Cancer is one of the leading causes of morbidity and mortality worldwide, but therapeutic innovation has changed the treatment paradigm drastically. Cancer medication demand is increasing due to high unmet medical need and incidence rate. This reflects in growing revenues for pharmaceutical companies operating in this space and increasing investments in oncology R&D. The key factors driving the growth of this pharmaceutical segment are the large number of new compounds with new mechanisms of action and the high cost of these medications.
According to QuintilesIMS, from 2011 to 2016, 68 new drugs have been approved for 22 indications. Therapy options have increased adding to treatment complexity. According to the global cancer drugs market by cancer type, blood cancer was the largest revenue generating segment in 2015, followed by breast, lung and prostate. Products such as Revlimid and Glivec significantly contributed to the magnitude of the hematology market share however, new drugs like Opdivo and Keytruda are likely to increase the value of other tumor types including lung and skin. The size of the oncology market is expected to further increase in the coming years. Immunotherapy will play a significant role in changing the treatment landscape for several tumor types. On the other side payers are likely to introduce price control mechanisms to rationalize access to these new therapies and try to ensure sustainable healthcare costs.
Cancer Medication Market – A blockbuster area for investmentlast edit: 2017-07-29T17:24:36+00:00da