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Targeted Cancer Therapies Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
Targeted cancer therapies market is growing due to the increasing incidences of cancers such as breast cancer, lung cancer, colorectal cancer, gastrointestinal cancer and among others. According to the National Cancer Institute, in 2016, around 1,685,210 new cases of cancer were diagnosed in U.S. and 5,95,690 people died from the disease. However, increasing cancer research funding, rising insurance coverage and increase in number of new targeted anti-cancer drugs supports the revenue growth of targeted cancer therapies market. National Cancer Institute, in 2015, spent around US$ 4,480 million on cancer research which include lung cancer, colorectal cancer, liver cancer, breast cancer, leukemia, ovarian cancer, uterine cancer, and cervical cancer. In addition, according to the American Cancer Society, U.S. has spent around US$ 87.8 billion in 2014 on cancer research, in which the major cost accounting for around 44%, was paid by private insurance companies. Conversely, high prices associated with targeted therapies is expected to hamper the growth of targeted cancer therapies market.
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Targeted Cancer Therapies Market Taxonomy:
On the basis of type, the global targeted cancer therapies market is segmented into:
Monoclonal antibodies
Immunotherapy
Antibody-Drug Conjugate (ADC)
Others
On the basis of application, the global targeted cancer therapies market is segmented into:
Breast cancer
Colorectal cancer
Lung cancer
Melanoma
Gastrointestinal
Others (Leukemia, Lymphoma, Prostate cancer)
Increased cost of therapy is a major constraint factor in the targeted cancer therapies market
According to the American Institute of Cancer Research (AICR), in U.S., cancer treatment costs more than any other disease, accounted for around US$ 895 billion a year. According to the study published in the Journal of Clinical Oncology, in 2015, targeted therapies accounted for 63% of the all chemotherapy expenditures in the U.S. in 2011. This further propels the targeted cancer therapies market in the near future. Targeted therapy drugs are very expensive, costs more than US$ 14,000 per patient in the initial stage of treatment. Various insurance companies cover the targeted therapy drugs that are taken orally according to the prescription. However, drugs that are given intravenously are covered in a different way by insurance plans, wherein patient end up paying more money. According to report published in the Journal of Clinical Oncology, in 2015, expenditure for cancer drugs has significantly increased to around US$ 200 for oral drugs per patient per month and around US$ 900 for targeted intravenous anti-cancer therapy per month. According to a study by US National Bureau of Economic Research, in 2015, prices of cancer drugs have increased 10% every year between 1995 and 2013. Rising cost of targeted oral anticancer medicines is a major factor in rising overall cost of targeted cancer therapies.
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Key Players in the Global Targeted Cancer Therapies Market
Some of the key players operating in the targeted cancer therapies market include Abbott Laboratories, Bayer AG, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, AstraZeneca PLC, OncoGenex Pharmaceuticals Inc., Pfizer, Inc., AVEO Pharmaceuticals Inc., and CYTOKINETICS INC.
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