Pune, India -- (SBWire) -- 02/23/2018 --The global market for cancer therapeutics and supportive care drugs was valued at around USD 117.8 billion in 2016 and is expected to reach USD 222.9 billion by 2023, growing at a CAGR of around 9.7% during the forecast period of 2017 to 2023. Cancer, also called malignancy, is an abnormal growth of cells. There are more than 100 types of cancer, including breast cancer, skin cancer, lung cancer, colon cancer, prostate cancer, and lymphoma. Symptoms vary depending on the type. Cancer treatment may include chemotherapy, radiation, and/or surgery. 2015 year saw a new high in the number of US food and drug administration approvals of new pharmaceuticals, including new molecular entities (NMEs) and new Biologic License Applications (BLAs), amounting to a total of 45 NMEs and BLAs in all disease states compared with 41 approved in 2014 and much fewer (27) in 2013. Of these 45 NMEs and BLAs entering the market last year, 16 were novel therapies for cancer, providing patients new hope through novel treatment options and new mechanisms of action. New trends in oncology drug development are reflected in the increasing use of biotechnology in the development of anticancer drugs, including immunotherapies or monoclonal antibodies, adoptive-cell therapies, and new vaccines.
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New treatment options have become available in the past five years, and the surge of innovation is expected to continue due to a robust pipeline of drugs in clinical development by a large and diverse group of pharmaceutical companies. Innovations in the development of new drugs and therapies, large number of new drugs entering into the market with FDA approval, increasing prevalence of cancerous patients, availability of new treatment options in the market and rise in base of aging population are the key driving factors for the growth of this market. In addition, changing lifestyle habits of populations, increased patient's healthcare awareness, and increasing demand for non-invasive therapies are further expected to propel the market growth in the coming years. Along with these driving factors, the market for cancer therapeutics is facing some challenges such as time consuming regulatory compliance and high cost of cancer drugs. However, the market for cancer therapeutics and supportive care drugs is likely to rise in the future due to the large number of ongoing innovations for the treatment of cancer.
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, presence of large base of cancer patients, rise in investments, and various initiatives by government in the healthcare sector. However, Asia-Pacific market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, significant investments and growing awareness among the population about the treatment options available in the market.
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The report provides profiles of the companies in the global Cancer Therapeutics and Supportive Care Drugs Market such as, Abbott Laboratories, AstraZeneca plc, Astellas Pharma Inc., Bristol-Myers Squibb, Johnson & Johnson, Eli Lilly, Novartis, Pfizer Inc., Sanofi, AbbVie, Inc., Teva Pharmaceuticals, Takeda Pharmaceuticals, etc.
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Cancer Therapeutics and Supportive Care Drugs Market Is Expected to Reach USD 222.9 Billion by 2023, Growing at a CAGR of Around 9.7%
Infinium Global Research has added a new research report on the "Cancer Therapeutics and Supportive Care Drugs Market" to its collection.