(PharmaNewsWire.Com, April 28, 2018 ) The global cancer therapy market is expected to register a CAGR of 6.5% during the forecast period, 2018 to 2023. North America dominates the market, due to growing prevalence of cancer diseases and rapid adoption of new therapy and novel drugs in the region.
High Prevalence and Incidence of Cancer Disease Worldwide Cancer is one of the leading causes of morbidity and mortality, globally. According to World Health Organization (WHO), in 2015, cancer was the second leading cause of death accounting for 8.8 million deaths, worldwide, and the number of new cancer cases is expected to rise by about 70% over the next two decades. It has been identified that approximately 70% of deaths from cancer occur in low- and middle-income countries. The growing incidence and prevalence of cancer and launch of novel cancer therapy, coupled with increasing awareness about cancer cure and treatment, are likely to drive the growth of the global cancer therapy market during the forecast period. Additionally, increasing Patient Assistance Programs (PAP’s), growing government initiatives for cancer awareness, and strong R&D Initiatives from key players are anticipated to drive the market for global cancer therapies.
High Cost of Cancer Therapies The global cost of cancer therapy and drugs had increased from USD 91 billion to USD 113 billion in 2016.The US market is estimated to account for 46% of the global cancer cost. Factors, such as longer duration of cancer therapies, availability of novel agents, and use of combination therapy are contributing to the rising cost of cancer therapy. Additionally, cancer cost is expected to grow in the range of 6% to 9%, annually, during the forecast period. Thus, rising cost of cancer therapies, coupled with fluctuation of reimbursement policies for cancer treatment across the globe, is likely to impede the growth of the global cancer therapy market.
North America to Dominate the Market North America dominates the global cancer therapy market, owing to high prevalence of cancer in the region because of a sedentary lifestyle, along with launch and growing adoption of novel cancer therapy in the region.Asia-Pacific is expected to grow tremendously during the forecast period, owing to factors, such as high prevalence of cancer, growing awareness regarding cure and treatment of cancer, and increasing collaboration between public and private sectors to provide novel cancer therapy in the region.
Key Developments in the Market February 2018: Bristol-Myers Squibb Company announced cancer deal with Nektar Therapeutics. As per the deal, Bristol-Myers Squibb Company will pay USD 1.85 billion to Nektar Therapeutics. The partnership is built around the Nektar drug, NKTR-214, which will be tested in combination with Bristol’s immuno-oncology (IO) drugs Opdivo and Opdivo and Yervoy in 20 cancer indications across nine different tumor types, including melanoma, kidney, and lung cancers January 2018: AstraZeneca and Merck & Co., Inc., received approval from US Food and Drug Administration, for Lynparza (olaparib), for use in patients with deleterious or suspected deleterious germline BRCA-mutated (gBRCAm), human epidermal growth factor receptor 2 (HER2)-negative metastatic breast cancer. Major Players: ASTRAZENECA, BRISTOL-MEYRS SQUIBB COMPANY, BAYER AG, F. HOFFMANN-LA ROCHE LTD, GLAXOSMITHKLINE PLC, JOHNSON & JOHNSON, MERCK & CO. INC., NOVARTIS AG, AND PFIZER INC., among others.
Reasons to Purchase this Report Current and future global cancer therapies market outlook in the developed and emerging markets Analyzing various perspectives of the market with the help of Porter’s five forces analysis The segment that is expected to dominate the market Regions that are expected to witness the fastest growth during the forecast period Identify the latest developments, market shares, and strategies employed by the major market players 3 months analyst support, along with the Market Estimate sheet (in excel)
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