Oncology Market is projected to Attain Revenues worth USD 241 Billion by 2023

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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.

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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).

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 (rovalpituzumabtesirine), Acalabrutinib, and Neratinib.

 

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