The global market for anti-tumor drugs is expected to surpass USD 110 billion by 2022, growing at a CAGR greater than 6% over the forecast period. The market growth may be attributed to increasing demand and continuous development in the field of medicine. However, high cost and the side effects associated with these drugs may act as a challenge to the companies.
Rising incidences of different types of cancer, availability of various therapy options, upcoming patents, and developments in the field of medicine are expected to escalate the industry growth. Anti-tumor drugs market can be segmented depending upon the type of tumor, blood cancer accounting for the highest share, owing to the high cost of therapies. These medicines find applications in different healing methods namely surgical, chemotherapy, radiation, targeted and immunotherapy. Various other methods such as blood transfusion and stem cell transplant are implemented for particular types of tumor/cancer. Immunotherapy and targeted therapy techniques portray healthy potential for growth owing to lack of side effects and specialized targeted response.
Targeted therapy though primarily a chemotherapy method may observe a significant market rise due to the R&D involved. This technique aims to cure tumors using specially engineered drugs which act only at the desired targeted regions in the body, causing little or no harm to surrounding areas. Targeted therapy comprises of two types of drugs: monoclonal antibody and small molecule drugs. Monoclonal antibody drugs, such as Rituximab and Panitumumab, include man-made immune system proteins which are growing in living cell cultures. The ongoing research and technological innovations in the field of Biotechnology are expected to boost the effectiveness and availability of these monoclonal antibody drugs. The industry may also witness the rise of immunotherapy drugs, such as Imatinib, which aim at stimulating the immune system to act against the cancerous cells. These therapies constitute modern methods of treating tumors/cancers, and the industry is witnessing a shift from older techniques such as radiation therpy, which often caused side effects. However, these therapies may only be used to treat specific types of tumors/cancers and as such the industry possesses growth potential for other therapy techniques as well.
Key players such as Roche, Novartis and Celgene dominate with close to 70% market share in the industry. Drug manufacturing companies encounter various product pipelines and aim to capitalize in different phases of the product life-cycle. Roche, a Switzerland-based drug manufacturer, enjoys the largest share owing to high success rates of its drugs, better life-cycle management and maximum extension of its inline products. The expected growth and size of the market act as influential factors for companies to opt for mergers and acquisitions, which leads them to adopt various product pipelines for further development purposes. Firms develop core competencies in specific drugs, owing to substantial investments in research and development. Novartis, another Swiss drugs manufacturer, has a stronger pipeline for oncology-related drugs than the market leader Roche and has acquired the oncology unit of GlaxoSmithKline.
The market is concentrated in the North American region and together with Europe accounts for over 60% of the market share. The Asian and African economies possess a substantial growth opportunity owing to high cancer mortalities and bleak availability of effective drugs. Chinese and Japanese drug manufacturers dominate the Asian market with over 60% of the regional share.
Anti-tumor drug’s delivery into the human system continue to be a major challenge in this field and companies are coming up with innovative methods such as using radioactive micro-particles to direct the drug to the required site accurately. Research in the areas of viral and bacterial oncology, gene therapy and antiangiogenic agents are expected to impact industry growth positively.
The growing number of cancer patients with unmet medical conditions and high mortality rates in some regions may continue to act as a key growth factor. Innovative drugs and therapy techniques coupled with improved diagnosis are expected to fuel product demand. The high price of these medicines and treatments may continue to act as a challenge to industry growth.
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