Global anti-cancer drug market is expected to grow on account of increasing multiple cancer incidences especially in developed economies. Anti-cancer drug market revenues are expected to increase by 50% in the next five years owing to favorable regulatory scenario mainly in the U.S.As per American Cancer Society, number of deaths worldwide in 2012 was 8.2 billion and the number is expected to increase over the forecast period.
Globally, lung cancer is the most common type observed among men. However, in developed regions mainly North America and Europe, prostate is most common among the masculine gender. Breast is the most common type noticed among women in both developed as well as developing economies.
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The oncology market depends heavily on research and development. Pharmaceutical organizations are concentrating on producing new medicines in order to meet consumer needs. Drug approval from regional regulatory bodies is an important growth factor and therefore support from the regional government bodies and non-profit organization are expected to drive global market demand over the forecast period.
Media is also playing an essential role in spreading awareness about the disease and related drugs. Rise in consumer awareness on availability of new medicines through media are expected to boost the global oncology drug market. The oncology medicine development depends on huge investment for research and development.
High treatment cost and strict government regulations are expected to restrain global anti-cancer drug market in the future. Pharmaceutical organization face challenges of recovering the huge cost involved in new product development. These drugs possess a threat of side effects which are expected to hamper overall product demand in the coming years.
Global market is segmented on the basis of treatment type. These treatment segments include chemotherapy, immunotherapy, surgery, radiation therapy, stem cell transplant and hormone therapy. These treatment segments depend upon the cancer type.
North America was the largest market for global oncology drugs owing to developed healthcare industry, government initiatives to increase consumer awareness and advancement in new medicine development. US anti-cancer drug market observed a CAGR of around 6.5% over the period of 2008-2013 and is expected to grow at a CAGR of approximately 29% over the forecast period.
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FDA (Food and drug administration) is the federal agency in US, responsible for protecting and promoting public health. In 2013, 15 new molecular entities were approved by FDA out of which seven were for cancer. Such favorable regulatory framework is expected to boost overall product demand in the future.
The regional market demand was followed by Europe on account of increasing cancer related case in the region resulting into deaths. Emerging economies in Asia mainly China, India, Japan and South Korea are expected to show a steady growth rate in oncology drugs on account of increase in cancer incidence, rise in tobacco consumption and growing population.
China and India are expected to offer good opportunities an account of improvement in healthcare infrastructure. In Africa, industry is expected to drive at lower rate on account of lack of healthcare infrastructure, expensive medical services and lack of consumer awareness.
Central & South America is expected to drive at stable rates on account of costly medicines coupled with minimal awareness initiatives by regional government. Global market is also expected to have legal conflicts arising on account of patents which in turn are expected to negatively impact overall industry.
Key companies producing medicines are Merck, Bristol-Myers Squibb, Bayer, GlaxoSmithKline, Novartis, Sanofi and Pfizer. Other producers include Amgen, Celgene Corporation, Ariad Pharmaceuticals, Eli Lilly, Hoffmann-La Roche Ltd, AstraZeneca, Boehringer Ingelheim GmbH and Teva Pharmaceuticals.
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