Global Oncology Drugs Market is registering a CAGR of 7.1% from 2014 to 2020 and is expected to reach $111.9 billion by 2020, according to new research published by Allied Market Research. Increase in adoption of combination therapies instead of traditional cytotoxic therapies is a major factor that contributes to the market growth. The combinational therapies which include targeted therapy and immunotherapy (Biologic therapy), is expected to witness ~10% surge in its market share collectively by 2020.
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The global oncology drugs market is experiencing a shift in therapeutic modalities i.e. from traditional cytotoxic agents to newly develop targeted and immunotherapeutic modalities. Tumor cell specificity, an attribute of aforementioned modality, has reduced drug remission rates and has rendered an enhanced rate of survival in cancer patients thus, complementing the market growth. However, chemotherapeutic modalities would continue to be the leading therapeutic modality segment owing to its higher adoption rate and economic pricing. Going forward, the demand for the chemotherapy modality might confront a negative influence due to marginal efficacy and chronic side effects such as anemia.
Geographically, the developed economies such as North America and Europe collectively accounted for ~65% of market share in 2014, due to higher adoption rates and advanced hospital settings. However, developing economies are expected to experience potential opportunities owing to the emergence of biosimilars in monoclonal antibodies, and improved medical infrastructure.
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Key Findings of Oncology Drugs Market:
- Immunotherapy/biological drugs segment expected to grow at a double digit CAGR during the forecast period and would grow at the fastest rate
- Blood cancer is the major revenue generating segment in the global oncology drug application market however, lung cancer segment is expected to grow fastest among all
- Currently, North America garners a major share in the oncology drugs market, in terms of market size
- Asia Pacific oncology drug market is dominated by China and Japan, together contributing to ~60% of the regional market revenue in 2014
A majority of the oncology drug manufacturers have adopted collaboration and acquisition as key developmental strategies to achieve a competitive edge. Moreover, companies are also forming strategic alliances to accelerate the process of clinical trials. These strategies have proved to be effective in helping key market players retain their leading positions in the global oncology drugs market. Key companies profiled in the report are Roche diagnostics, Novartis AG, Celgene Corporation, AstraZeneca, Johnson & Johnson, Merck & Co., Eli Lilly & Co., Amgen Inc., Pfizer and GlaxoSmithKline.
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