Biological drugs based on monoclonal antibodies (mAbs) have emerged as a preferred option for treating various cancer types, especially for blood cancer (leukemia). Rising incidence of various cancer conditions, growing popularity of advance therapies (biological and targeted drug therapies), patents expiration of leading drugs along with commercialization of biosimilars are the few factors driving the growth of global oncology drugs market. However, high cost involved in new drug development coupled with threat of failure and adverse effects associated with cancer drugs therapies would restrain the growth of the market. Commercialization of advanced therapeutics such as targeted and immunotherapies would reduce the negative influence of restraints and fuel the market growth.
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The global oncology drugs market is expected to reach at $111.9 billion by 2020. Patent expiration of key cancer drugs such as Herceptin, Erbitux, Rituxan and Avastin, is expected to boost the growth of cancer biosimilars market by 2020. Going further, the biological therapies are expected to dominate the market by 2020, due to their high efficacy, target specific action and less toxicity. Blood cancer drugs market was the largest revenue generating segment in 2013 owing to the high cost of drugs (immunotherapies) used for the treatment of blood cancer.
Geographically, North America, dominates the market followed by Europe. North America accounted for about ~38% share in the overall oncology drugs market in 2013 owing to the heavy investments by multinational companies in research and development of cancer drugs, particularly immune therapeutics, favorable reimbursement policies, and high adoption rate of immunotherapies. On the other hand, Asia-Pacific market would grow at the promising CAGR of 8.7% during the forecast period. Such high growth rate is majorly due to increasing awareness towards advanced therapies namely immunotherapies and increase in per capita healthcare spending.
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Key companies profiled in the report are Roche diagnostics, Novartis AG, Celgene Corporation, AstraZeneca, Johnson & Johnson, Merck & Co., Eli Lilly & Co. and GlaxoSmithKline. Companies operating in the cancer drugs market focus on several strategies such as collaboration, approval and acquisition.
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