At 11+% CAGR, Oncology Market Potentially Worth USD 241 Billion By 2023 : Radiant Insights,Inc

“Radiant Insights,Inc” has announced the addition of “Global Oncology Market Size,Trends, Growth And Forecast Report Up To 2023 : Radiant Insights, Inc” Market Research Report to their Database.

The global oncology market is projected to attain revenues worth USD 241 billion by 2023, according to a report on Radiant Insights, Inc. It is estimated to expand at a CAGR of close to 11% from 2016 to 2023, the forecast period. It is driven by increasing number of cancer cases, rising elderly populace, and growing consumer awareness regarding various cancers. Large variations in treatments of cancer in developing countries are expected to contribute toward market growth.

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According to the American Cancer Society (ACS), there can be close to 1.7 million cancer cases in 2017. This can be attributed to sedentary lifestyles and decline in immunity levels. Various cancers studied in this market are hematological cancer, colorectal cancer, prostate cancer, breast cancer, and lung cancer. Breast cancer accounted for a large market share due to its constant recurrence in women. Major manufacturers are developing second-line treatment to prevent its metastasizing to later stages. Colorectal cancer is expected to be the second largest segment, followed by liver and prostate cancer.

Development of combination therapies and targeted therapies are major trends anticipated to drive market growth over the forecast period. Targeted therapies focus on specific proteins and cells and aid the immune system in eliminating cancerous cells. For instance, TapImmune Inc. has developed two vaccines (TPIV 100 and TPIV 200) that are expected to trigger autoimmune responses against molecular targets.

The worldwide oncology market is segmented based on marketed product, pipeline product, and molecular target. By marketed product, the market is divided into Zytiga (abiraterone acetate), MabThera/Rituxan (rituximab), Herceptin (trastuzumab), Opdivo (nivolumab), Alimta (pemetrexed), Gleevec/Glivec (imatinib mesylate), Revlimid (lenalidomide), Avastin (bevacizumab), and Xtandi (enzalutamide).

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Revlimid, a pill developed by Celgene, netted nearly USD 7 billion revenue in sales in 2016. Opdivo, developed by Bristol-Myers Squibb, has been used in combination therapies along with chemotherapy to fight various cancers. It is popular as a second line of treatment and the first chemo-free drug for lung cancer.

Pipeline products include Tisagenlecleucel-T, Durvalumab and Tremelimumab, Abemaciclib, Acalabrutinib, KTE-C19, Tisagenlecleucel-T, Rova-T (rovalpituzumab tesirine), Acalabrutinib, and Neratinib.

Based on molecular targets, the market is segmented into Vascular Endothelial Growth Factor (VEGF), Programmed Cell Death Protein 1 (PD1)/Programmed Cell Death 1 Ligand 1 (PDL1), Androgen Receptor (AR), Tumor Necrosis Factor (TNF), Tyrosine-Protein Kinase BTK, and Cyclin-Dependent Kinases (CDKs). PD1 and PDL1 inhibitors work similarly to block the interaction of PDL1 protein with PD1 receptor. Keytruda, a drug developed by Merck, was the first drug to be given U.S. FDA approval for treating first phase lung cancer.

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By region, the oncology market is fragmented into Asia Pacific (APAC), Europe, North America, and Latin America, the Middle East, and Africa (LAMEA). North America leads the global market thanks to major companies conducting continuous research on drugs and respective treatments on cancer. The U.S. Food & Drug Administration (FDA) has also played a major part by providing pre-market approval to drugs in the clinical phase. APAC and LAMEA are regions with immense growth potential due to a large population and clinical trials conducted at minimum expenses.

Prominent market players include AstraZeneca plc, Novartis International AG, Bristol-Myers Squibb (BMS), Celgene Corporation, and F. Hoffmann-La Roche AG. New product launches, collaborations, acquisitions, and alliances are business strategies used by these players to gain a significant edge over the competition. Pricing wars among these players are a major concern for users, which can impede market growth. But coinsurance and copayment schemes can prevent this event from occurring and keep prices stable.

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About Radiant Insight

Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake. 

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