Press Release / Health and Fitness / Oncology Drug Pipeline Analysis Market Rising Trends and Demands In Healthcare Industry 2018-2026
Oncology Drug Pipeline Analysis Market Rising Trends and Demands In Healthcare Industry 2018-2026
By healthcare market insights on March 05 2019 | 468 Views
The oncology field is witnessing rapid growth, owing to emergence of novel therapies with high efficacy, which in turn is boosting growth of the oncology drug pipeline market
The oncology field is witnessing rapid growth, owing to emergence of novel therapies with high efficacy, which in turn is boosting growth of the oncology drug pipeline market. For instance, in 2015, the U.S. Food and Drug Administration (U.S FDA) approved 45 New Molecular Entity (NME) and new Biologic License Applications (BLA), of which 16 were novel cancer therapies. Therefore, developments of novel drugs is a major factor propelling growth of the Global Oncology Drug Pipeline Analysis Market.
Furthermore, increasing initiatives for reducing cancer-related deaths is expected to boost growth of the market. For instance, in 2017, the World Health Assembly passed a resolution – ’Cancer Prevention and Control through an Integrated Approach’, which urges governments and World Health Organization (WHO) to accelerate action for minimizing premature mortality in cancer. Such initiatives are expected to propel growth of the oncology drug pipeline market in the forecast period.
Oncology Drug Pipeline Analysis – Drivers
Innovative approaches in the cancer treatment is a major factor boosting growth of the oncology pipeline drugs market. For instance, the novel basket study includes patients with a certain genetic mutation in common, regardless of the site or origin of cancer in the body. Basket studies can be useful when a drug targets certain genetic mutation at a particular site and using that drug to treat same genetic mutation in cancer at another site. For instance, Larotrectinib, a drug of Loxo Oncology, Inc., is currently under review by the U.S. FDA for the treatment of tyrosine kinase mutation by using basket studies. This drug has been approved as Investigational New Drug in May 2018.
Combinational therapies are the latest development driving the growth of oncology pipeline drugs market. For instance, Pfizer Inc. is undergoing efficacy and safety study for Avelumab in combination with chemotherapy, followed by maintenance therapy of Avelumab with PARP inhibitor talazoparib in patients with history of untreated advanced ovarian cancer. This study is under clinical phase III trials and is expected to complete in May 2026.
Competitive Landscape
Key players are focused on establishing manufacturing facility in Asia Pacific. For instance, in September 2018, BeiGene Co.Ltd. —a commercial-stage biotechnology company, selected GE Healthcare’s bio manufacturing facility— KUBio, for large-scale production of its cancer monoclonal antibodies in China.
Key players operating in the global oncology pipeline drugs market include, F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., AstraZeneca, Pfizer Inc., AbbVie Inc., Celgene Corporation, Novartis AG, Merck & Co., Inc., Sanofi, Eli Lilly & Co., GlaxoSmithKline, and Amgen Inc.
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Oncology Drug Pipeline Analysis – Challenges
Increasing cost of therapies is expected to hinder growth of the oncology drug pipeline market. For instance, according to a report published in National Center for Biotechnology Information (NCBI), 2016, Pertuzumab-based therapy, used in treatment of HER2 positive breast cancer costs US$ 215,000 per patient.
Moreover, lack of patient’s participation in clinical studies, increase in clinical trial complexity, and resource constraints are some of the other factors hampering growth of the oncology drug pipeline market. For instance, according to a report published in Journal of Clinical oncology, June 2012, the rate of number of cancer patients enrolling in clinical trial worldwide is 3%-5% and the rate has not improved since 1980.
Oncology Drug Pipeline Analysis – Regional Analysis
On the basis of region, the global oncology drug pipeline analysis market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to dominate in terms of growth in oncology drug pipeline market. According to the 2015 annual report of the American Cancer Society, although cancer-related death rate in the U.S. have reduced, cancer still remains the second most common cause of death in the country. Therefore, such high prevalence of cancer is expected to drive growth of the oncology drug pipeline market in North America.
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