Augmentation in the prevalence and incidence rate of various cancers, growing popularity of biological and targeted modalities, along with the patent expiration of major cancer drugs are expected to drive the growth of global oncology drugs market. However, high initial capital investment in new drug development, long-term side effects associated with chemotherapy, and high cost of advanced therapies (targeted and immunotherapies) would limit the growth of the market.
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.
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.
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Global cancer drugs market accounted for $78,238.9 million in 2015. The cancer drugs market is driven by the growing prevalence of various types of cancer, increasing demand of biological and targeted drug therapies, continuous patent expiry of key cancer drugs and the rising impact of biosimilars. However, the high cost of drug development, the threat of failure and the adverse effects of cancer drug therapy, particularly chemotherapy, hinders the market growth. Developed nations have implemented strict regulations for the design and development of cancer drugs. USFDA and European Union have undertaken significant initiatives to fuel the growth of the cancer drugs market by providing pre-market approval for potential drugs under clinical development. Asia-Pacific and LAMEA are promising regions for conducting clinical trials due a large population base and the low cost of clinical trials as compared to North America and Europe. Nevertheless, advancement of cancer drug research owing to biological/targeted therapies and personalized medicines hold promising opportunities for pharmaceutical, bio-pharmaceutical and biotechnology companies engaged in developing cancer drugs.
Japan Oncology/Cancer Drugs Market Review:
Japan has largest share to the total Asia Pacific cancer drug market due to the high prevalence of cancer in Japanese population. Lung cancer is the major cause of death in Japanese population. The total healthcare expenditure of japan was $495 billion in 2013.
Several new drugs are now approved in Japan, including Afinitor, Avastin, Jevtana, Sutent and Zytiga, which could trigger a growth of cancer drug market and a shift in the treatment paradigm in the foreseen future.
Access to new drugs might be delayed in Japan due to strict regulatory processes in Japan. Pharmaceutical and Medical Devices Agency (PMDA) and Ministry of Health, Labor and Welfare (MHLW), are the regulatory agencies in Japan. Jevtana (Cabazitaxel acetonate) and MabCampath (Alemtuzumab), by Sanofi, are recently approved cancer drugs in Japan.
Japanese government health insurance is the most generous in Asia and offers the highest rates of reimbursement. The government offers coverage for approved treatments, including treatments for cancer, to all citizens. The treatments are eligible for coverage as long as they are approved by Japan’s MHLW.