Expiring patent of Major Cancer Drugs is the Key reason behind the Growth of Global Oncology Drugs Market

The global oncology drugs market is undergoing a major change in therapeutic modalities, drifting from customary cytotoxic agents to recently enhanced immunotherapeutic and targeted modalities. A type of aforementioned modality, known as tumor cell specificity is increasing the survival rate of the patients and reducing the emission rate of the drugs. Chemotherapeutic modality is expected to be a dominant segment in the overall market due to competitive pricing and higher efficiency. However, lasting side effects of chemotherapy could hinder its segmented growth in global scenario.

According to a recent report published by Allied Market Research (AMR) entitled “Global Oncology/Cancer Drugs Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020,” the global oncology drugs market projects potential to attain a net value of $111.9 billion by 2020, with a steady CAGR of 7.1% during 2014 to 2020. Increasing use of combination therapeutic modalities in healthcare acts as the key driving factor, which propels the growth of the market. Immunotherapy and targeted therapy, together would witness a growth of 10% during the study period.

Reviewing oncology drugs market influences 
Growing pool of cancer patients is, of course, the primary source of rising demand for oncology drugs market offerings and the sink for the product volumes too. The industry harps on the technological innovations to fulfil the inflated demand from the population in context. Motivated against the ill side-effects of traditional drugs previously used in treating the diseased conditions led drug developers to innovate clusters of novice drugs and drug delivery techniques. At this point, it is important to note that modifying drug delivery is a requisite that goes hand-in-hand with the newer oncology drugs in market. Better patient outcomes have been exhibited by increased adoption of targeted and biological procedures by key players in this segment. 

Bulky government spending on healthcare policies and safeguarding public access to the same is definitely positive for business stakeholders. While some of them dedicate absolute amounts to the segment, there are others which have a variable percentage depending upon their budget allocations for total expenditure on healthcare drugs. Government-enforced consumer rebates though, hardly influence profit margins for manufacturers in oncology drugs market. Added to that, several surveys indicate that most of the costs incurred during treatment cycles are paid off directly in cash by the patients, rather than insurance claims.

Combining multiple modalities for better, and more efficient, patient outcomes is the trend that has been swiftly tapped by major brands. This is directed towards securing their future market shares and avoid probable threats from their close competitors. Also, continuous research and development activities holds the possibility of propping breakthrough discoveries. On the other hand, protecting credibility and exclusiveness in offerings for certain brands is necessary for safeguarding their market position. Personalized medicine is one aspect of drug development that could do the trick for established brands, and in the long run, for others too. 

Strategic business associations and moves is the corporate dimension to the transforming oncology drugs market. It is through collaborative approach, that industry players and research facilities could mutually understand gaps between consumer expectation and platform deliveries. Tactical joint ventures that help maintain traction of latest technical upgrades. Mergers and acquisitions arm the companies with added resources for their business operations, and mostly expand their portfolio of products and services.

Moving beyond the discussion on what favors established majors, patent expiration of blockbuster drugs is the opportunity for new entrants to penetrate into the anti-cancer drugs market segment. They could aim at huge market captures over the present decade, and eventually help the global oncology drugs market to grow. Delivering biosimilar alternatives to anti-cancer drugs, plus their individual researches on fresh drug discovery are some profitable business avenues. However, high cost of initial investment and even higher advanced therapies’ development cost restrains their growth. 

Segmented geographical analysis
In terms of geographies, Europe and North America, together hold around 65% of the total market share at present due to higher adoption of oncology drugs. Interestingly, U.S. accounts for the maximum number of drug approvals each year in global scenario. The market also expects to witness a higher adoption rate in the developing countries through 2014 to 2020. Currently, patient access to advanced treatment modules is considerably low for these regions and to some extent for certain developed regions too. This is seen in the light of closing domestic markets exclusively for regional manufacturers and vendors. In terms of revenue, Japan and China together account for about 60% of the market share in Asia-Pacific.

Different types of cancer define the end application segment for products in the oncology drugs market. The tissues of body which exhibits the signs of disease are blood, breast, gastrointestinal tracts, prostate glands, respiratory tracts or lungs, and skin. Among all the types, high incidences of blood cancer have made it the major revenue generating segment worldwide during the past decade. Considering 2014 to 2022 as the forecast period, lung cancer would exhibit fastest growth in the global oncology drugs market.

Industry stakeholders need to keep an eye for slightest enhancements in existing and developing therapeutic technologies, in order to build business prospects around the same. Innovation remains the keyword throughout the entire market discussion. Investors must identify their opportunities for an extended profit sharing of the global market financials.

For more information Visit at: https://www.alliedmarketresearch.com/oncology-cancer-drugs-market

 

Related Post