Market Analysis - Journal of Cancer Immunology & Therapy (2020) Volume 3, Issue 1
Market Analysis Report -2nd International Conference on Cancer Science and Cancer Therapy
Cancer is a disease which is characterized by an uncontrolled cell proliferation and it is the second-leading cause of death in the industrialized world. Of the more than 100 types of cancer, breast, colorectal and lung cancer account for nearly half of new cases per year. Than any other form of cancer, lung cancer is highly correlated with cigarette smoking, is responsible for more deaths. Due to the improvements in cancer screening and cancer treatment, survival rates are improving for many types of cancer.
Cancer symptoms and signs depend on the specific type and grade of cancer even though the general signs and symptoms are not very specific the following can be found in patients with different cancers like, fatigue, weight loss, change in bowel or bladder function, pain, skin changes, unusual bleeding, persistent cough or voice change, fever, lumps, or tissue masses.
Rise in cancer research, increase in cancer prevalence and surge in association between pharmaceutical companies the core factors that enhance the growth of cancer therapeutics market. Furthermore, growth in geriatric population is expected to augment the market growth.
Based on the recent report, worldwide cancer affects more than 10 million people every year and the incidence of deaths are projected to continue rising, with an estimated 13.1 million deaths in 2030 (about a 70% increase) around 22% of all deaths not related to communicable diseases
Globally, the cancer therapy market was valued at USD 136,254.35 million in 2018, and is estimated to be valued at USD 220,701.26 million in 2024, witnessing a CAGR of 8.37%. Specific factors that are urging the market growth includes increasing government initiatives for cancer awareness, increasing Patient Assistance Programs, strong R&D initiatives from key players and rising prevalence of cancer worldwide. Patients Assistance Programs (PAPs) have emerged in an effort to support patients who are lacking prescription drug coverage or health insurance to get the required medication they need. These programs are provided by pharmaceutical companies to offer low-cost or free prescription drugs to the patients who are suffering from serious illnesses.
Several top pharmaceutical companies, such as Eli lily and Pfizer and have also started these programs to support uninsured patients who are suffering from chronic diseases. Thus, a huge number of uninsured patients, suffering from cancer, also be able to undergo cancer therapies, which is likely to boost the market growth.
Rising Research and Development activities in the cancer immunotherapy field is resulting in introduction of advanced variants with the effectiveness and augmented efficacy of treatment. Immuno-oncologics have shown more promising results with lower toxicity and improved survival rate. A productivity shift from traditional chemotherapies to immunotherapies is driving the overall market.
Immunotherapy in the channel is likely to offer more treatment choices and better outcomes than the existing traditional therapies. Introduction of newer drug classes, such as monoclonal antibodies and histone deacetylase (HDAC) inhibitors, designed to target receptors related to multiple myeloma, is poised to shape the future of the market. Cancer immunotherapies are increasingly used for melanoma therapeutics. The growth of the melanoma segment can be attributed to establishment of new products, extensive R&D in this field, large number of FDA approvals. The US FDA has recently approved three cytokine therapies, three checkpoint inhibitors for melanoma treatment, and one oncolytic virus therapy. Keytruda, Opdivo and Yervoy are commercially available checkpoint inhibitors, which boost up patient’s immune response against melanoma cells, thus shrinking tumors and increasing the lifetime of patients who are suffering from advanced melanoma.
Moreover, more immunotherapies are being tested for enhanced outputs, such as CAR T-cell therapy and immunomodulators. These ongoing researches and new approvals are anticipated to stimulate the growth of the market over the forecast period.
On the other hand, high cost connected with drug development of oncology along with adversarial effects linked with cancer therapeutics is some of the aspects that confine the market growth. Equally, the surge in demand for personalized medicine and large potential of developing countries is anticipated to offer new opportunities for the market players in future.
The market of cancer therapeutics is categorized based on top selling drugs, application and region. The market based on application is segmented into lung cancer, blood cancer, colorectal cancer, breast cancer, prostate cancer, cervical cancer, glioblastoma, malignant meningioma, head & neck cancer, mesothelioma, melanoma and others.
North America currently dominates the Cancer Therapy Market and is expected to continue its stronghold by the adoption of cancer therapy in the forecast Period. In North American region the United States holds majority of the market, due to the rising prevalence of cancer in the country. According to the report of National Cancer Institute 1.6 million people suffered from cancer, and 0.5 million people died from cancer. This indicates that the prevalence of cancer is rapidly increasing in USA. The factors that fuel the growth of the North American market includes presence of great number of cancer biological drug and vaccine manufacturers, rising R&D investments and government initiatives, increasing disposable income, affordable cancer treatment facility and more number of health insurance coverage for serious diseases.
On the other hand, Asia pacific is projected to establish at a huge rate owing to growing occurrence of cancer, improving healthcare facilities, large patient pool, etc. In region of Asia Pacific, Japan contributes a primary or major share in cancer treatment market. Breast Cancer, Cervical Cancer, Oral and Lung cancers are is the most common cancer in India. Due to fear, ignorance, and social stigma many women present with stage III or IV cancer which requires surgery and extensive treatment. Some of the prominent players that fuel the growth of the global cancer biological therapy market include Amgen Inc, Celgene Corporation, Bristol-Myers Squibb, F. Hoffmann-La Roche AG, Bristol-Myers Squibb, Novartis International AG, Merck & Co Inc, Glaxo Smith Kline Plc, Seattle Genetics Inc , Eli Lilly, Spectrum Pharmaceuticals Inc, and so on.
The cancer therapy market is highly competitive and contains several major players. In terms of market share, the market is currently dominated by few of the major players. However, with product innovations and technological advancements, smaller to mid-size companies are increasing their market presence, by introducing new products with cheaper prices.