Oncology Market Projected To Grow At A CAGR Of 11.9% During The Forecast Period 2020 To 2025

Increase in geriatric population, increase in number of cancer cases owing to unhealthy lifestyle, Innovation in antibody engineering and development of polyspecific antibodies is set to drive the market. Oncology Market size was valued at $136.7 billion in 2019 and is poised to grow at a CAGR of 11.9% during the forecast period 2020-2025.

The Oncology Market is growing at significant rate as there is increase in prevalence of Cancer along with unhealthy lifestyle and increase in geriatric population. Pharma companies are active in oncology and now in race to harness new data sources and digital platform so they can engage patients, providers, and regulators more effectively. The U.S. Drug and Food Administration accelerated approval of Rozlytrek a treatment for adult and adolescent patients whose cancer have specific genetic effect neurotrophic tyrosine receptor kinase (NTRK) gene fusion and for whom there is no effective treatment. High market growth potential in developing nations, rise in the number of pipeline products, and the upsurge in demand for personalized medicines are poised to create new opportunities for the Oncology Market during the forecast period 2020-2025.

Recent advancement in Oncology such as medical infrastructures development with increase in Awareness among population, increase in successful developments, discoveries and launch of new oncology therapies are set to drive the oncology therapies demand. However, the development of the oncology drugs takes long time owing to high cost of manufacturer and procedures for Cancer Monoclonal Antibody drugs. The development of antibodies requires lot of investment in their manufacturing process. The Hybridoma technology is the most common method for developing antibodies is said to cost around $8,000-$12,000 for just one monoclonal antibody. Governments all around the world are trying to fight cancer through several initiatives that they have begun for spreading awareness on cancer prevention. National Colorectal Cancer Action Campaign for colorectal campaign, Inside Knowledge Campaign for gynecologic cancer, Youth Risk Behavior Surveillance System and National Health Interview Survey for skin cancer, and many others.

North America holds a major share of Oncology Market owing to an increase in patient assistance Programs (PAPs), increase in government initiatives and rising prevalence of cancer.  Also factors such as increase in public-private funding, spending in healthcare and government spending on cancer drugs are supporting the growth in North America. The healthcare spending in Canada was $264 billion or $7,068 per person which was 11.5 percent of Canada's gross domestic product (GDP). To counter the cancer cases in children Mexico initiated a funding channel known as Fund for Protection against Catastrophic Expenditures (FPGC). FPGC funds for pediatric cancer increased from 2008 to 2011 to reach $36 million and then declined to $13.6 million in 2018, along with the number of covered cases of cancer in Mexico. In Asia Pacific countries like India, Taiwan, Malaysia, and China have the high number of cases and are the biggest markets for Oncology.  In 2020, 4SC AG entered into a supply agreement with Merck KGaA, Germany, and Pfizer Inc., for 4SC-sponsored clinical development of avelumab (BAVENCIO®), an anti-PD-L1 antibody, for Merkel cell carcinoma (MCC).

In 2018, it was estimated that 9.6 million people worldwide died of cancer. This makes cancer to be one of the leading causes of death globally. The rising incidences of cancer has impelled the cancer therapy industry and have aided the oncology market. Need for cancer therapies are rising with the increasing prevalence of cancer cases and deaths. Thus, the oncology market is majorly driven by this factor. Focus on drug development for the reduction of cancer cases have also increased. Increasing healthcare expenditure of various countries is also contributing to the market growth.

Developments, discoveries, and new formulations are set to drive the oncology market. As the patents of various major drugs are set to expire, pharmaceutical companies are enhancing their pipeline for various oncology drugs. Thus, investments in the research and development of innovative oncology drugs are increasing. Companies are developing various oncology therapeutics using targeted therapy, monoclonal antibodies and their biosimilars which are more cost effective than their generic versions. Companies are developing various drug conjugates for effective cancer treatments as well. Cancer is a major cause of death among global population which has fueled developments in the oncology market. Thus, companies are also involving in strategic partnerships such as, technological innovation, mergers, and others, to develop and commercialize their products. Major players in oncology industry are investing in smaller players and enhancing their products using the technology acquired. Some instances for this are Pfizer acquisition of Medivation, Takeda Pharmaceuticals with Ariad Pharmaceuticals, and many more has helped them to increase technological advancements.

Celyad, a Begian CAR-T developer is changing the treatment paradigm for cancer by creating targeted treatments that are specific to cancer cells. With the potency of CAR-T the target antigen is not expressed on normal tissue 

CRISPR Therapeutics has changed the field of gene editing by making it much simpler and faster to modify DNA sequences with high precision. The precision and efficiency of gene editing with CRISPR/Cas9 enables the rapid creation of CAR-T cell therapies that may have distinct advantages over the current generation of CAR-T products 

The major companies in the Oncology market include Aegerion Pharmaceuticals, Abbvie Inc, Ability Pharma, Acadia pharmaceuticals Inc, AMGEN Inc, Takeda Oncology, Aslan pharmaceuticals, Aspen pharmacare holdings, Astrazeneca, Athenex Inc and others. In 2019, Aegerion Pharmaceuticals has acquired Amryt Pharma Plc of 100% of the outstanding equity interests of Novelion's reorganized subsidiary, Aegerion Pharmaceuticals, Inc.

 

Over the years these drugs companies have mainly focused on collaborating and acquiring different companies to provide support and enhance their product portfolios. The continuous developments in Oncology industry such as Collaboration, partnership, agreement, business expansion are the major factors set to buoy the Oncology market during the forecast period 2020-2025.