North America has the largest market for silent cancer therapeutic, followed by Europe. This is due to technological advancements in cancer treatment devices, increasing prevalence of cancer, rise in aging population and improved healthcare infrastructure in the region. The silent cancer therapeutic market in Asia is expected to experience high growth rate over the next few years. This is due to evolving R&D activities in the field of cancer, increasing government support for research, rise in number of cancer patients, growing awareness about various types of silent cancer, increasing elderly population and developing healthcare infrastructure in the region. Moreover, growing demographics and economies in developing countries such as India and China are expected to drive the silent cancer therapeutics market in Asia.
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Technological advancements such as non-invasive radiation therapy and increasing prevalence of cancer are key drivers for the global silent cancer therapeutics market. Also, increasing government support in the form of funding and research in oncology has fueled the market growth. Furthermore, growing aging population and rising obesity are driving the growth of the silent cancer therapeutics market.
However, high costs involved in research activities and the expiry of patents of some blockbuster drugs (drugs that have an annual sale of USD 1.0 million and above) are hindering the growth of the market. Despite the high costs involved in R&D, pharmaceutical companies are showing interest in this field, which, in turn, has increased investment in the development of novel therapeutics for silent cancer.
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Increasing number of mergers and acquisitions and rapid product launches are some of the latest trends in the global silent cancer therapeutic market.Some of the major companies operating in the market are Abbott Laboratories, Amgen Inc., Bayer AG, Bristol-Myers Squibb Company, GE Healthcare, F. Hoffmann-La Roche Ltd., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, CTI BioPharma Corp. and AstraZeneca plc.
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