Seattle, WA -- (SBWire) -- 02/28/2020 --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).
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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.
The global oncology drugs market is one of the fastest growing market in overall pharmaceutical and biotech market. Major reasons for growth of this market are Increasing prevalence of various types of cancer worldwide
Increasing early stage detection rate of cancer, Robust pipeline of drugs and biologics-based products and increased number of oncology drugs receiving regulatory approvals, Increasing investment by the pharmaceutical companies in research and development of oncology drugs, Increasing number of blockbuster drugs going off patent resulting in entry of new generics and biosimilars in the market
Cancer is one of the deadliest disease with less chance of survival as the disease progresses. International Agency for Research on Cancer published GLOBOCAN 2018 report, which estimates cancer incidence and mortality rate. This report focus on geographic variability of cancer incidence rate and mortality rate across 20 world regions. This report projected 18.1 million new cancer cases (17.0 million excluding nonmelanoma skin cancer) and 9.6 million cancer deaths (9.5 million excluding nonmelanoma skin cancer) in 2018. Therefore, high prevalence of cancer is expected to be major factor for growth of the global oncology drugs market.
According to a report by Pharmaceutical Research and Manufacturers Association in 2015, over 800 drugs are in development stage targeting various types of cancer. Moreover, same source suggested that around 73% of personalized medicine under development are targeted towards cancer. Melanoma, colorectal cancer, blood cancer, breast cancer, lung cancer, and prostate cancer are the most targeted cancer for drug development. According to International Federation of the Pharmaceutical Manufacturers Association's report published in 2017, in 2014, the number of drugs in development for cancer was 1,919.
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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.
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Oncology Drugs Market Revenue Opportunies by Top Key Players Hoffmann-La Roche AG, Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb