with lung cancer being the most common and the leading cause of cancer deaths.
Figure 2. Global Oncology Drugs Market Share, By Region
Source: Coherent Market Insights Analysis (2018)
Market players are focused on mergers with research institutes and acquisition of small market players
Key players in the oncology drugs market are focused on strategies such as mergers with research institutes and acquisition of small market players in order to enhance their market share. This in turn is expected to boost the market growth over the forecast period. For instance, in May 2018, Eli Lilly and Company acquired two market players, Armo BioSciences and AurKa Pharma for US$ 1.6 billion and US$ 111 million, respectively, to expand its cancer portfolio. In March 2016, Kite Pharma, Inc. collaborated with Genentech, a member of Roche Group, to evaluate a drug molecule, KTE-C19 in combination with atezolizumab for refractory, aggressive non-Hodgkin lymphoma (NHL). The trials are conducted under the names ZUMA-1, ZUMA-2, ZUMA-3, and ZUMA-4.
Major players operating in the global oncology drugs market include, Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc., AstraZeneca plc., Bayer AG, and Amgen Inc.
Group of cells that lose contact inhibition growth mechanism leads to development of tumor, which is potent to grow infinitely at its origin or can invade into blood stream and lead to tumor at different sites. Based on the location ability of tumor cancer, it is classified as benign tumor or malignant tumor, respectively. The global oncology drugs market is segmented by drug type, by cancer type, and by distribution channel. Based on the drug type, the market is segmented into cytotoxic drugs, targeted drugs, and hormonal drug. Targeted drugs specifically target cancerous cells, which helps in reducing the side effects of the drugs. This in turn propels growth of targeted drugs segment.
Increasing drug approvals and robust pipeline for novel therapeutic agents are some of the key factors driving the oncology drugs market growth. For instance, in August 2017, Tisagenlecleucel (Kymriah), a drug developed by Novartis was approved by the U.S. Food and Drug Administration (FDA) for the treatment of pediatric and young adults with refractory or relapsed Acute Lymphoblastic Leukemia (ALL). Moreover, increasing prevalence of various types of cancer is also fueling the oncology drugs market growth. For instance, according to a report by National Cancer Institute, 2016, around 16.8 million new cases of cancer are diagnosed in the U.S. every year, with around 595,690 deaths from the disease and the number of people with cancer is expected to increase to 19 million by 2024.
However, high cost of cancer drugs and adoption of alternative treatment options such as surgery and radiation therapy are major factors hindering the oncology drugs market growth. Several blockbuster oncology drugs in the market are expected to lose patent during 2018-2020, which is turn acts as an opportunities for emerging players in the global oncology drugs market.
Key features of the study:
Strategies “*” marked represents similar segmentation in other categories in the respective section.
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