Peek Inside the Oncology/Cancer Drugs Market Industry to Find the Future

Portland, OR -- (SBWire) -- 02/21/2018 --Recent progress in targeted and biological/immunotherapies has widened the scale of therapeutic targets for the treatment of cancer by identifying tumor cell specific genes. Immunotherapies/ biologics are emerging as potent therapies to find the permanent cure from the various types of cancer. Amongst various biologics, cancer drugs market that relies on monoclonal antibodies (mAbs) have gained significant attention from pharmaceutical companies owing to high efficacy. Adjuvant application of monoclonal antibodies (mAbs) with chemotherapy has provided competitive edge for pharmaceutical companies. Therefore, development of new biological therapies for treating cancer or widening the applications of existing immunotherapeutics to cover various cancer types offers tremendous growth opportunities for manufacturers in cancer drugs market.

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Additionally, personalized medicines could also be the promising approach to find the suitable treatment solution for cancer, based on individual's genetic makeup and their tumour biology. This approach in oncology drugs market is vital in the manufacturing of oncology drugs and could be well executed by using targeted treatments and pharmacogenomics principles that produces significant results for the cure of cancer. Despite of the excitement that personalized medicines has created, very little is known about genetic changes that occur in a malignant cell. Therefore, it is complex to develop the personalized cancer medicine. Further research in oncology drugs market especially personalized medicines approach could be highly fruitful to find the effective treatment solutions to various cancer types.

Patent expiration for the key cancer drugs has significantly increased the scope of economic biosimilar across developing regions, where the prevalence of cancer is at peak. Moreover, the migration of pharmaceutical companies in pharmerging economies such as China, India, and Brazil owing to presence of low cost labor, and less stringent government regulations has reduced the cost of cancer drugs.

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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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.