Increase in cancer prevalence, surge in collaboration between pharmaceutical companies, and rise in cancer research are the key factors that augment the growth of the cancer therapeutics market. Furthermore, growth in geriatric population is expected to boost the market growth.
According to a new report published by Allied Market Research, titled, “Cancer Therapeutics Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the market was valued at $81,291 million in 2016, and is projected to reach $178,863 million by 2023, at a CAGR of 11.9% from 2017-2023. The market is driven by factors such as development of novel cancer therapeutics and surge in cancer awareness & availability of oncology drugs in developing markets.
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The key drivers of the global cancer therapeutics market are surge in geriatric population and rise in the number of collaborations & partnerships to facilitate drug development. In addition, heavy inflow of investment in R&D activities has enhanced the development of cancer therapeutics; furthermore, favorable government regulations for cancer therapeutics and surge in cancer prevalence boost the market. The high-demand for personalized medicine along with high potential of emerging economies provide lucrative opportunities to the market. However, adverse effects related to cancer therapeutics and high-costs associated with oncology drugs impede the market growth.
Recent progress in biological therapies have widened the scale of therapeutic targets for treatment of cancer with the identification of tumor cell specific genes. Immunotherapies/biologics are emerging as the potential therapies to find a permanent cure for various cancer types among various cancer therapeutics.
Among the different applications, lung cancer nearly occupied one-fourth share in the global cancer therapeutics market in 2016. This can be attributed to the fact that, prevalence of lung cancer is increasing both in developed and developing economies. Furthermore, pharmaceutical companies are developing new and improved drugs to tackle the burden of this disease.
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Key Findings of the Cancer Therapeutics Market:
- Europe accounted for more than one-fourth of the share of the cancer therapeutics market in 2016.
- The prostate cancer application segment is anticipated to grow with the highest CAGR throughout the forecast period.
- Revlimid brand occupied the largest share in the top selling drugs segment in 2016.
- Asia-Pacific is anticipated to grow at the highest rate in the cancer therapeutics market during the analysis period.
North America was the leading revenue contributor to the global market in 2016, owing to high adoption rate of cancer therapeutics. North America occupied nearly half of the total market share in 2016. However, Asia-Pacific is expected to grow at the highest CAGR of 13.6% from 2017-2023, owing to increase in disposable income; surge in research, development, & innovation activities; and growth in awareness of cancer therapeutics.
The report provides extensive competitive analysis and profiles of the key market players such as F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, AbbVie, Inc., Johnson & Johnson, Celgene Corporation, Astellas Pharma, Inc., Pfizer, Inc., Novartis AG, Merck KGaA, and Eli Lilly and Company. The other players in the value chain (not included in the report) include AstraZeneca plc, Bayer AG, and Takeda Pharmaceutical Company Limited.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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