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Oncology Drugs Market is growth 2019 | Novartis International AG, Celgene Corporation, Johnson & Johnson, Bristol-Myers Squibb, Pfizer Inc., Merck & Co., Eli Lilly and Company, AbbVie, Inc
Oncology Drugs Market
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.
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.
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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.
Increasing number of drugs are being approved for treating various types of cancer. According to U.S. FDA, around 16 new drugs were approved in 2017 for treatment of cancer. Moreover, by mid November 2018, eight more drugs were approved for cancer. Notable drug approvals from 2017 include,
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Yescarta from Kite Pharmaceuticals that consist of the axicabtagene ciloleucel, for the treatment of relapsed or refractory large B-cell lymphomas (approved in October 2017)
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